Oil Falls On Shock US Stock Builds, OPEC Supply Worries

MID-DAY: Oil continues to slump on reports of higher production; North Korea US tensions weight Wall Street

As supply disruption concerns due to an increasingly tight oil market causes crude oil to flirt with the $80-a-barrel mark, Gulf OPEC countries are said to be leading initial talks on when producers in the OPEC+ pact can start easing production curbs.

He declared, "It's time for this president to stand up to OPEC; he's palling around with Saudi Arabia and the United Arab Emirates and all these other oil-rich countries.[Trump] should buck his oil industry buddies".

Brent crude oil rose above 80 dollars a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.

Global inventories have been broadly falling, even as U.S. crude production remains strong.

The U.S. government imposed new sanctions on Venezuela following Sunday's re-election of President Nicolas Maduro.

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A market surplus helped push oil prices below $30 per barrel two years ago.

S&P Global Platts survey of analysts on Monday indicated that crude stocks were expected to fall by 1.7 million barrels last week.

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories increased by 5.8 million barrels last week, maintaining a total U.S. commercial crude inventory of 438.1 million barrels.

Gasoline stocks rose by 1.9 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.

However, it is also possible that supplies from both Iran and Venezuela will be disrupted by USA sanctions.

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Tuesday evening the American Petroleum Institute (API) reported that crude inventories fell by 1.3 million barrels in the week ending May 18. Output in the South American nation fell to just 1.43 million barrels per day in April, down almost 700,000 bpd from 2016 levels.

At 0509 GMT, July WTI crude oil is trading $71.91, down $0.29 or -0.39% and July Brent crude oil is at $79.06, down $0.51 or -0.64%.

Phil Flynn, the senior market analyst for the PRICE Futures Group in Chicago, said in a daily emailed newsletter the USA crackdown on Iran and Venezuela is adding a risk premium to the price of oil. US West Texas Intermediate (WTI) crude futures fell US$1.13 to settle at US$70.71 a barrel, a 1.57 per cent loss.

U.S. crude stockpiles are forecast to have declined by 2.8 million barrels last week, a third weekly fall in a row.

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