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UPDATE 3-Oil pushed to six-month lows by oversupply concerns

*OPEC oil output hits new high in July- Reuters survey. The lack of a plan by OPEC to accommodate the return of more Iranian oil further fueled supply worries. "The market seems to again focus on the supply situation... one of the difficulties is that Iran may be coming back and there is no obvious sign that OPEC will make room for them," Ric Spooner, chief market analyst at...
Source: Reuters | By: Amanda Cooper
UPDATE 7-Oil steadies as weak dollar balances oversupply

*OPEC oil production up 140,000 bpd in July- Reuters survey. LONDON, July 31- Oil prices steadied on Friday as a sharp fall in the dollar balanced evidence of growing oversupply, with core OPEC producers pumping near record levels. Brent crude oil was down 25 cents at $53.06 a barrel by 1350 GMT.
Source: Reuters | By: Christopher Johnson
UPDATE 4-Oil falls after OPEC comments imply no supply cut

LONDON, July 31- Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would not have much impact on the market.
Source: Reuters | By: Christopher Johnson
UPDATE 4-Oil flat as weaker dollar offsets rising U.S. stocks

*OPEC members say price drop will be short-term. Crude oil stocks in the United States rose by 2.5 million barrels last week to above the five-year seasonal average, according to data from the Energy Information Administration, trumping expectations for a drop of 2.3 millions. September crude futures were 3 cents lower at $49.16 by 1020 GMT, having fallen by...
Source: Reuters | By: Amanda Cooper
UPDATE 3-Oil steady; US crude below $50 as stocks rise

*OPEC members say price drop short term. Crude oil stocks in the United States rose 2.5 million barrels last week to above the five-year seasonal average, according to data from the Energy Information Administration, trumping expectations for a 2.3 million-barrel drop. September crude futures were 18 cents higher by 0827 GMT on Thursday at $49.37, after having...
Source: Reuters | By: Amanda Cooper
UPDATE 6-Oil falls on weak U.S. shares, expected rise in crude stocks

*OPEC members say expect price fall to be short-lived. U.S. crude dipped below $50 a barrel, trading as low as $49.75, the lowest since April 6 and down $1.11 on the day. "The U.S. crude oil stocks build reported by the API last night is weighing on prices," said Tamas Varga, analyst at London brokerage PVM Oil Associates.
Source: Reuters | By: Karolin Schaps
UPDATE 4-Oil prices fall on unexpected rise in U.S. crude stocks

Industry data released on Tuesday by the American Petroleum Institute showed crude inventories at the Cushing, Oklahoma hub rose 2.3 million barrels last week, compared with analyst expectations for a decrease of the same volume. "The U.S. crude oil stocks build reported by the API last night is weighing on prices," said Tamas Varga, analyst at London brokerage...
Source: Reuters | By: Karolin Schaps
UPDATE 4-Oil steadies as dollar eases, but oversupply in focus

Kerry says speech by Iran leader "very disturbing". *Impact on Brent from Iran crude may be milder- Barclays. "They suggest implementing the Iran nuclear deal may not be as straightforward as it originally seemed, and maybe therefore Iranian oil exports could reach the market more slowly than expected.
Source: Reuters | By: Amanda Cooper
UPDATE 3-Oil stable as dollar dips, but oversupply persists

Kerry says speech by Iran leader "very disturbing". A nuclear deal between Iran and the West that is likely to unleash more oil on a market where slowing Chinese growth and a faltering European recovery have eaten into demand and stripped almost 11 percent off the price of crude oil so far in July. They suggest implementing the Iran nuclear deal may not be as...
Source: Reuters | By: Amanda Cooper
REFILE-UPDATE 9-Oil prices dip below $50 on ample supply, strong dollar

*U.S. crude futures drop below $50 intraday. NEW YORK, July 20- Oil futures fell on Monday and U.S. crude slipped below $50 a barrel intraday as ample supply, the prospect of more Iranian crude for export and a strengthening dollar combined to pressure prices. August crude, set to expire on Tuesday, fell 74 cents to settle at $50.15, having fallen to $49.85, its first time...
Source: Reuters | By: Robert Gibbons