"We're just getting tighter and tighter here in the U.S.in terms of supply, particularly in Cushing", said John Kilduff, partner at Again Capital Management in NY. "It's duck and cover and keep an eye on your Twitter feed".
Now that we've had a build I suspect we are looking at the same thing with the EIA on Wednesday.
Oil prices fell more in July than in any other month this year.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.
In today's poll, the experts also lifted their forecasts for Brent Crude to average $72.87 per barrel in 2018, up from the $72.58 expected in the June survey and above the $71.68 average so far in 2018. The White House later walked back that claim, saying the king would take an increase under consideration.
A Kuwaiti official said the country increased production in July by 100,000 bpd from June's average. He said OPEC and its allies are not discussing an option to increase production by more than 1 million bpd. Both headlines suggested that Saudi Arabia and Moscow were making good on their vow to raise output to prevent the market from overheating.
On Tuesday, the American Petroleum Institute (API) said crude inventories rose by 5.6-million barrels last week.
My expectation for the West Texas Intermediate oil price for August is the same as it was for July, namely WTI will range between $65 and $75 per barrel.
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Brent and us crude both logged their biggest daily drop for the month on July 11, after Libya resolved a major disruption to its crude exports and Saudi Arabia reported a almost 500,000 bpd jump in its oil output.
"Concerns around the U.S".
"Equity markets are in positive territory as trade tensions between the United States and China are improving", said analyst David Madden at CMC Markets UK.
Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 1.3 million barrels, the EIA said, the lowest level since October 2014.
Oil retreated in NY, heading for its biggest monthly loss since March 2017, as some of the supply risks facing the market abated. Mnuchin told reporters the administration wanted to avoid roiling oil markets as it pursued its Iran policy.
Oil prices rose on Monday, with USA crude futures jumping more than 2 percent, as traders continued to focus on supply disruptions and a possible hit to crude output from us sanctions on Iran. Brent fell toward $74, down about 6.5 percent in July.
Russia's oil production reached 11.22 million barrels a day this month as the caps imposed in a pact with OPEC eased, Interfax reported, while data from Kazakhstan's government showed its output recovered.
But following the drop in oil price to an all-time low, OPEC and other major producers, including Russian Federation started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.