Oil prices fall as OPEC output, United States crude stockpiles rise

The International Energy Agency mirrored OPEC's sentiments in its own monthly report, saying stronger US crude oil production, which could increase faster than expected, is offsetting OPEC's production aim.

In the United States, which is not participating in any deal to hold back production, oil output C-OUT-T-EIA has risen more than 10 percent over the past year to 9.3 million bpd, and the Energy Information Administration (EIA) expects that figure to rise above 10 million bpd in 2018. Commercial crude oil inventories also fell less than projected, highlighting weak demand even as the US enters its summer driving season, when many vacationers take to the roads.

US crude futures fell by 1% to trade at $45.97 a barrel after the report was released.

Crude prices fell in Asia on Wednesday after disappointing figures from industry on USA inventories overnight and shrugging off upbeat industrial figures from China, though the market is awaiting official data later in the day.

Crude prices have fallen more than 10% since late May, pulled down by heavy oversupply despite a move led by the Organization of the Petroleum Exporting Countries to curb production.

Both contracts hit their lowest since May 5, driving them into technically oversold territory. With supplies plentiful, strong demand is needed to drive the market, but there are signs of a slowdown.

It also put Iran's refinery capacities growth rate per annum at 2.0 percent in 2016.

Democratic Unionists in Northern Ireland become election key
She is regarded as having performed well during the campaign, which was marred by deadly attacks in Manchester and London . That is short of the 326 needed for an overall majority -- and 12 fewer than when May called the election.

"Our first outlook for 2018 makes sobering reading for those producers looking to restrain supply", the IEA said in its monthly oil market report.

Traders said the slight increases were a result of the threat of a partial export halt in Libya.

OPEC on June 13 said a long-awaited rebalancing of the oil market was under way at a "slower pace" and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply.

OPEC's pledge was to cut some 1.2 million bpd, while other producers including Russian Federation would bring the total reduction to nearly 1.8 million bpd.However, some OPEC members including Nigeria and Libya have been exempt from cutting, and their rising output undermines efforts led by Saudi Arabia.

Oil stocks are near record highs in some parts of the world, and producers outside the Opec deal are increasing output.

The EIA expects US output to grow by 460,000 bpd in 2017, while OPEC forecasts USA production to increase by 800,000 bpd in 2017.

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