U.S. crude oil stocks have fallen to their lowest level this year and likely will shrink further, analysts said, as record demand, producer supply cuts, weaker futures and rising storage costs all point to increasing drawdowns.
Brent crude futures were trading at $88.08 a barrel on Friday, while U.S. crude futures were trading at $85.16 per barrel. Overall, U.S. oil production could average 12.8 million bpd in 2023, but analysts are skeptical that shale gains can be sustained without a sharp increase in drilling activity. Active U.S. oil rigs this month fell to the lowest since February 2022.
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