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Global oil demand growth for 2019 was lowered by 20,000 barrels per day (bpd) to 1.4 million bpd while non-OPEC oil supply in 2019 was revised up by 30,000 bpd to 2.13 million bpd.

Meanwhile, production fell by 57,000 to 600,000 bpd in Libya, by 53,000 to 10.39 million bpd in Saudi Arabia, with output from Venezuela dropping by 48,000 to 1.28 million bpd, according to OPEC.

Analysts surveyed Monday by S&P Global Platts were looking for USA crude stocks to have fallen 1.7 million barrels in the week ended August 10, with refinery runs remaining high on healthy margins and strong export demand.

In refined products, analysts polled by Platts were looking for USA gasoline inventories to have declined by 1 million barrels the week ending August 10 and distillate inventories to have risen by 250,000 barrels as United States economic growth supports higher demand for refined products. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

OPEC's July output is 270,000 bpd more than OPEC expects the demand for its oil to average next year, suggesting a small surplus in the market should OPEC keep pumping the same amount and other things remain equal. Bloomberg's monthly OPEC oil production survey put the Middle Eastern nation's output at 10.65 million barrels a day last month.

US crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration's data showed.

USA production growth in 2018 is now expected to rise by 1.69 million barrels a day, down by 10,000 from last month's forecast. Crude stocks at the Cushing, Oklahoma USOICC=ECI, delivery hub for US crude futures rose 1.6 million barrels.

The drop in demand for OPEC crude means there will be less strain on other producers in making up for supply losses in Venezuela and Libya, and potentially in Iran as renewed USA sanctions kick in. Demand in 2019 is now estimated at 32 million barrels a day, down by around 800,000 from the 2018 level and by 200,000 compared to last month's estimate.

Meanwhile, West Texas Intermediate rose by 28 cents, or 0.42 percent, to Dollars 67.48, while Brent crude gained 22 cents, or 0.30 percent, to USD 72.83 per barrel. Brent crude for October delivery traded up about 0.1% at $72.71.