US Crude Oil Draws Up Over $40

US Crude Oil Draws Up Over $40”

Futures rose as much as 0.9% in NY after slipping 5% the previous two sessions.

Worries over a supply glut have pushed oil prices to settle below US$40 a barrel for the first time in more than three months.

The supply glut is upsetting industry expectations, with BP, Royal Dutch Shell and Exxon Mobil Corp. reporting second-quarter earnings last week that were worse than estimated.

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Due to below average draws, this summer; the inventories are 30 % above the five-year averages. It hasn't closed below $40 since April 18 when it ended the day at $39.78. Total volume traded was about 46 percent below the 100-day average.

Brent crude was up 11 cents a barrel at $41.91 at 1121 GMT. Gas prices dropped to an average of $2.13 a gallon on Monday, compared with $2.66 this time previous year, according to AAA. The global benchmark traded at a premium of $1.50 to WTI for October. Bank of America Merrill Lynch head of commodities research told Bloomberg Television that oil will likely be back above $50 a barrel towards the end of this year. Oil rallied from a 12-year low near $27 in January to a 2016 high of nearly $53 in June, supported by an initiative from OPEC and outside producers including Russian Federation to freeze output and by hopes that the supply glut would ease.

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Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, fell by 1.12 million barrels last week, the EIA said.

International Brent crude futures were trading at.85 per barrel, up a mere 5 cents from their last close, and failing to retake and maintain.

However, other analysts said recent price falls were overblown, with Citi saying bears, who speculate on falling prices, having "gone wild in oil at United States dollars 40".

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West Texas Intermediate crude futures are approximately 20 percent, down from their 2016 peaks above $50 a barrel scaled in early June, technically positioning it in bear market territory, as an indication of an ongoing recovery in USA drilling activity shared with elevated stocks of fuel products weighed.

Supplies could swell further as member nations in the Organization of Petroleum Exporting Countries work to restore halted output. Already high stockpiles of these refined products rose further when the demand for the product became significantly less than it should be to consume all the gasoline that had been refined to compensate for low prices.

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