Despite a decrease of 2 rigs, the increasing numbers of operating rigs, as well as increasing production, have been raising concerns that the US shale oil producers which were able to cut their production cost dramatically over the past years are now a low-priced global competitor and would continue to undermine the OPEC agreement to cut supplies.
A 28 cent increase was witnessed in U.S. West Texas Intermediate to sell at $44.01 a barrel.
Data from Baker Hughes released on Friday showed that the number of active USA rigs drilling for oil declined by two to 756 rigs this week.
In our article last week, we discussed how the global supply glut in oil, coupled with weak demand, has put the oil market back in bear territory.
While the survey found that high compliance by Saudi Arabia and Kuwait helped keep OPEC's adherence with its supply curbs at a historically high 92 percent in June, extra production from Nigeria and Libya boosted June output by an average of 32.57 million bpd, far above the overall production target.
"Crude oil price will likely be locked in the US$45-US$55 per barrel (bbl) band range". WTI crude fell 14 percent to $46.04 per barrel in 1H2017, while Brent crude declined 16 percent to $48.77 per barrel over the same period.
Forty-seven percent of the 15 oil market experts say there is more downside risk, but 40 percent say there should not be. Copper bottomed out at a low of $5,462.50 a ton on May 8, below Goldman's three-month target of $6,200. The day before the holiday, AAA reports that regular unleaded averages a mere $2.23 per gallon nationwide: The lowest price for early July since 2005.
"The decline signals that USA oil supply struggles to remain profitable between $40 and $45 a barrel", said Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia.
On the inventory side, United States oil inventories fell by 0.8 per cent MoM in June to 509.2 million but were 3.1 per cent higher YoY. "This creates risks that the normalisation in inventories will not be achieved by the time the OPEC cut ends next March".
OPEC and other major oil producers such as Russia, Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan reached an agreement in December 2016 to remove 1.8 million barrels a day from the market. The investment bank cited higher-than-expected production from Nigeria, Libya and a swift rebound in US shale output.
The two superpowers also face an array of contentious foreign-policy issues, reaching from Syria to Ukraine to North Korea. One goal of the president's trip, McMaster said, will be "to develop a common approach to Russian Federation ".
Vegas Golden Knights owner Bill Foley is eager to reveal the roster that his franchise is building through the expansion draft . McDavid would then officially be awarded the Art Ross Trophy , which he clinched at the end of the 2016-17 regular season.
Green: See what we're missing. "I have achieved a lot of individual success in this league but this is a team sport". And then when I came back, we just kept going from there. "When we're doing that, it's nearly like unbeatable".
The iPhone 4 received much praise, particularly due to the improvement in style with a body of stainless steel and glass. The folks over at OnLeaks and Tiger Mobiles claim to have gotten their hands on an iPhone 8 dummy unit.
The army has captured two neighbourhoods northwest of the historic Grand al-Nuri Mosque, which was destroyed last week. A United States-led global coalition is providing air and ground support in the eight- month-old offensive.
Donald Trump and Irish premier Leo Varadkar say they are both looking forward to meeting in person next March in Washington . The call comes as the POTUS has been given the green light to introduce his travel ban.
Toronto has a lot of questions heading into the 2017-18 season, and they could regret not breaking up the team in this offseason. Overall in 2016-17, Redick averaged 15.0 points, 2.2 rebounds and 1.4 assists in 28.2 minutes over 78 games (all as a starter).
You'll actually have to unlock Star Fox 2 as a bonus game by finishing the first level of the original Star Fox . The latest console will come with 21 games including The Legend of Zelda: A Link to the Past , and Star Fox 2 .
White House spokeswoman Sarah Huckabee Sanders said on Tuesday that Trump had "no intention" of firing Mueller "at this time ". In a survey of registered voters, 45 percent said they trust Comey to tell the truth, while 32 percent said they trust Trump.
Actress and internet star Stevie Ryan dead at 33
Ryan killed herself in her home. 'I remember waking up and one Little Loca video had like 900 hits and I was like 'Oh, my gosh. The character was obsessively fawn over men on MySpace as well as how many friends she had on the social site.
Barcelona star Messi weds childhood sweetheart
More than 150 journalists are also expected to cover the event, which will take place at 7pm local time. The pair already have two children together and have known each other since the age of five.
Takata files for bankruptcy, to be bought by US-based firm
In the US, Takata agreed in January to plead guilty to wire fraud for falsifying testing data and reports provided to carmakers. Takata is expected to use $1 billion of the proceeds to cover its settlement of criminal charges with US authorities.
Germany beats England on penalties into U21 Euros final
England's under-21 side face Germany on Tuesday evening hoping to secure their place in the final of the European Championships. Of the semi-finalists here England's squad accumulated half as many top-flight minutes for their respective clubs last season.
Queen gets a pay rise - but which royal spends the most?
The Queen's sovereign grant, the amount she receives from taxpayers, is calculated as a percentage of Crown Estate profits. Charles also took the most expensive journey by Royal Train costing £46,000 - that's £95.32 per mile.
Ronaldo sets Portugal on way to Confederations Cup semis
Mexico also progressed to the semi-finals as they knocked hosts Russian Federation out of the tournament with a 2-1 victory. New Zealand manager Anthony Hudson said: "At 2-0 we could have kept the scoreline respectable but we didn't".