Oil futures steady on market’s long-term bearish focus

Oil edges lower as supply concerns return

Brent for October settlement fell 34 cents to $72.05 a barrel on the London-based ICE Futures Europe exchange, after dipping $1.82 on Wednesday.

Brent crude futures LCOc1 were up 32 cents at $72.71 a barrel by 10:37 a.m. EDT (1437 GMT), while USA crude CLc1 futures rose 60 cents to $68.26 a barrel.

Prices had tumbled to a six-week.

Crude inventories rose by 3.8 million barrels in the week to July 27, compared with analysts' expectations for a decrease of 2.8 million barrels.

The weekly estimates for May all point to more than 10.7 million bpd of crude oil production, but the more accurate-albeit lagged-data, based on survey of producers, shows that US oil output had trailed projections by around 300,000 bpd.

Oil prices went down on Friday amid rising supplies from countries including Russian Federation and Saudi Arabia.

LONDON, Aug 3 (Reuters) - Brent oil futures steadied under $74 a barrel on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by USA crude inventories in at a major hub falling to their lowest in almost four years.

EIA's latest Short-Term Energy Outlook (STEO) from July forecasts that USA crude oil production will average 10.8 million bpd this year, up from 9.4 million bpd in 2017.

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U.S. crude inventories rose 3.8 million barrels last week, according to data from the Energy Information Administration.

The contract declined $2.47 in the previous two sessions.

OPEC's overall output jumped by 300,000 barrels a day last month, according to a Bloomberg survey, as the cartel offset losses from an economic collapse in Venezuela, political clashes in Libya and an expectation that Iranian exports will drop due to USA sanctions.

Saudi Arabia's production increased by 230,000 barrels a day in July to 10.65 million barrels per day.

On Tuesday, data released by the American Petroleum Institute showed US crude stockpiles to have risen by 5.59 million barrels in the week, compared to analyst expectations for a 2.8 million-barrel drawdown.

Prices of the barrel of the American reference for the sweet light crude oil are grinding lower today, revisiting the mid-$68.00s in the wake of the EIA's weekly report. Total volume traded was about 30 percent below the 100-day average.

Investors are seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as a ramp-up in production by OPEC and its allied partners.

It produced about 11.21 million barrels per day, an increase of 140,000 from a month earlier, according to Bloomberg calculations based on the ministry's data.

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