Oil Holds Near $45

Oil traded near $45 a barrel as investors weigh resurgent U.S. output against declining crude and gasoline stockpiles.

Crude inventories fell by 7.56 million barrels, more than triple the median estimate in a Bloomberg survey and the most since September. Gasoline supplies slid for a fourth week.

Oil remains in a bear market on concern rising global supply will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russia.

“Oil will be in a bear market for a while as traders are concerned about the continuous production growth in the U.S.,” said Kim Kwang Rae, a commodities analyst at Samsung Futures Inc.

U.S. crude production rose by 59,000 barrels a day to 9.4 million, climbing for a second week.

China imported more oil than the U.S. in the first six months of the year as the world’s largest energy user boosted inbound shipments to meet growing demand from independent refiners.

Libyan output climbed to 1.05 million barrels a day, according to a person with direct knowledge of the matter. It’s the highest level since 2013, according to data compiled by Bloomberg.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev

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