Published: Thu, July 12, 2018
Money | By Ralph Mccoy

Brent oil gains $1 to claw back some losses

On Wednesday, September WTI crude oil futures settled at $68.86, down $3.70 or -5.37% and September Brent crude oil futures finished the session at $73.40, down $5.46 or -7.44%.

But in the US stockpiles are falling as refiners suck crude out of inventories to produce more gasoline for drivers in the peak summer season.

US oil prices jumped on the news, but later retreated, though were still above the day's lows.

Prospects of USA sanctions on crude exports from Iran, the world's fifth-biggest oil producer, has helped push oil prices up in recent weeks, with both crude contracts trading near 3-1/2-year highs until Wednesday.

Washington will consider requests from some countries to be exempted from sanctions it will put into effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday.

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A pump jack lifts oil out of a well, during a sandstorm in Midland, Texas, U.S., April 13, 2018. This could have an impact on global growth and demand.

The announcement by Libya's National Oil Corp that four export terminals were being reopened, ending a standoff that had shut down most of Libya's oil output, was the catalyst for a correction, Razaqzada said.

"In 2019, EIA forecasts that the United States will average almost 12 million barrels of crude oil production per day", said Linda Capuano, Administrator of the EIA.

Secondly, the recent rally was being supported partly from a drop in Libyan output.

"U.S. crude output has remained above the 10-million-barrel a day mark since February". Hedge funds and other money managers with bullish wagers appeared to pare long positions, pulling back from positions added as crude approached three and a half year highs last month, Saucer said. Additionally, at some time in the near future, the Canadian pipeline problem will be fixed and the supply disruption over.

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