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US Crude Stocks Fall Unexpectedly Last Week

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According to the prices it was 40.73 on 28 th July 2016.

Oil prices rallied sharply late Wednesday after the USA government reported declines in crude oil stocks that were larger than many analysts had expected. While some Gulf oil exporters have very low output costs, other producers such as Iran and Venezuela need oil prices above $100 to balance their budgets.

Crude oil gained for the sixth consecutive trading day on Thursday, August 18, amid a weaker dollar and hopes of output freeze talks.

U.S. crude stockpiles fell by 2.5 million barrels in the week to August 12, and gasoline stocks fell 2.7 million barrels, pointing to a modest strengthening of United States demand. This is the highest close for WTI crude oil since July 4, which makes it a six-week high.

A meeting is set to take place next month with regards to potential output freeze between the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers such as Russian Federation.

Oil prices fell away from 5-week highs yesterday as analysts doubted possible producer talks to rein in ballooning oversupply would be successful. At 521.1 million barrels, US crude oil stockpiles are at historically high levels for this time of year.

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Although gasoline stockpiles have fallen by almost 9.0 million barrels over the last three weeks, they still hover near record-highs as refineries churn out product at a rapid pace due to historically low crude prices. OPEC's major Middle Eastern members are producing at record levels; Saudi Arabia is potentially on pace to eclipse Russian Federation as the world's largest producer of crude.

The comments made by the energy ministers of Saudi Arabia and Russian Federation since the end of last week increased expectations on a production freeze discussion among producers.

Oil is traded internationally in the United States currency. "Traders are targeting higher prices".

Prices hit five-week highs this week, supported by hopes that a Russian-Saudi cooperation may reach a pact to freeze output, easing the stubborn supply glut dogging the market since late past year.

"Since these proposals were last floated [for the Doba meeting], more Opec members have seen production disrupted, most notably Nigeria".

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