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OPEC: United States leads in new oil production

OPEC: United States leads in new oil production

"Most importantly, the underlying oil market fundamentals in the early part of 2018 look less supportive for prices", said the IEA.

Crude futures -0.4% to $59.04/bbl. Last year, more than 80 percent of the production growth from the United States came from shale oil deposits in the Lower 48.

The U.S. benchmark crude contract lost nearly 10 percent of its value last week amid concerns about the broader economy.

The Organisation of Petroleum Exporting Countries said its plan to boost prices by draining the market of a chronic supply glut would be supported by global demand growing faster than expected in 2018. "The rebalancing of the oil market has likely been achieved, six months sooner than we had expected", the bank's analysts said in a report.

Saudi Arabia said on Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over U.S. oversupply.

The WTI Crude Oil market has rallied significantly during the day on Monday but is starting to run into trouble near the $61 level, an area that is congruent with an uptrend line that has been important.

In fact, hedge funds are making their position known, as a sudden rise in the volatility of the oil market (surging to its highest since August of last year), has led to a large scaling back of bets on West Texas Intermediate crude prices.

This is while OPEC natural gas liquids (NGLs) and non-conventional liquids output in January 2018 rose by 0.04 mb/d to average 6.48 mb/d.

Futures in NY lost ground after the American Petroleum Institute was said to have reported nationwide crude stockpiles rose by 3.95 million barrels last week, while gasoline supplies expanded by 4.63 million barrels. If the forecasts prove correct, US shale producers will capture all or most of the predicted growth in global oil consumption this year.

The IEA said in its closely-watched report published that USA producers are having a good time watching a second step towards development so exceptional that in 2018 their growth in liquids production could uniform demand growth.

In recent months, production declined in OPEC members Saudi Arabia, United Arab Emirates and Venezuela, but output topped a post-Soviet era record in Russian Federation previous year. The organization maintained that the market will eventually "return to balance " by the end of the year.

Investors Are Scrambling For More Information On This Stock! Strong compliance with the agreement, now in its second year, helped drive the price of oil above $70 per barrel in January, a multi-year high.

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