Oil trades near seven-month low

Global oil output will expand faster than worldwide demand for oil next year, primarily as USA producers rack up production, and that could hamper exporters' efforts to prop up prices, the IEA said Wednesday.

A Market Research Manager, Tradition Energy in Stamford, Gene McGillian, said in the report that fears of oversupply was driving the market, adding that crude oil price would appreciate soon.

The bearish gasoline data overshadowed a 1.7 million-barrel drawdown in US crude stocks, analysts said.

Efforts to combat the oil glut have not been helped by figures this week that showed Opec as a whole increased production in May because of higher output by Nigeria and Libya, which are not covered by the recent cuts deal.

"Production growth in Libya and Nigeria and continued rig additions in the US are complicating the picture, raising doubts on OPEC's strategy".

However, continuing production growth in many non-OPEC countries is expected to moderate the pace of global liquid fuels inventory draws in 2017.

In a sign of the continuing supply overhang, traders are again hiring oil tankers to store unsold crude while they wait for higher prices.

Oil prices wallowed near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC's ability to implement production cuts, according to Reuters. U.S. Energy Information Administration (EIA) data this week showed growing gasoline stocks and shaky demand.

"I think there's evidence that we're starting to see reactions by shale producers", said U.S. Bank Wealth Management's Haworth, "New investments are slowing down".

The report said: "Overall, stable demand and low volatility are the factors that should push Brent prices up by $2 or $3 in the coming weeks". Supplies at the Cushing, Oklahoma, oil hub were down by 833,000 barrels.

Iraq, OPEC's second-largest producer, contributed the third-biggest increase with a more than 44,000 bpd jump.

He said he believed the price of global benchmark Brent crude would have to drop to $45 a barrel before United States rig growth slowed.

Oil headed for the longest run of weekly losses since August 2015 as USA crude stockpiles remain stubbornly high and as Libyan production climbs toward the most in four years.

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