Oil Prices Rise As EIA Confirms Strong Draw To Crude Inventories

Oil futures rose on Thursday from a three-week low touched the previous session, buoyed by expectations the United States could pull out of a global climate accord and by a report that showed USA crude stockpiles had fallen more than expected.

U.S. shale production requires a higher price to be profitable.The agreement proved to be partially successful, as it managed to keep the prices oil prices above $50 per barrel, giving a fiscal boost to major producers.More than 400 oil rigs are now working United States shale fields - an increase of more than 120 per cent compared with a year ago.

In contrast to the optimism in gold, the oil market remains in a deep funk about oversupply and demand and Friday's weak USA jobs report for May didn't improve matters one bit.

United States production was 9.320 million barrels a day last week, 607,000 barrels a day more than a year ago (a rise of just over 6%).

"Lower oil output from the Opec and non-Opec agreement could be considerably offset by as early as mid-2018 by USA shale oil production growth", he warned, adding to the market angst.

London on attack again, casualties feared
The Associated Press reports that Prime Minister Theresa May called a meeting of the government's emergency response committee. London Ambulance have said: "We're responding to this incident and more information will follow when we have it".

OPEC-led production cuts could be offset by USA shale by the middle of next year, Rosneft Oil Co PJSC chief executive officer Igor Sechin said at the St Petersburg International Economic Forum.

Trump's withdrawal from the Paris agreement, the landmark 2015 global pact to fight climate change, drew condemnation from Washington's allies and many in the energy industry - and sparked fears that US oil production could expand more rapidly than it is now.

Meanwhile, the U.S. Department of Energy reported that crude stockpiles were down to 6.4 million barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels.

But U.S. production is not growing as fast as the government earlier predicted.

Part of the problem is that production is increasing in members such as Libya and Nigeria, which are exempt from making cuts as they restore output after internal strife, said BP chief executive officer Bob Dudley.

National Basketball Association commissioner Adam Silver says LaVar Ball will 'settle down' soon
To emphasize his point, he compared LaVar Ball to Kardashians momager, Kris Jenner , as reported by CBS Sports . It's been no secret that UCLA point guard Lonzo Ball hopes to stay in California and play for the Lakers.

OPEC and Russian Federation agreed to extend production cuts another nine months in an effort to keep prices above $50 a barrel.

Traders said that prices had received support from a tightening physical crude market.

While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April.

Russia, which has cut production by 300,000 bpd under the deal, could increase production next year to as much as 11.07 million bpd, the country's deputy energy minister told Reuters.

USA crude production last week was up by almost 500,000 barrels per day (bpd) from year-earlier levels, straining OPEC's efforts to reduce global oversupply.

Former FBI Director James Comey to testify in Senate June 8
Richard Burr , R-N.C., said the committee welcomes Comey's testimony, but declined to comment further. The open session will be followed by a closed session at 1 pm.

US producers aren't part of the output agreement.

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