Crude oil futures down 0.76% on weak overseas cues

Oil pumpjacks in silhouette at sunset

Energy Information Administration (EIA) of the U.S. Energy Department estimates that U.S. oil production this year will average 10.59 million barrels per day, in 2019 - 11.18 million barrels per day.

The main range is $56.07 to $66.66.

Oil reserves in the US for the week ended on February 2 rose by 1.9 million barrels - to 420.25 million barrels. Hedge funds and other money managers have built up record net-long bets on oil futures, a run-up that only started to fall back a bit recently.

Total U.S. liquids production, which includes natural gas liquids, is predicted to rise by 1.7 million bpd in 2018, which is exactly the same as the forecast increase in global liquids consumption.

Unexpectedly rapid growth in US onshore production from the Lower 48 states in recent months has caused the agency to re-benchmark its output numbers going forward.

At the time of writing, Brent crude oil prices were down 1.22 per cent at $64.71 a barrel while West Texas Intermediate, the USA benchmark, was down 1.59 per cent at $60.81 a barrel. The contract fell 76 cents to $63.39 on Tuesday. The Bank considers, that the decline in excess inventories was fast-forwarded in late 2017 by stellar demand growth, high OPEC compliance, heavy maintenance as well as collapsing Venezuela production. The crude and the refined products had to go somewhere, so the barrels went into storage.

Mr Altaie said that "I see Opec compliance sustaining a couple of months as long as the prices are sustained at the current levels". The EIA said last month, however, that overall November production climbed to 10.038 million barrels a day, the highest since November 1970.

But anyway, the biggest pressure on oil prices is now coming from the United States, which, according to official data, reached production of 10.25 million barrels per day. The political mayhem involving the royals of Saudi Arabia in November of a year ago led to a steep rally in crude-oil prices. U.A.E. crude production was 2.85 million barrels a day in January. S&P Global Platts' analyst expected a 2.8-million-barrel increase. Refineries were running at 92.5% of capacity, with daily input averaging 16.8 million barrels a day, about 784,000 more than the previous week's average.

A tanker carrying very light crude oil set sail from Houston to the Persian Gulf last month. Goldman Sachs predicts a climb of more than $80 in the next six months, while JP Morgan sees Brent averaging $70 - nearly 50% higher than its October forecast. Past year at this time, a gallon of regular gasoline cost $2.266 on average in the United States.

Traders who divine market momentum from charting and technical signals were closely watching NY crude's 50-day moving average, because a settlement below that level for several days in a row would be regarded as bearish.

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