OPEC’s all-options strategy not enough to lift the price of oil | UPI.com

Aug. 24 (UPI) — Oil prices fell flat early Thursday as questions about OPEC’s efforts to balance the market overshadowed possible U.S. offshore production issues.

Crude oil prices rallied Wednesday after the U.S. Energy Information Administration issued a report indicating further drawdowns in U.S. crude oil and gasoline inventories, a sign the market in the world’s largest economy was starting to balance out.

Geoffrey Craig, the oil futures editor for pricing group S&P Global Platts, said the U.S. oil supply surplus has been cut from about 40 percent to 20 percent since early February.

“But traders already appear to be looking ahead to next month, when crude stocks typically build as refinery demand fades when units are taken offline for the fall maintenance period,” he said in an emailed report.

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OPEC’s all-options strategy not enough to lift the price of oil – UPI.com.