Crude Oil Prices – Weekly Outlook: June 18 – 22

Investing.com – Oil markets will be focused on the Organization of Petroleum Exporting Countries (OPEC) to see whether major producers plan to increase production.

Oil ministers from OPEC, Russia and other major producing countries will meet in Vienna on Thursday and Friday .

Most market analysts expect the oil cartel to consider altering a production deal that has held back 1.8 million barrels per day (bpd) from the market for the past 18 months.

Russia has pushed for returning a million barrels per day back into the market relatively quickly. However, Saudi Arabia would like to try a lower amount to prevent the price from dropping too much, experts said.

However, . Iran, Venezuela and Iraq have all said the current production agreement should stay in place.

, ending the week lower, as traders braced for higher global supplies.

August , the global benchmark, tumbled $2.50, or 3.3%, to end at their lowest since May 2 at $73.44 a barrel on the ICE Futures Europe exchange.

They suffered a loss of roughly 4% for the week.

Elsewhere, U.S. benchmark oil, July lost $1.83, or 2.7%, to settle at $65.06 a barrel on the New York Mercantile Exchange.

It saw its lowest finish since June 6 and lost about 1% for the week, the fourth weekly decline in a row.

Oil traders will also continue to weigh a steady increase in U.S. production levels in the week ahead as the rise in domestic drilling has been underscoring worries about rising U.S. output.

U.S. drillers added one oil rig last week, bringing the total count to , the highest number since March 2015, General Electric (NYSE:)’s Baker Hughes energy services firm said in its closely followed report on Friday.

That modest rise marked a fourth straight weekly climb, likely signaling further gains in U.S. output levels.

Domestic oil production – driven by shale extraction – is currently at an all-time high of 10.9 million bpd. Only Russia currently produces more, at around 11 million bpd.

Fresh weekly data on U.S. commercial crude inventories on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise will capture the market’s attention.

Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.

Tuesday, June 19

The American Petroleum Institute is to publish its .

Wednesday, June 20

The U.S. Energy Information Administration will release its .

Friday, June 22

Major global oil producers are in review their current output-cut deal.

Baker Hughes will release weekly data on the .

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