Crude oil futures started off the week lower on Monday, as investors focus on the delayed US inventories data which is expected to be released later during the day. Last week, crude oil prices traded in a range of $3, after the commodity was facing pressure from the continuous turmoil in Iran and the US debt deal. The delayed US inventories data remain in the spotlight, after it was delayed by the US government shutdown and is expected to be released later on Monday.
West Texas Intermediate crude oil (WTI) edged 0.07% lower to $101.25 a barrel, while the European benchmark crude Brent declined 0.06% a barrel at the time of writing.
Crude Oil Futures – Inventories
The Energy Information Administration did not publish its release last week due to the US government shutdown and are expected to release US inventories data for the week ending October 11 on Monday. Meanwhile on Wednesday, additional data from EIA will be published reviewing oil supplies for the following week.
US crude stockpiles advanced by 5.94 million barrels two weeks ago, data from the American Petroleum Institute confirmed last Wednesday.
The US has overtaken Saudi Arabia as the world’s largest producer of oil according to consultant firm PIRA, which also expects the US to maintain its position as the largest oil producer in the world.
Last year, the US accounted for 21% of global demand, BP’s statistical Review of World Energy confirmed and according to the International Energy Agency forecasts, the same percentage is expected to remain the same this year. Saudi Arabia is the world’s largest oil exporter, the country gas increased its oil exports by 325,000 barrels a day in the month of August compared to the previous month to 7.795 million barrels per day, data posted by the Joint Data Initiative (JODI) confirmed. Crude production from the Middle Eastern region has increased to 10.19 million barrels a day, up from 156,000 barrels a day from July.
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