Oil prices fall on signs market still oversupplied. According to most analysts, U.S. crude stockpiles fell again last week, but supply from OPEC rose in July, a Reuters survey showed. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week.
Production rose, despite the deal
OPEC production rose in July, according to a recent Reuters survey, despite a deal to cut output. Some of the buyers that helped boost U.S. oil futures by more than 16 percent since the contract dropped below $43 a barrel in late June. "Global demand is looking pretty strong, and prices will firm around the levels seen today," BP Chief Financial Officer Brian Gilvary told Reuters.The OPEC, along with Russia and other non-members are reducing output by about 1.8 million bpd from Jan. 1, 2017 until March next year to get rid of excess supply. Oil output by OPEC rose last month by 90,000 bpd to a 2017 high.