US oil field in California
Oil prices continued their losses in the past two days as rising US production overshadowed strong Chinese data suggesting a possible increase in imports of the world’s biggest crude buyer. US WTI crude futures were $ 60.65 a barrel by 6:50 GMT, down 6 cents, or 0.1 percent, from the previous close. Brent crude futures were $ 64.47 a barrel, down 17 cents, or 0.26 percent. Brent and US crude lost about 1.5%, and 2.4% since the beginning of the week as prices have been hit by concerns about a steady rise in US production also contributed to increased stocks. US production has risen about a quarter since mid-2016 to 10.37 million bpd, surpassing the United States by Saudi Arabia, the world’s top exporter. According to the International Energy Agency, US production is expected to rise above 11 million bpd by the end of 2018 to surpass production of Russia, the world’s largest producer of crude. China announced today that its domestic production of oil in January and February fell 1.9% year-on-year to 30.37 million tons, or 3.77 million barrels per day. Meanwhile, crude consumption rose 7.3% to 93.4 million tons, indicating the need for more imports. In Asia and earlier today, they were Oil prices Had resumed on Wednesday, recovering some of what it lost due to investors’ fears that the bumper US offer would derail efforts by the Organization of Petroleum Exporting Countries (OPEC) to rebalance markets. US crude for April delivery was up 14 cents at $ 60.85 a barrel in electronic trading in Asia. Brent crude for May delivery rose 10 cents to $ 64.74. “Markets are still focused on the IEA news,” said Stefano Ennis, an analyst at the Oanda group. “The growing US supply is still a major risk, causing price cuts,” he said. “The two different points of view on the desired price between Saudi Arabia and Iran indicate once again the growing differences within OPEC “He said. “Markets are also very concerned about Rexet and are supposed to stay the same all day,” he said, referring to the removal of US Secretary of State Rex Tillerson. The price of Brent crude fell 31 cents, on Tuesday, and closed at 64.64 dollars on the London exchange market. Light sweet crude lost 65 cents to $ 60.71 in New York.