Buy 5 Energy Mutual Funds As Oil Prices Surge

A pumpjack brings oil to the surface in the Monterey Shale California

Even after OPEC relented and cut its own production to balance the market this year, resurgent American output has helped push global crude stockpiles to historic highs.

OPEC and other producers made a decision to reduce oil supplies by 1.8 million barrels per day for the first half of this year.

It seems that the Organization of Petroleum Exporting Countries (OPEC) may be losing control of oil prices worldwide.

Overnight, crude futures settled lower on Tuesday, as investors awaited a fresh weekly batch of U.S inventory data amid growing support from energy ministers for prolonged supply cuts to March 2018.

Meanwhile, production in the USA has been increasing, threatening to derail the group's goal. Prices fell sharply after Reuters reported that advisers to the president's campaign past year had at least 18 undisclosed contacts with Russians.

The world market for oil was almost balanced during the first quarter, though US oil production and Middle East gains complicate the issue, the IEA said.

Oil production platform at the Sakhalin-I field in Russian Federation.

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Jefferies bank said it was lowering its oil price forecasts due to a surprisingly strong rise in US production. That's countering optimism spurred by recent government data showing a sixth straight weekly drop in US stockpiles and the first decline in 13 weeks for crude production, ending the longest stretch of gains since 2012.

West Texas Intermediate for June delivery rose as much as 37 cents to $49.03 a barrel on the New York Mercantile Exchange, and was at $48.87 at 1:27 p.m.in London.

Oil prices rose yesterday after United States government data showed a decline in domestic crude inventories and strong refining activity in the world's largest oil consumer, ahead of next week's meeting of major oil producers.

Traders said news that the campaign to elect President Donald Trump past year had at least 18 undisclosed contacts with Russians had unsettled investors. To keep a lid on output this summer, Saudi Arabia will need to sacrifice an even bigger share of exports as consumption at home rises.

WTI Crude rose around 0.7% on Thursday, after earlier in the day the price of oil was down as investors' enthusiasm waned over yesterday's Energy Information Administration (EIA) draw. Prices are up 4.4 percent this week, the most since the period through March 31.

"The current production cut has not been able to produce substantial results so far in terms of limiting the glut, so extending the cut into 2018 may not have a big enough impact".

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