Government data showed that US crude production rose 1.1 million bpd last week to 9.5 million bpd after a decline due to Hurricane Nate, while USA oil exports hit a new record four-week average of 1.7 million bpd. NY time on the London-based ICE Futures Europe exchange.
Crude shipments to Turkey from northern Iraq, the second-largest producer in Opec, have declined after Iraqi government forces took back the city of Kirkuk last week after a Kurdish referendum on independence.
American oil production continues to rise and last week saw an additional 1.1 million barrels a day of production. OPEC is said to be working on an exit strategy in an effort to reassure investors that the group will manage a controlled release of supplies to avoid a new glut when the curbs eventually expire.
WTI light sweet crude oil fell 29 cents to settle at USD52.18 a barrel.
Brent for December settlement was at $59.26 a barrel on the London-based ICE Futures Europe exchange as of 10:20 a.m.in London. The global benchmark crude traded at a premium of $6.26 to WTI, the widest in more than four weeks. Total volume traded was about 46 percent below the 100-day average.
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Later on Friday, market participants will also keep an eye on increasing USA shale production when Baker Hughes releases its most recent. "Initially, it was thought to be related to the hurricane, but to me it's becoming a little more structural".
A day after the American Petroleum Institute reported similar figures, the US Energy Information Administration Wednesday said inventories rose by 900,000 barrels for the week ended October 20. Gasoline and distillate inventories fell this week, down more than 5 million barrels respectively. "The oil fields near Kirkuk-the Bai Hassan and Avana fields-are still reportedly not exporting crude, but that could soon change", reports OilPrice.com.
"The exports are ripping higher", Loewen said.
At the same time, oil output from USA wells jumped 13 percent last week to 9.51 million barrels a day, the biggest leap since September 2012.
Given oil's implied volatility of 24.1%, United States crude oil futures could close between $50.88 and $54.40 per barrel in the next seven days with a probability of about 68%.