Crude oil futures fall 0.31% on weak global cues

Crude oil futures fall 0.31% on weak global cues

Crude oil futures fall 0.31% on weak global cues

In the meantime, Russian Federation and Saudi Arabia could potentially ease their own oil production caps in an effort to keep prices under control.

The Ministers, along with their counterpart from the UAE, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters. Brent crude futures were up 24 cents, at $79.81/Bbl by 2:29 p.m. ET, rebounding from a brief slide after the EIA data.

Brent crude futures were down $1.22 at $78.35 US a barrel mid-morning, while USA crude fell 68 cents to $71.52 US a barrel.

Oil retreated from the highest prices in nearly four years as Russian and Saudi energy ministers signaled that the coalition led by the Organization of Petroleum Exporting Countries may gradually raise oil production to assuage consumer anxiety about higher prices.

Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. The collapse of Venezuela's economy and increased USA sanctions is likely to hamper already depressed output from the OPEC member.

Higher prices are allowing an increasing number of shale oil producers to ramp up production, especially in the United States.

He also reiterated that obligations under the 1.8 million b/d OPEC/non-OPEC output cut agreement may be lowered if the participants come to the conclusion at the June meeting the market has rebalanced.

R Kelly accused by woman of mental and sexual abuse
The suit, filed in the New York Supreme Court, states allegations of sexual battery, fraud, and false imprisonment. In 2008 he was acquitted of child pornography charges after allegedly making a sex tape with a 14-year-old girl.

Saudi Arabia and other major OPEC producers could in theory add more supply, but have yet to do so. Refinery utilization rates rose by 0.7 percentage points.

Later on May 23, official data on oil reserves in the country from the U.S. Energy Department will be published.

"If prices get above there, that will further intensify and increase the likelihood that OPEC will do something ..."

In stocks, London and Frankfurt indices finished the week slightly higher, while Paris was essentially flat at the close as investors hesitated amid the confusing series of reports on geopolitics.

The US is actively considering oil sanctions on Venezuela, where output has dropped by a third in two years to its lowest in decades.

At the moment the barrel of WTI is losing 2.73% at $68.62 facing the next down barrier at $67.65 (low May 8) seconded by $66.94 (55-day sma) and finally $66.86 (low May 1).

The San Antonio, Texas company's imports vaulted it over PDVSA's US refining unit Citgo Petroleum [PDVSAC.UL] as the largest receiver of Venezuelan barrels in the United States this year, the data shows.

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