OPEC attempts correction in oil market with increase

Crude Oil

He added that since global oil demand growth is anticipated to slow over the next year, Brent crude is forecast to be around $65 per barrel at the end of this year.

Both contracts pared gains in post-settlement trade.

Brent crude futures were at $76.60 per barrel at 0111 GMT, up 29 cents, or 0.4 percent, from their last close.

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"Saturday's OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18", Goldman said in a note on Sunday.

"Cushing is a whopper", said Bob Yawger, director of energy futures at Mizuho.

A supply outage at Syncrude in Canada has locked in 350,000 barrels per day (bpd) of crude, with repairs expected to last at least through July.

"Next week, you're going to have a Cushing storage number that includes seven days of the Syncude outage". US light crude was 65 cents higher at $71.18. This encourages further drawdowns from storage.

The fall in Canadian exports helped drain supplies of heavy crude across North America, analysts said.

Man United striker to miss England match
England will play the South Americans on Tuesday after a loss to Belgium saw them finish runners-up in Group G. I thought they had the better controlled possession, and the better chances in the first half.

Meanwhile Eastern Libyan commander Khalifa Haftar's forces have given control of oil ports to a separate National Oil Corporation (NOC) based in the country's east.

The situation with Iran is pretty clear, given the direction by the US government although China and Russian Federation may not comply with the request.

The United States is pushing countries to halt imports of Iranian oil from November, a senior State Department official said, and it will not grant any waivers to sanctions.

Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries said last week it would increase output.

OPEC leader Saudi Arabia is set to increase oil production to a record 10.8 million barrels per day (bpd) in July, Bloomberg reports.

The market rallied further in post-settlement trading, after the American Petroleum Institute said US crude inventories fell a surprising 9.2 million barrels, far exceeding the decline of 2.6 million barrels that had been expected. Saudi Arabia pumped just above 10 million bpd in May, but remained under its target.

Goldman Sachs said the planned unilateral US sanctions against Iran would likely have a "high level of efficiency".

"OPEC has found it hard to police group quotas in the past, so there is a risk of production rising above its target", he said, adding that "Saudi Arabia has said that the group quota implies an indirect reallocation of extra production from those that are unable to produce more oil to those that can do so".

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