Oil rises as U.S. stockpiles fall

GETTYOil prices will influenced by supply from US shale

Oil prices have recovered after slipping to a three-week low in the previous session amid reports of a fall in United States crude stocks.

The declines were good news for oil markets, where prices have trended lower recently over concerns that rising US production is offsetting output cuts by OPEC and other major producers and keeping global markets awash in oil. "A scenario that would not be favourable to oil prices".

A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members met in Vienna to roll over the output cut deal to reduce 1.8 million barrels per day until the end of next March.

"We will continue to see crude inventories falling because of the seasonal impact and that will help support the outlook for oil", said Ric Spooner, an analyst at CMC Markets in Sydney.

OPEC-led production cuts could be offset by U.S. shale by the middle of next year, Rosneft Oil Co PJSC chief executive officer Igor Sechin said at the St Petersburg International Economic Forum.

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He added, however, that he hopes "we can win back the United States one day, because there are also large parts of American society that we must not forget".

The U.S. withdrawal from the landmark 2015 global agreement to fight climate change drew condemnation from Washington's allies - and sparked fears that U.S. oil production could expand even more rapidly. The event is likely to lead to increased production from the USA and eventually skew OPEC's price protections.

Data released Thursday by the U.S. Energy Information Administration showed that commercial crude inventories fell by 6.4 million barrels in the week to May 26, compared with analyst expectations for a decrease of 2.5 million barrels.

The number of rigs operating in US fields has jumped by 11 to a total 733 last week, compared with 325 at this time previous year.

Rising output from OPEC members, Nigeria and Libya, which were exempted from the output reduction deal, is also undercutting attempts to limit production.

Oil prices fell last week after Opec and allies including Russian Federation agreed to extend their output cuts for another nine months through March 2018.

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In its weekly rig-count report issued Friday, oil services group, Baker Hughes said 11 extra rigs were being used to look for oil last week taking the figure in total to 733.

Libya's crude oil production rose above a three-year high in May 2017. That has kept prices under pressure, rather than raising them, as OPEC hoped.

Rosneft, Russia's largest oil producer, has borne the brunt of output cuts under the extension deal.

As a nervous and impatient market is forced to pick the victor between the 1.8 million b/d of OPEC/non-OPEC cuts in force until March 2018 and the rise in United States production underway, even before the full impact of either has been felt, trade has become increasingly sentiment-driven, with the view swinging to the bearish end in recent weeks.

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