Trump urges OPEC to lower the price of oil

Investors get comfortable with Brent crude at USD 80 a barrel this week- Report

Investors get comfortable with Brent crude at USD 80 a barrel this week- Report

U.S. light crude oil was up 30 cents at $71.42 a barrel after rising almost 2% on Wednesday.

Over the past year, refiners in the East Coast have been receiving as much US crude oil from the Gulf Coast by tanker or barge as they have received from the Midwest by rail.

According to US Energy Information Administration figures, crude oil inventories fell for the fifth week in a row - diverging from Tuesday's unofficial data published by the American Petroleum Institute.

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With oil prices hovering around $80/b amid indications that Saudi Arabia sees a price rise in the months ahead as inevitable, the group finds itself with a tough balancing game on its hands. Russian Federation could boost its production by about 300,000 barrels a day above the October 2016 level within a year, Energy Minister Alexander Novak said last week.

USA total motor gasoline inventories decreased 1.7 million barrels last week, but still about 8.3 percent above the levels of the same week past year.

Distillate inventories rose by 800,000 barrels last week and are now about 2% below the five-year average range for this time of year. Total commercial petroleum inventories decreased 400,000 barrels last week.

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Capital expenditures also increased year on year in Q2-by 2 percent to US$70 billion, the EIA review of 76 USA energy companies, 13 Canadian firms, 9 European, and 9 other companies showed.

"The OPEC monopoly must get prices down now", Trump insisted in the message. Distillate product supplied averaged 4 million barrels a day for the past four weeks, unchanged compared with the prior week's average.

Meanwhile, EIA reported that the estimated weekly USA crude oil production went up 100,000 to 11 million barrels per day during last week. It only goes to underline the fact that the market is now much more sensitive to developments related to oil supply. Over the past four weeks, crude oil imports averaged 7.70 million barrels per day, 6.9 percent higher than the same four-week period a year ago. Brent is close to four-year highs, trading just below $80 a barrel, as investors bet that Opec will be unable to compensate fully for the loss of oil from Iran, Opec's third-biggest producer.

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USA crude futures ended Wednesday's session up $1.27 a barrel, or 1.8%, at $71.12/Bbl, its best closing price since early July, Kallanish Energy reports. There was increase in the US crude futures with $1.12 i.e.by 1.6%, which settled at $70.37 a barrel.

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