OPEC Increases Crude Oil Output, Prices Dive
$OIL, $USO, $ICE
Crude Oil prices dove Tuesday as output from the Organization of Petroleum Exporting Countries ( OPEC) increased in July.
In July, OPEC Crude production increased by 101,000 BPD to average 31.51-M BPD, according to OPEC monthly Oil market report released Tuesday.
Non-OPEC Oil supply is expected to grow by 960,000 BPD in Y 2015, following an upward revision of 900,000 bbls, due to higher-than-expected output from non-OPEC producers mainly outside of North America.
OPEC maintained its output quota of 30-M BPD at June’s meeting. The cartel’s output accounted for around 40% of the global Crude Oil output.
Algerian Energy Minister Salah Khebri said Monday that OPEC has no plans for an emergency meeting to discuss the drop in prices before the next scheduled gathering in December. Algeria is an OPEC members.
WTI Crude Oil for Sept delivery moved down 1. 88 to settle at 43.08 bbl on the New York Merc, while Brent Cude for Sept delivery decreased 1.23 to close at 49.18 bbl on the London ICE Future Exchange (NYSE:ICE).
| HeffX-LTN Analysis for OIL: | Overall | Short | Intermediate | Long |
| Bearish (-0.32) | Bearish (-0.36) | Bearish (-0.42) | Neutral (-0.18) |
| HeffX-LTN Analysis USO: | Overall | Short | Intermediate | Long |
| Bearish (-0.45) | Very Bearish (-0.70) | Bearish (-0.46) | Neutral (-0.18) |
Stay tuned…
HeffX-LTN
Paul Ebeling
The post OPEC Increases Crude Oil Output, Prices Dive appeared first on Live Trading News.