Oil Near $51 as Rising Output Threatens to Slice Into Demand - Bloomberg

Oil Near $51 as Rising Output Threatens to Slice Into Demand - Bloomberg:

"Oil lingered near $51 a barrel as OPEC’s optimistic outlook for crude demand was overshadowed by the specter of booming production from Texas to Tripoli. Futures meandered within an 81-cent range in New York as traders weighed countervailing reports. OPEC announced that 2018 demand will be about 200,000 barrels higher than previously predicted, and said output caps adopted by most producers are trimming a global glut. At the same time, the Energy Information Administration raised its forecast for U.S. production in 2018. “There’s still a lot of questions around what 2018 is shaping up to be like in terms of demand and supply,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, in a telephone interview. OPEC continues to “keep working this market over with their rhetoric, even though the supply dynamic doesn’t seem to be supporting their positions.”"



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