Oil falls for sixth day as supply fears mount

Gregg Maloney works at his post on the floor of the New York Stock Exchange Wednesday Feb. 7. Richard Drew  AP

Oil prices were dented by the restart of the Forties pipeline in the North Sea, following an outage the previous day that had sent prices higher when it was announced.

Leon Cooperman, the chairman and CEO of Omega Advisors who predicted WTI's rise to $60 per barrel while it was still trading around the $49 mark, on Wednesday told CNBC that "I think the supply-demand outlook is favorable, and we would not be surprised to see oil reaching $70 a barrel". The price of West Texas Intermediate and Brent crude have tumbled over 9% since last week as the large swings for stocks over the same span sending many traders out of the commodity markets as well in a bid to limit risk.

U.S. production has surpassed 10m bbl/day and shows no signs of slowing as oil producers put another 26 oil rigs to work in the week ended 9 February, according to data released by Baker Hughes on Friday. On Thursday, Brent fell 1.1 percent to its lowest close since December 20.

The market has been increasingly pressured by the weak stock market.

Crude oil fell for a sixth day in a row on Friday, with worries over plunging global equities markets and rising supplies keeping prices on their downward track. During the trading session, the S&P 500 stock index .SPX fell to its lowest level since October 5. The session low for USA crude was $58.07. Both would be the biggest weekly declines since January 2016.

OPEC member Iran on Thursday announced plans to increase production within the next four years by at least 700,000 barrels a day.

"The idea that it is back up and running normally, combined with the data that show USA production is rising, contributes to the overall idea that US production could offset cuts by OPEC", said McGillian.

At that level, USA production would overtake the current output in Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).

The remarkable comeback of US crude production earned yet more press on Wednesday with the disclosure from that country's Energy Information Agency that America will export more energy products than it imports by 2022, a status it hasn't achieved since 1953 and wasn't expected to achieve until 2026.

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