Investors bet Trump climate withdrawal to boost US drilling

Libya's rising production adds to a rise in US output. File

Libya's rising production adds to a rise in US output. File

And the initial price jump after the deal was announced six months ago helped encourage new US drilling activity and send oil production there rebounding after 2016's decline.

Trading was subdued due to public holidays in China, the United States and Britain.

Libya is an OPEC member, but it was exempt from the cuts. July WTI crude lost 14 cents, or 0.3%, to settle $49.66 a barrel on the New York Mercantile Exchange. Brent fell almost 3 percent the previous week.

U.S. West Texas Intermediate crude futures were up 51 cents at $48.83 a barrel.

The Organization of the Petroleum Exporting Countries and other oil producers, including Russian Federation, agreed last week to maintain output cuts of about 1.8 million barrels a day for nine months longer than originally planned, Reuters indicated.

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The appeals court said Trump's comments showed the policy was "steeped in animus and directed at a single religious group". In March, Trump issued a narrower order, but federal courts that have examined it so far have blocked it as well.

An initial deal, which has been in place since January, would have expired this June, but the production cutback has so far not had the desired effect of substantially drawing down excess inventories. "We want to institutionalise cooperation between OPEC and non-OPEC producers", Saudi Energy Minister Khalid al-Falih said.

Todd Gordon of TradingAnalysis.com, who correctly went short just before the OPEC meeting last week, expects crude oil prices to fall further.

"This is a rangebound market until you get something breaking out that tells you a longer term story", said Rob Haworth, senior investment strategist at US Bank Wealth Management.

High compliance with the cuts so far was unlikely to last, he said, which should keep physical oil stockpiles near record levels.

"We do not think that much, if any, of that tightening is now priced in".

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Brent crude tumbled below $50 on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.

Brent notched its fifth straight monthly decline in a row despite OPEC-led output cuts and forecasts that US crude inventories would fall for an eighth straight week since hitting a record at the end of March.

Output from the Organization of the Petroleum Exporting Countries (OPEC) rose in May, the first monthly increase this year, a Reuters survey found.

"The key question will be whether the next round of Opec cuts results in actual curtailment of exports since that will obviously be much more impactful for global prices", said Tamar Essner, senior director of energy and utilities at Nasdaq Corporate Solutions.

Trump Pulls US From Climate Accord, Dismaying Allies
The secretary-general announced that he intends to hold a climate summit in 2019 to review implementation of the Paris Agreement . He said the USA could try to re-enter the deal under more favorable terms or work to establish "an entirely new transaction".

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