Oil prices failed to move higher last week and the upward momentum faded in the light of increasing Opec output. Estimates suggest that Opec oil output may cross 33.0 million bpd in July on the back of increased output from Libya and Nigeria. EIA forecasts show that US shale oil production is expected to rise further and touch a record high in August. Gasoline stockpiles also fell by 4.4 million barrels, while distillate stockpiles declined by 2.1 million barrels last week. OECD oil inventories fell slightly in May by 6 million barrels but remain 266 million barrels above the five-year average.

Source: Economic Times July 24, 2017 06:11 UTC