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Oil prices are trading lower under the pressure of US crude supply

2019-07-04 08:39 am | Resource: News | No Views : 64

 Oil prices are trading lower under the pressure of US crude supply

Oil prices fell on Thursday on lower-than-expected declines in US crude inventories. The US Energy Information Administration (EIA) reported that inventories fell by 1.1 million barrels in the last week compared to expectations of a 3 million barrel decline. From June, raising further fears of increased supply and falling prices.

At the same time, OPEC's production cuts have also failed to address demand problems. The weak US economic data added to concerns about the global economic slowdown after the decline in manufacturing reports from China, the United States and Europe.

India raises fears of oil price volatility with Russian Energy Minister

India's oil minister, Darmendra Pradhan, has raised fears of rising volatility in crude oil prices over the past few weeks with Russian Energy Minister Alexander Novak, a government statement said on Wednesday. In a telephone conversation with Novak, the Indian minister urged Russia to continue playing a role that balances its cooperation with the OPEC countries, taking into account the interests of consuming countries.

India is interested in strengthening its presence in the Russian exploration and production sector, Pradhan said. The Indian minister called on Russian oil and gas companies to invest in the construction of gas infrastructure in India, according to the government statement.

The Baker Hughes Report

The number of oil drilling platforms in the United States fell this week by five to 788 platforms, according to Baker Hughes (BHI.N) data released today. In contrast, the number of platforms for natural gas exploration rose by one platform to 174 platforms during the week ending July 3, compared with 187 platforms in the same period of 2018.
  •    US markets are expected to resume trading on Thursday.

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