Oil Edges Lower in Wednesday Trade


Oil futures on the New York Mercantile Exchange nearest to delivery and the front month Brent contract on the Intercontinental Exchange edged lower from Tuesday’s shallowly mixed session ahead of weekly supply data for the United States to be released midmorning, and following bullish statistics released late Tuesday afternoon by the American Petroleum Institute.

There is Enough Crude Supply

Hydrocarbon Engineering:
In its recently published, Global Crude Oil Outlook, ESAI Energy asserts that there will be enough crude oil supply in 2019 as long as there are no significant new disruptions. Even with the estimated loss of 1.1 million bpd of Iranian exports, more crude production from the US, Brazil, UK, Russia and the Arab Gulf producers can offset other declines and still meet demand for crude-derived petroleum products.