Oil down near $73 on US stocks, Opec supply

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Prices, according to this poll, will average US$67.32 per barrel for WTI this year, and US$72.87 per barrel for Brent crude.

Now that we've had a build I suspect we are looking at the same thing with the EIA on Wednesday.

Oil traders said prices pulled back after information supplier, Genscape reported that inventories at Cushing, Oklahoma, the delivery hub for United States crude, rose almost 200,000 barrels, or nearly one per cent, from Tuesday to Friday last week.

Prices rose amid fears of supply...

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries agreed to raise supply in a meeting last month to meet rising global demand, but the group did not specify a clear target for the output increase.

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Saudi Arabia agreed to try to help make up for losses from U.S. sanctions on Iran, the third-largest member of OPEC, but analysts question whether the unofficial OPEC leader could reach the president's implied production level of 12 million barrels per day.

Brent fell more than 6 percent in July, while us crude futures slumped about 7 percent, the biggest monthly decline for both benchmarks since July 2016. Looming U.S. sanctions have already started to cut Iranian exports.

While the iPhone manufacturer would make history if the share price rises sufficiently to push its market capitalisation over the trillion-dollar mark, the results are also important for the tech sector. Growth between the fourth quarter and the first quarter was 0.4 percent, and 0.7 percent between the last two quarters of 2017.

Alhajji said, "Unlike the past, USA weekly crude oil inventories have become extremely sensitive to U.S.net imports, making short term oil prices more volatile".

A Reuters survey showed that OPEC has increased production in July by 70,000 barrels per day to reach 32.64 million barrels per day; the highest level so far this year.

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Following reports of rising OPEC production in July, crude oil was weak at the outset of the day yesterday.

Yemen's Houthi group said it was ready to unilaterally halt attacks in the Red Sea to support peace efforts.

Russia, Saudi Arabia and other producers last month agreed to boost production last month provided output remained below caps they agreed to in 2016.

"The market is facing different questions - Is global demand slowing due to weakening worldwide economic growth, will US production keep up its incredible pace, will output in Venezuela keep plummeting, what will USA sanctions do to Iranian production, and is OPEC really willing to raise output up to 1 mbpd!" "Even though trade war worries were eased between the US and European Union this week, they still loom large with China, weighing on prices".

Oil bulls are venturing back into the market as global conflict sparks concern that supply disruptions will leave buyers scrambling for barrels.

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