Oil prices edge up; still near 2017 lows on stubborn glut

Global oil output sees slowest growth since 2013

Global oil output sees slowest growth since 2013

Gasoline stocks, however, rose by a surprise 2.1 million barrels, against an expectation of a 457,000 gallon drawdown as Americans spend more time travelling to vacation destinations around North America.

Oil prices on Friday bounced up off the year's lows as some producers reduced exports and US rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply.

"The outlook for oil hinges on the effectiveness of the OPEC cuts relative to the supply increases from USA shale", said an analyst at Australia's Rivkin Securities, William O'Loughlin.

Oil headed for the longest run of weekly losses since August 2015 as US crude stockpiles remain stubbornly high and as Libyan production climbs toward the most in four years.

Despite almost six months of OPEC-led efforts to reduce a global glut, oil prices have not stabilized at higher levels as many had anticipated when the group agreed with other producers to cut supply back. Inventories were 292 million barrels higher than the average over the past five years, said the agency, which advises governments on energy trends. Additionally, the EIA reports that the largest global increase for crude oil will occur in quarter two of 2018, due to OPEC and Brazilian-driven production are on the rise.

Crude futures extended losses for a second straight day, as investors continued to fret about growing USA production after recent data showed an unexpected surge in gasoline inventories, pointing to a period of potential weak demand.

Kerala woman delivers baby on flight
With the assistance of the airline's and trained paramedic on board, the woman delivered the baby at around 35000 ft. After the flight landed in Mumbai , both the mother and the baby were rushed to Holy Spirit Hospital in Mumbai .

Demand for gasoline in the USA remained low despite decreasing gasoline prices.

OPEC and other exporters such as Russian Federation have agreed to keep production nearly 1.8 million barrels per day below the levels pumped at the end of previous year and not to increase output until the end of the first quarter of 2018.

"Oil futures are being dragged down by gasoline futures".

Oil held losses below $45 a barrel after sliding to the lowest in seven months as USA gasoline supplies unexpectedly rose for a second week.

Add in Russia's tanker shipments and its total exports are likely more than 9 million bpd.

The International Energy Agency said stored oil in industrialized nations-a proxy for global supply- grew by 18.6 million barrels in April. Sentiment, however, turned negative later during the session, following OPEC's monthly report showing that output from the group rose by 336,000 barrels a day in May to 32.14 million barrels per day (bdp).

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