Saturday, 22 September, 2018

Oil falls for third day as higher inventories, dollar weigh

Oil falls for third day as higher inventories, dollar weigh Oil falls for third day as higher inventories, dollar weigh
Lindsey Cook | 02 March, 2018, 04:57

News of a production halt at Libya's 70,000 barrel-a-day El-Feel field helped cap a weekly drop of more than 3 percent, after a report on Thursday showed storage tanks at the Cushing, Oklahoma, hub are at their lowest levels since 2014 as exports of U.S. crude surge.

"Investors are likely looking at Libya for a potential reason for a rally in oil prices, but this shouldn't last too long", Barnabas Gan, an economist at Oversea-Chinese Banking Corp., said by phone from Singapore.

On Tuesday afternoon, the West Texas Intermediate (WTI) and Brent, two major oil price benchmarks, went down by 1.89 percent and 1.52 percent to 62.70 USA dollars and 66.27 dollars a barrel respectively.

"But amid worries over US crude production at near record highs, oil is struggling to make a move".

"The recent rise in global benchmark prices has not been matched by higher prices for Western Canadian producers".

"There is ongoing pressure, largely coming from a stronger U".

Saudi Arabia's minister of energy, industry and mineral resources, Khalid Al Falih, was presented with the "International Oil Diplomacy Person of the Year 2017" Award at the Energy Institute's International Petroleum (IP) Week on 22 February 2018, in London.

More news: Jerusalem moves against churches
More news: Boston Bruins sign Brian Gionta
More news: Cristiano Ronaldo praised for selfless gesture to embattled Karim Benzema

Oil prices rose on Friday to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working.

OIl prices as of 11:59 a.m.

That fits with the current policy of the Organization of Petroleum Exporting Countries and Russian Federation: their agreement to reduce supply is set to expire at the end of this year, with a gradual return of production after that. However, there's even more oil, and more supply is expected ahead.

But soaring United States production is upending global oil markets at a time when other major producers - including the Middle East-dominated OPEC and Russian Federation - have been withholding output to prop up prices.

"Last week's inventory report wasn't bullish, but it also wasn't bearish". The US Henry Hub front month futures price remained close to the lowest level reached since August 2016. USA inventories have fallen almost a quarter over the last 12 months, or about 100 million barrels - the lowest in three years. "We'll see tomorrow what the EIA data says".

The US production amounted to 10.27 million barrels per day, according to weekly government data released late Tuesday.

WTI crude oil rose by 0.44% and is now worth 63,83 per barrel.

Recommended

  • How baseball has helped Russell Wilson become a football champion

    How baseball has helped Russell Wilson become a football champion

    I want to get back to my roots and learn as much as I can and be around great players and watching greatness". Wilson was on the field hours early, working with shortstop Didi Gregorius . "I love playing the game".
    Steven Adams doesn't believe Zaza Pachulia deserves on-court retaliation

    Steven Adams doesn't believe Zaza Pachulia deserves on-court retaliation

    It's clear: "The foot-to-knee pulled Pachulia down, while the foot-to-foot made him awkwardly fall". "He is clumsy. Thunder forward Paul George agreed Pachulia's move appeared intentional.
    2nd Russian Athlete Fails Doping Test At Winter Olympics

    2nd Russian Athlete Fails Doping Test At Winter Olympics

    Sergeeva failed a test on February 18, the federation said on its Facebook page. WADA added the drug to its banned list in 2014 for in-competition testing.
  • Turkey Makes Official Extradition Request of Muslim from Czech Republic

    Turkey Makes Official Extradition Request of Muslim from Czech Republic

    Operation Olive Branch will continue despite a UN Security Council resolution envisaging a 30-day nationwide ceasefire in Syria . Turkey considers the PYD a "terrorist group" linked to outlawed Kurdish insurgents fighting within Turkey's own borders.
    Welcome Aboard With Parineeti Chopra And Arjun Kapoor - Namastey England Poster

    Welcome Aboard With Parineeti Chopra And Arjun Kapoor - Namastey England Poster

    After taking much-needed break post completing Sandeep Aur Pinky Faraar , the duo has kick started their third film together. Directed by Vipul Amrutlal Shah , the tag line of the film is "London jaana hai legal illegal sab chalega".
    Alberta has ended its boycott on BC Wine

    Alberta has ended its boycott on BC Wine

    The division among Trudeau's own voters suggests that the prime minister's backing of the pipeline might have a political cost. Horgan announced Thursday he was changing course on a contentious proposal first discussed by his NDP government last month.
  • Something Wild Is Happening In Minnesota, Now Teddy Bridgewater Is Walking

    Something Wild Is Happening In Minnesota, Now Teddy Bridgewater Is Walking

    Instead, Minnesota will risk letting Keenum go to another team as they pursue the hottest free agent on the market. That's because recent reports indicate that Teddy Bridgewater will, in fact, become a free agent this offseason.
    Australia Wants to Jump-Start Trump's Infrastructure Plan

    Australia Wants to Jump-Start Trump's Infrastructure Plan

    The location of the incident is not in close proximity to the West Wing or the presidential residence, reported CNN. On a lighter note, Mr Trump announced the United States would name a new combat ship the USS Canberra.
    Barnaby Joyce, Australia's deputy PM, resigns over sex scandal

    Barnaby Joyce, Australia's deputy PM, resigns over sex scandal

    In the following months, Mr Joyce was described by his Nationals colleagues as becoming "a mess". Mr Joyce faced repeated questions about jobs given to Ms Campion and his parliamentary expenses.
  • Renders of the iPhone X in Gold

    Renders of the iPhone X in Gold

    Though it will be an affordable device, it will still feature full-screen display like iPhone X along with the Face ID scanner. The iPhone X, on the other hand, is a radical redesign with edge-to-edge display and improved facial recognition technology.
    Myanmar bulldozes 55 Rohingya villages

    Myanmar bulldozes 55 Rohingya villages

    But, HRW says, bulldozing these areas threatens to erase both the memory and the legal claims of the Rohingyas who lived there. The UN refugee agency has also been excluded from a Rohingya refugee repatriation process organised by Bangladesh and Myanmar.
    Rajya Sabha math poised for a makeover

    Rajya Sabha math poised for a makeover

    Five seats each are from Madhya Pradesh and West Bengal followed by 4 seats each from Gujarat and assembly poll-bound Karnataka. It is likely to win eight out of ten Rajya Sabha seats from Uttar Pradesh, while the Samajwadi Party may get only one.

Turkey slams 'baseless' USA remarks on Afrin operation Turkey slams 'baseless' USA  remarks on Afrin operation Turkey's Ambassador to Prague , Ahmet Necati Bigali, said the decision was "not befitting our friendship with the Czech Republic". Turkish Deputy Prime Minister Bekir Bozdag said: "The global community is sometimes taking steps in favour of terrorism".

FDA advisory committee to analyze changing flu vaccine for next year FDA advisory committee to analyze changing flu vaccine for next year In Pennsylvania, there have been 135 flu deaths since October, according to the state Health Department's weekly flu report. And researchers are working to make a better flu shot , said Meda Higa, assistant professor of biology at York College.

Galaxy S9 or Pixel 2 XL: Which phone to buy? Galaxy S9 or Pixel 2 XL: Which phone to buy? The camera has a 12-megapixel resolution , and you can additionally record super slow-motion videos at 960fps. Moreover, the update is now only being rolled out to unlocked devices that aren't tied to any mobile carrier.

Asus launches iPhone X clone ZenFone 5 - complete with notch On the display front, the Asus Zenfone 5Z comes with a 6.2-inch inch edge-to-edge display with 90 per cent screen-to-body ratio. Asus says ZenFone 5Z has optical image stabilization (OIS), electronic image stabilization (EIS), and it can record 4K video.

Pakistan's ruling party picks ousted PM's brother Shahbaz Sharif as president Pakistan's ruling party picks ousted PM's brother Shahbaz Sharif as president As per the PML-N constitution, the party's CWC is to elect its acting party chief within a week of the top party seat is vacated due to any reason.

Rajasthan name Smith as skipper for IPL 2018 Rajasthan name Smith as skipper for IPL 2018 The Australian captain and one of the best cricketers in the world have played for Rajasthan Royals in 2014 and 2015. It was a successful season for him as Smith had scored 472 runs in 15 matches in the last IPL season.

North Korea 'open to talks with United States' North Korea 'open to talks with United States' US President Mike Pence made a concerted effort not to engage with the North Koreans during the opening ceremony February 9. South Korea is hoping to ease tensions by allowing the North to participate in the games and send senior delegations.

United States tourist arrested in Japan after severed head found in apartment United States  tourist arrested in Japan after severed head found in apartment Reports indicate Bayraktar has refused to answer questions from investigators, but has denied the accusations against him. Asahi .com reports that the man was already in custody after the woman, a 27-year-old office worker, disappeared.

7.5-magnitude natural disaster rattles Papua New Guinea 7.5-magnitude natural disaster  rattles Papua New Guinea The quake's epicentre was around 90 kilometres south of Porgera in Enga province, according to Geoscience Australia. Its depth was around 35 kilometres (22 miles), USGS said.

Militants kill 2 policemen in separate hit-and-run attacks, decamp with rifles Militants kill 2 policemen in separate hit-and-run attacks, decamp with rifles Hurriyat leader Qureshi was injured when unidentified gunmen attacked him near his Soura residence in December 2009. Earlier in the day, terrorists attacked a police guard post at the shrine of Charar-e-Sharief in Budgam district.

Man crashes vehicle into CT hospital entrance, sets himself on fire Man crashes vehicle  into CT  hospital entrance, sets himself on fire Still, anyone who needs immediate attention should call 911, and an ambulance will bring them to the nearest emergency department. Police cordoned off Ellam's residence in Middletown as part of the investigation and homes in that area were evacuated.

Bollywood's first female superstar Sridevi passes away Bollywood's first female superstar Sridevi passes away As per reports doing on the internet, senior heroine Sridevi suffered a massive cardiac arrest at her hotel in Dubai other day. She worked extensively in Tamil and Telugu film industries before storming into Bollywood.

Brilliant Bayern inspired by clinical Muller as they cruise it Brilliant Bayern inspired by clinical Muller as they cruise it Heynckes' side were unbeaten in the previous 61 competitive matches in which the 28-year-old Germany global has scored. And following the Allianz Arena clash, Muller was seen enjoying a dance with his four-legged friend.

Trump receives recommendations on transgender troops Trump receives recommendations on transgender troops Pentagon spokesmen said the review and recommendations would be conveyed privately and disclosure would be up to the White House. McMaster told reporters last month he planned "to go as long and hard as I can in service of the president", per the Hill .

Liverpool pass 100 goals in rout of West Ham Liverpool pass 100 goals in rout of West Ham Moyes seems to have been the catalyst as all of Arnautovic's 10 goal contributions have come after the Scot's appointment. In fact, only against Everton have West Ham lost more top-flight matches (61) than versus Liverpool (60).