06 June 2018, News Wires – U.S. oil prices edged up in early Asian trade on Wednesday to move away from lows hit in the previous session, buoyed after industry data showed a decline in U.S. crude inventories.
U.S. crude marked its lowest level in nearly two months on Tuesday after three OPEC and industry sources said theAsian trade has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure.
But U.S. oil had rebounded by Tuesday’s close amid expectations U.S. crude oil stockpiles likely fell for a second week last week.
Tokyo – U.S. oil prices edged up in early Asian trade on Wednesday to move away from lows hit in the previous session, buoyed after industry data showed a decline in U.S. crude inventories.
U.S. crude marked its lowest level in nearly two months on Tuesday after three OPEC and industry sources said the U.S. government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure.
But U.S. oil had rebounded by Tuesday’s close amid expectations U.S. crude oil stockpiles likely fell for a second week last week.
Elsewhere, Venezuela’s state-run oil company PDVSA has notified major customers it would declare force majeure on crude contracts unless they agree to accept ship-to-ship transfers, according to people familiar with the matter.
Mexican oil output could return to 2 million barrels per day (bpd) by about 2022 from 1.886 million bpd in April if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell said on Tuesday.
- Reuters
