Oil Falls After Sharp Rise In Crude, Gasoline Inventories

Oil prices fall amid economic slowdown despite ongoing OPEC supply cuts

USA crude, gasoline and distillate stocks rose last week, the Energy Information Administration said on Wednesday.

Oil prices edged higher on Monday after reassurances from top oil exporter Saudi Arabia offered some respite from last week's heavy losses as deepening USA trade wars fanned fears of a global economic slowdown.

The increased tension is owed to the latest attack on two of Saudi Arabia's oil tankers off the United Arab Emirates' coast and Saudi Arabia's land installations by unknown personals and has resulted in a 3% increase in crude oil prices.

Prices of West Texas Intermediate surged more than 28% since January to a six-month high of $66.60 a barrel in April, mainly due to restrained supply by the oil cartel and the US' sanctions on Venezuela and Iran.

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US crude stocks rose unexpectedly last week, while gasoline and distillate inventories built more than expected, industry group the American Petroleum Institute said on Tuesday. That was 40 cents, or 0.7%, below last session's close.

Since then, the administration of US President Donald Trump is trying to reduce Iran's oil exports to "zero", and tried to stack up pressure on Tehran.

Sechin-who has criticized Russia's involvement in the deal in the past-questioned the Russian rationale of sticking to the cuts, saying that the USA would take market share out of Russia if the OPEC+ deal is extended.

To prevent oversupply and prop up the market, the Organization of the Petroleum Exporting Countries, together with allies including Russian Federation, has withheld some production since the start of the year.

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While the producers will meet later this month or early July in Vienna to decide on the future of output cuts, Saudi Arabia, the de-facto leader of the cartel, has all but given its go-ahead for an extension.

Russia's average daily oil output has nonetheless dropped to a three year-low after contaminated crude clogged its main export route.

"We will do what is needed to sustain market stability beyond June". Sechin was quoted as saying by Interfax news agency.

Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts, reports Trend citing to Reuters. Gasoline production averaged 10 million bpd last week, compared with 10.1 million bpd a week before.

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