Gold Plunges To 7-Month Low On Robust US Supplies

Oil-Production-Consumption-by-World-Region-20170615

Oil has declined nearly 8 percent this month amid speculation increasing USA supplies will offset production curbs by the Organization of Petroleum Exporting Countries and its allies including Russian Federation.

Canada's oil-sands will increase production rapidly in the next three years, ranking only behind US shale as the biggest contributor to global supply growth.

The EIA reports that the price of oil over the course of quarter three may lead to possible increases in price over the next few months of this year.

Both benchmarks have given up all of the gains made since OPEC agreed to cut output to prop up prices late November. In May, OPEC and 10 other crude-oil producers agreed to extend the deal to cut output by 1.8 million barrels a month until next March.

Crude prices drifted barely weaker oi Friday in Asia with investors eager to see if USA shale drillers keep pouring on the heat for OPEC and allies or whether recent price falls bring a pause. Yet crude prices have slid about 12 percent since that day as other countries have boosted output.

But inventories are near record highs in many parts of the world, and many traders expect further price falls.

The news underscored the market's ongoing struggles with weak gasoline demand in the United States, the world's top consumer of the motor fuel, and rising production, especially from USA shale drillers.

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Oil headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production just as the surplus in the US showed few signs of abating.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.10 per barrel, down 36 cents, or 0.8 percent.

Meanwhile, data from the U.S. Energy Information Administration (EIA) this week showing growing gasoline stocks and shaky demand, despite the peak summer driving season, sent prices tumbling. Brent traded at a premium of $2.35 to August WTI.

Opec now expects United States production to increase by 800,000 barrels per day in 2017.

Additionally, the International Energy Agency (IEA) said that the non-OPEC nations like Canada, Brazil and the U.S. will add about 1.5 million barrels of supply in 2018, which is higher than the expected demand growth of 1.4 million barrels.

"That just adds fuel to the fire about the lack of efficacy of those production cuts", said Gene McGillian, research manager at Tradition Energy.

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