Crude prices fell in Asia on Wednesday after disappointing figures from industry on USA inventories overnight and shrugging off upbeat industrial figures from China, though the market is awaiting official data later in the day.
"This is very unusual for this time of the year, when gasoline demand is supposed to pick up", said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany. The Energy Information Administration (EIA) forecasts that American output will surpass 10 million bpd next year. Crude output rose while nationwide inventories fell less than predicted.
"There may be a surprise to the upside again", the agency said in reference to Russia's oil output.
On the New York Mercantile Exchange, crude futures for July delivery fell 0.97% to $46.01 a barrel, while on London's Intercontinental Exchange, Brent eased 0.84% to $48.31 a barrel.
Global prices of crude oil has fallen to their lowest numbers in more than a month.
"Oil tumbled to its lowest in five weeks as an unexpected increase in USA crude and gasoline stockpiles stoked fears that the global supply glut will remain unabated". With supplies plentiful, strong demand is needed to drive the market, but there are signs of a slowdown.
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Parties to an agreement led by the Organization of Petroleum Exporting Countries to balance the market through managed production declines chose to extend the arrangement by three months into early 2018. The Standard & Poors Energy Sector Index showed a 2.1 drop, overall, with shares of Exxon Mobil falling by 1.4 percent, to hit $81.83; Chevron also fell by almost 2 percent, to hit $106.18.
Inventories fell due to a rise in USA crude oil refinery demand to 17,256,000 bpd (barrels per day) on June 2-9, 2017.
Rising U.S. oil output, particularly from shale drillers, is contributing to the ineffectiveness of the OPEC-led cuts. OPEC also revised down its forecast for non-OPEC oil supply growth this year by 110,000 bpd to 58.14 million bpd.
Growth in oil supply will outstrip growth in demand during 2018, driven by increasing production from USA shale and other countries outside Opec, the International Energy Agency (IEA) said.
Oil prices were resilient during the European session on Wednesday with WTI trading just above the $46.00 p/b level at the USA open.