Russian crude oil output stagnant but remains above quotas in May

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Total products supplied over the last four-week period averaged about 20.7 million barrels per day, up by 1.3 percent from the same period previous year.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower early Monday. It was set for a 0.4 per cent gain for the week.

Quotes of WTI oil futures for July on Thursday morning decreased by $0,04 (0,06%) to $68,17 a barrel.

July WTI crude oil futures are off for the second consecutive day.

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According to the report, oil inventories in the Organisation for Economic Cooperation and Development, OECD, industrialised nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017. Traders are trying to understand the divergence between two benchmarks, WTI and Brent, as the United States oil ended day in red after post-data fall while Brent recovered most of losses and closed positively on Thursday.

And it's not just a front-month aberration, with WTI's discount to Brent for crude for delivery in six months at $10.71 a barrel on June 1, the most since September 2014.

Crude production continued to set a weekly record high, edging up to 10.8 million bpd, though the weekly USA figures are subject to revisions; monthly data for March will be released later on Thursday.

Oil in NY headed for a second weekly loss as USA output surged, pushing the American marker to near its weakest level in more than three years against global benchmark Brent. It has doubled in less than a month, as a lack of pipeline capacity in the U.S. has trapped a lot of output inland. In March it jumped by 215,000 barrels a day to 10.47-million barrels a day, a new monthly record, the Energy Information Administration (EIA) said on Thursday.

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Now OPEC is facing the problem, if we really want to choke off American production, how low does the price have to go?'

According to General Electric's Baker Hughes energy services firm, US drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015. That was the eighth time drillers have added rigs in the past nine weeks.

The speculator group cut its combined futures and options position in NY and London by 50,937 contracts to 370,980 during the week to May 29, the U.S. Commodity Futures Trading Commission said.

Russia would be able to raise its oil output within months to levels last seen before a global production-cutting deal took effect if there is a decision to unwind the pact, a Russian Energy Ministry official said.

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