MTECHTIPS:-Crude settles lower for second straight day on oversupply

MTECHTIPS:-Crude settles lower for second straight day on oversupply concerns

MTECHTIPS-Crude futures settled lower on Thursday, briefly dipping to a one-month low on the back of concerns of rising global output, following the return of Nigerian crude to the market and an unexpected surge in US crude stockpiles. On the New York Mercantile Exchange crude futures for July delivery fell 8 cents to settle at $45.64 a barrel, while on London’s Intercontinental Exchange, Brent lost 14 cents to trade at $47.92 a barrel. Crude futures fell to one-month lows of $45.22, after sentiment turned sour on oil, as oversupply concerns resurfaced, following data from the Energy Information Administration on Wednesday, showing U.S. crude and gasoline stocks swelled in the week ended May 26. Inventories of U.S. crude rose by roughly 3.3 m barrels in the week ended May 26, confounding expectations of draw of around 3.5 m barrels while gasoline inventories, one the products the crude is refined into rose by 3.324 m. The EIA report, however, also showed that U.S. crude production in the lower 48 states fell by 20,000 barrels to 8.815 million barrels a day, for the first time this year. The tick lower in production failed to offset concerns about the longer-term prospect of a surge in U.S. production, as the EIA in a report on Tuesday, lowered its crude oil price forecast and raised its U.S. production outlook for 2018. Royal Dutch Shell on Wednesday, lifted force majeure on exports of Nigeria’s Dorcas crude oil, bribing all of the West African country’s oil exports fully online for the first time in 16 months
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