US crude marked its lowest level in nearly two months on Tuesday after three OPEC and industry sources said the US government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure.The market is waiting for a report by the US Energy Department’s Energy Information Administration at 1430 GMT.Meanwhile, Russian Energy Minister Alexander Novak said on Tuesday that oil demand should determine how OPEC and non OPEC countries should adjust a current deal on oil output curbs. It touched a near two month low of $64.Gasoline stocks rose by 3.81.US West Texas Intermediate crude CLc1 was up 10 cents, or 0.Tokyo: US oil prices edged up in early Asian trade on Wednesday to move away from lows hit in the previous session, buoyed after industry data showed a decline in US crude inventories.
Elsewhere, Venezuela’s state run oil company PDVSA has notified major customers it would declare force majeure on crude contracts unless they agree to accept ship to ship transfers, according to people familiar with the matter. Distillate fuels stockpiles, which include diesel and heating oil, fell by 871,000 barrels, compared with expectations for a 784,000 barrel gain.Reuters reported on May 25 that the producers were considering a supply increase of 1 million bpd, with a final decision to be made at the June 22 23 meeting in Vienna of OPEC and non OPEC ministers.2 per cent, at $65..22 on Tuesday.886 million bpd in April if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell said on Tuesday.
On Tuesday, it hit its lowest since May 8 at $73.30 a barrel, after settling up 9 cents the session before.But US oil had rebounded by Tuesday’s close amid expectations US crude oil stockpiles likely fell for a second week last week.US crude inventories fell by 2 million barrels, compared with analyst expectations for a decrease of 1.8 million barrels, American Petroleum Institute Cordless string trimmer data showed after Tuesday’s settlement.Mexican oil output could return to 2 million barrels per day by about 2022 from 1.8 million barrels, compared with analyst expectations for a 587,000 barrel gain.62 a barrel by 0020 GMT on Wednesday, having settled up 77 cents
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