It was a very bearish
Official numbers from the US Energy Information Administration EIA are due out later on Wednesday.Russia’s average daily oil output has nonetheless dropped to a three year-low after contaminated crude clogged its main export route.S.Brent futures were down 27 cents, or 0.1 per cent on Tuesday after a near 13 per cent fall in the previous four sessions. The US benchmark closed 0.“It was a very bearish number and if confirmed by the EIA it will hammer prices,” said Stephen Innes, managing partner at SPI Asset Management in Bangkok.To prevent oversupply and prop up the market, the China foaming barrel screws Suppliers Organization of the Petroleum Exporting Countries OPEC, together with allies including Russia, has been withholding production since the start of the year.
But on Tuesday, the head of oil giant Rosneft, Igor Sechin, said Russia should pump at will and he would seek compensation from the government if cuts were extended.The group plans to decide later this month or in early July whether to continue the supply curbs.US West Texas Intermediate WTI crude was down by 32 cents, or 0. Tokyo: Oil prices resumed their slide on Wednesday, dragged down by a surpise gain in US inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.
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