Oil prices fell on Wednesday after data from the American Petroleum Institute (API) showed increased U.S. crude inventories in the week to Aug 10. U.S. crude inventories unexpectedly rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels, the API said, adding that crude stocks at the Cushing, Oklahoma, delivery hub also jumped 1.6 million barrels. “The overall build of 3.66 million really did catch the market by surprise,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “The build in Cushing, Oklahoma is raising concerns that maybe demand is softening just a little bit.” Click Read More below for additional information.
Iraq exported oil at the fastest pace since late 2016 during the first half of July, indicating OPEC’s second-largest producer is pumping more after the group eased production limits.
Crude shipments during the first two weeks of the month were 4.05 million barrels a day, the highest since November 2016, according to tanker tracking and port agent data compiled by Bloomberg. That’s 6 percent higher than the daily average of exports for all of June. Preliminary tanker tracking data is subject to change because shipments can be delayed and the average for a full month can be higher or lower.
Exports from the Middle Eastern country could be even higher if the central government and the administration in the semi-autonomous Kurdish region solve a dispute over oil revenue that’s blocked federal exports from using a northern pipeline to Turkey, the International Energy Agency said this month.
more at source: https://www.msn.com/en-us/finance/markets/iraq-exported-most-crude-oil-since-november-2016-this-month/ar-AAAbOvg