International oil prices, which have been rising all the way recently, slowed down in the first week of May as U.S. crude oil inventories and production both hit new highs.
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At the close of the day, the price of light crude oil futures for June delivery on the New York Mercantile Exchange rose by $0.13 to $61.94 a barrel, or 0.21 per cent. London Brent crude oil futures for July delivery rose $0.10, or 0.14%, to close at $70.85 a barrel.
U.S. crude oil production recently hit a record high of 12.3 million barrels a day. In recent months, U.S. crude oil production has remained stable, but still 2 million barrels a day more than last year.
Inventories, according to the U.S. Energy Agency report, as of April 26, U.S. crude oil inventories increased by 9.934 million barrels, pushing U.S. commercial crude oil inventories to their highest level since September 2017. Statistics also show that U.S. crude oil stocks have increased in five of the past six weeks.
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Eric Norland, senior economist at the Chicago Mercantile Exchange Group, is reported to have said that the shale oil revolution in the United States has led to a 1.3-fold increase in the country’s crude oil production over the past 10 years, exerting tremendous and sustained downward pressure on oil prices and showing itself in trading positions.
In addition, data released by Russia showed that crude oil production in April was 11.233 million barrels a day, an increase of 2.4% over the previous year and a 0.6% decrease over the previous year.
The news of abundant crude oil supply led to a sharp dive in international oil prices on the 2nd, but the US economic data improved, boosting confidence in the crude oil market and pushing international oil prices back up every other day. The U.S. unemployment rate fell to 3.6% in April, the lowest level in more than 49 years, and 263,000 new jobs were created in the non-agricultural sector that month, up from 190,000 expected by the market, according to data released by the U.S. Department of Labor on Wednesday.
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Basically, other positive factors also support oil prices. According to data released by American oil service company Baker Hughes on May 3, the number of active drilling wells in the United States decreased by 11 in April, 37 in March, 9 in February and 23 in January, compared with 2 in December last year. Baker Hughes also said in his report that the number of active natural gas drillings in the United States fell by three to 183 this week.
At the same time, some sources said that Russian oil producers had received notification from Transneft, a pipeline monopoly, to cut production by 900,000 tons by May 7, because Russian crude oil was seriously disrupted by organic chloride pollution.
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