Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019.
REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China.
The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries.
Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said.
A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.
Persons:
Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman
Organizations:
REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson
Locations:
Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London