Oman reports oil output decline in first ten months

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Crude-oil stockpiles rose by 1.9 million barrels to 459 million barrels and are still in the upper half of the average range for this time of year, the EIA said.

As part of a deal with OPEC and non-OPEC countries, Oman has been cutting its daily crude oil production by 45,000 barrels or roughly 4.5 per cent since January this year.

Crude prices came under pressure after the EIA revealed a somewhat downbeat outlook for oil demand in its monthly report, forecasting weakness in global demand growth, while warning that global oil markets will be oversupplied through the second quarter of 2018.

OPEC and non-OPEC oil exporters have made a decision to cut crude oil production by 1.8 million barrels per day since January 2017, which is up to March 2018.

Crude oil inventories have shed a total of 30.2 million barrels since the start of 2017, according to API data.

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US crude production soared to another new high Wednesday as stockpiles rose, according to a weekly Energy Department report out Wednesday.

Brent's price is down almost 5 percent since last week when it hit its highest since mid-2015.

Gasoline was trading down as well, -2.15 percent at $1.74. Analysts surveyed by The Wall Street Journal had predicted crude supplies would fall by 1.4 million barrels on the week.

Inventories at the Cushing, Oklahoma, site decreased by 1.803 barrels this week.

Refinery crude runs rose by 334,000 barrels per day, EIA data showed.

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