Oil Price Hits 1-Month Low After US Inventory Build

An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya

An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya

Prices felt the blow of these revised projections and will likely continue to feel it for a few more days.

West Texas Intermediate crude oil fell to $61.90, down 0.56 per cent.

Distillate inventories, which include heating oil and diesel fuel, were seen down 1.4 million barrels last week, the poll showed. Analysts polled by S&P Global Platts expected a 2.8 million-barrel increase. Last month, it forecast a 970,000 bpd year-over-year increase to 10.27 million bpd. Higher oil prices also will put a dent in demand.

While the market is still digesting the STEO projections, the impact from EIA's weekly inventory could still be significant due to the size of the build. Gasoline figures are also bound to affect prices. Gasoline inventories climbed by 3.4 million barrels.

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The United States is now the biggest consumer of oil in the world. Those changes made more USA production profitable, allowing them to open their taps.

In its latest monthly oil market report, the International Energy Agency (IEA) is predicting USA crude production, boosted by "a resurgent shale industry", would climb above 10 million barrels a day this year, surpassing Saudi Arabia and Russian Federation.

The EIA's weekly data came on the heels of an upwardly revised forecast for total USA production this year and next. Overlooking all the other parameters, with the exception of the exchange rate, a stronger greenback should principally lead to a fall in crude-oil prices, and vice versa.

"The new world order of USA production over 10 million bpd is officially here", said John Kilduff, partner at energy hedge fund Again Capital in NY. USA refineries produced about 10.1 million barrels of gasoline a day last week, up by about 500,000 barrels a day compared to the prior week.

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Barrel is the unit of measurement of oil volume.

The economic and political impacts of soaring USA output are breathtaking, cutting the nation's oil imports by a fifth over a decade, providing high-paying jobs in rural communities and lowering consumer prices for domestic gasoline by 37 percent from a 2008 peak.

Well, many things can, and will, mess up the $100 price prospect.

"The economic and political impacts of soaring USA output are breathtaking, cutting the nation's oil imports by a fifth over a decade - providing high-paying jobs in rural communities and lowering consumer prices for domestic gasoline by 37 percent from a 2008 peak", Zilber impressed.

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