Brent prices the next year are expected to average $61.51/bbl.
Oil has dropped below $65 per barrel to its lowest price of 2018 as the United States pumps out record amounts of crude. Brent crude fell 0.6% to $66.49.
Oil prices were dented by the restart of the Forties pipeline in the North Sea, following an outage the previous day.
Turmoil on Wall Street also pressured crude.
Based on the current price action, the direction of the market the rest of the session will be determined by trader reaction to the steep downtrending Gann angle at $62.16.
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WTI (West Texas Intermediate) crude, which until then was trading at about $50 a barrel, surged about 20 percent in one month following the crisis. Stock indexes from Japan to Germany tumbled on Tuesday after a frantic sell-off in US shares sent the Dow Jones Industrial Average to its biggest loss in 6 1/2 years. More than 845,000 contracts changed hands in another above-average day for trading volumes. Liquids production in China fell by 2 percent annually to 4.8 million bpd last year and is further expected to drop this year and next.
"It's never just one factor that slams the market like this".
USA crude futures were stronger in post-settlement trading after weekly inventory figures from industry group the American Petroleum Institute showed a 1.1 million barrel decrease in overall crude oil stocks for last week.
"For the Saudis, given their low cost structure, additional barrels at anywhere near these prices must surely be tempting in terms of additions to government revenues, and would be aimed at thwarting other higher-cost shale producers taking market share", wrote CIBC economists in a report on oil prices this week. The report forced market participants to continue selling, sending quotes at 1.5-month minimums. A rising dollar in recent days has also weighed on prices.
"Investors are a bit mixed today, which makes sense after we saw the huge risk-off mode at the start of the week", said Hans van Cleef, senior energy economist at ABN Amro Bank NV.
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"The idea that it is back up and running normally, combined with the data that show US production is rising, contributes to the overall idea that USA production could offset cuts by OPEC", said McGillian.
So it seems this is really happening - the USA independent or nearly independent - of traditional oil producers like Venezuela, Nigeria and even Saudi Arabia by year's end - exporting to some of those place too - who'd have thought it possible just five or ten year's ago?
At 10.25 million bpd, US output is now higher than the previous 10.044 million bpd record from back in 1970, topping Saudi Arabia and within reach of Russia's. The Baker Hughes figures should mean still more supply in coming months.
The oil price hit its lowest point this year and American inventories were higher last week.
"The stock market is bidding up some of these names beyond where they really ought to be", said Stewart Glickman, energy analyst at CFRA in NY.
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