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Oil prices: Discouraging data
Jun 19: Oil prices went up and are coming down.
8They are expected stay low as most of the numbers that are coming in are not adding up to push prices up.
8American production has risen over 10 percent this year to top around 9.3 million barrels a day and output is expected to more than 10 million barrels a day next year.
8Russia is a big supporter of the OPEC cuts, but production remains high. Extra production from Libya and Nigeria will also weigh on the market.
8Apart from higher inventories, unsold crude is also keeping the tanker market busy again. Non-OPEC production is expected to increase in the second half of the year to average 58.4 million barrels a day, according to OPEC's monthly oil market report. "The US is the main driver behind this higher growth, contributing 0.76 million barrels a day, followed by Brazil and Canada."
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