OPEC steps up crude output to nix price rise

OPEC steps up crude output to nix price rise

Brent crude futures were down 75 cents at $78.82 a barrel by 0940 GMT, while USA crude CLc1 fell 46 cents to $71.74 a barrel.

OPEC's third largest producer will be a key talking point when OPEC and 10 other oil producing countries meet in late June, after the United States made a decision to reimpose sanctions on Iran from November 5.

Russian energy Minister Alexander Novak said that the parties to the agreement OPEC+ can go for the mild reduction commitments to limit oil production, if at the Ministerial meeting in June will be the understanding the balancing market.

Oil later recovered some of its losses yesterday, to about $79.41... But cutting local taxes, which account for more than half of the retail gasoline and diesel prices, would stretch government finances at a time when the subsidy burden on kerosene and cooking gas is climbing.

"It was a pretty successful effort to rebalance the market", said Gregory Gause, professor of global affairs at Texas A&M University. "We will be very headline-driven over the next few weeks".

USA crude inventories rose 5.8 million barrels last week, while gasoline stocks increased by 1.9 million barrels, the Energy Information Administration said.

"The lack of a currency response means that Canadian consumers are feeling the full impact of higher oil prices", he said. Data provider Genscape Inc. was said to report that inventories fell by about 475,000 barrels between May 18 and May 22 at the key pipeline hub in Cushing, Oklahoma. Usually, inventories rise at that time of the year.

Libya, an OPEC member, recently announced it will decrease oil production by 120,000 barrels per day because unseasonably hot conditions are affecting power supply. In it, Trump said: "Looks like OPEC is at it again".

For the last two years, oil prices have slowly recovered, raising from $40 to $80 a barrel. "No good and will not be accepted!"

But the ailing democrats seem to be grandstanding in a bid for support rather than acting on any concern for global fundamentals, and it's noteworthy that Schumer's conference came ahead of the busy summer driving season that starts with the U.S. Memorial Day holiday weekend. And in emerging countries from Brazil to Philippines, drivers are complaining about high prices. "The Democrats demanded Trump weigh in with OPEC to reverse crude price increases". Markets now await the USA durable goods data and Fed Chair Powell's speech for fresh dollar trades, which could have a major bearing on the USD-sensitive oil.

Brent and West Texas Intermediate crude prices rose on Tuesday amid worries that Venezuela's crude output could drop further following the election.

UBS said prices could keep rallying for several reasons, putting the USA economy at risk of entering a recession.

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