"You had the API showing a strong build in crude oil and nothing fantastic on the products", says Olivier Jakob, managing director of consultant Petromatrix GmbH.
With news from the Energy Information Administration that US crude production earned a new monthly record by jumping 215,000 barrels per day (bpd) to 10.47 million bpd in March, West Texas Intermediate fell 3 percent on the week, making this the second week of declines for the benchmark.
For the week, WTI is on track for a 1.5 percent fall, adding to last weeks near 5 percent decline, while Brent is set to rise 1.3 percent, widening the spread between the two benchmarks.
It was reported last week that US production rose to a record level in March, while drilling activity picked up again last week.
Baker Hughes will release a weekly report on the number of drilling rigs in the U.S. Last week, the U.S. oil producers increased the number of drilling rigs by another 15 to 859, which was the maximum value since March 2015.
And it's not just a front-month aberration, with WTI's discount to Brent for crude for delivery in six months at $10.71 a barrel on June 1, the most since September 2014. Output at the world's largest listed oil producer Rosneft edged up by 0.2 percent in May from April.
Bethesda forgets how to count, skips from Fallout 4 to Fallout 76
We probably shouldn't expect anything further to come from Bethesda until E3, so take the above with a grain of salt. From what we know so far, the game will be based around Vault 76 , which looks to be in the West Virginia area.
OPEC and non-OPEC countries agreed in November 2016 in Vienna to cut oil production by 1.8 million barrels per day, roughly 2 percent of global oil production, to ease a global supply glut and push up oil prices that dropped below $30 in early 2016 as the situation wa further exacerbated by China's economic slowdown and the USA increasing oil output as a shale oil producer. It rose 215,000 barrels per day to 10.47 million bpd in March, the report showed.
United States crude production rose in March by to 10.47 million barrels per day (bpd), a monthly record, the Energy Information Administration said on Thursday.
US President Donald Trump also urged Opec to increase production which both Kapadia and Kelty believe had an important impact on driving prices down. But without adequate transportation to get crude to the coasts, "we're going to continue to see some weakness in WTI", he said.
According to General Electric's Baker Hughes energy services firm, USA drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015.
The speculator group cut its combined futures and options position in NY and London by 50,937 contracts to 370,980 during the week.
Russian Federation and several other producers agreed to cut output by about 1.8 million barrels per day (bpd) starting from January 2017 which has driven down inventories and raised oil prices.