July 21–The price of oil fell for the third consecutive week despite rising every day since Monday’s slump.
West Texas Intermediate contracts for August delivery settled Friday at $70.46 per barrel, up $1 (1.44 percent) on the day but down 55 cents (0.77 percent) for the week.
U.S.-China trade tensions, as well as concerns OPEC and Russia would increase oil output, sent the price tumbling nearly 5 percent on Monday. A weaker dollar sent the price higher on Friday, according to Reuters.
The markets still have concerns over crude supplies. The Energy Information Administration on Wednesday reported commercial crude inventories jumped by 5.8 million barrels to 411.1 million barrels. The Strategic Petroleum Reserve was unchanged at 660 million barrels. The report was for the week ending July 13.
Domestic crude production rose by 100,000 barrels per day (bpd) to 11 million bpd. Imports rose 1.6 million bpd to 9 million bpd. Exports fell 566,000 bpd to about 1.5 million bpd.
Crude refinery inputs averaged 17.2 million bpd, the EIA reported, a decrease of 413,000 bpd. Refineries operated at 94.3 percent capacity. Gasoline production fell to 10.3 million bpd. Distillates production also was lower at 5.2 million bpd.
WTI is up $10.09 (16.71 percent) this year. The 2018 average price is $66.06. It reached its year high of $74.15 on June 29; its low of $59.19 was recorded Feb. 13.
Friday was the final settlement for August contracts.
Plains Marketing posted prices were lower by 50 cents this week. The Reporter-Telegram tracks WTI “all other areas” and West Texas sour. On Friday, WTI was priced at $67 per barrel and sour fetched $56.55, both up $1. The $10.45 spread has held for the past 13 trading days.
The average price this year for a barrel of sour is $56.77; for WTI, the average is $62.54.
In other futures trading Friday, September contracts rose 2 cents to $68.29 per barrel, October was up 11 cents to $66.64 and November jumped 19 cents to $66.18.
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