NYMEX crude futures break below $40/barrel threshold
Data from the US Energy Information Administration (EIA) showed that the US crude production rose by 1.7 million barrels of oil in the week ending July 22 while concerns about a continued rise in overall US crude inventories put further downward pressure on oil markets.
In addition, improving US oil-drilling activities, Libya’s plans to resume oil export activities, and the likely output increase from Organization of the Petroleum Exporting Countries (OPEC) have also strengthened the bearish trend in oil markets. According to a survey conducted by Reuters, crude supply from OPEC countries climbed to 33.41 million barrels of oil per day (bpd) in July from a revised 33.31 million bpd in June.
The survey showed that the biggest increase among OPEC countries was seen in Iraq. Iraq’s crude oil production rose 90,000 bpd while Nigeria’s crude production also climbed slightly in July despite attacks on oil facilities. Meanwhile, Iranian and Saudi output remained mostly stable in July from a month earlier.
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