Thursday, 21 June, 2018

Oil falls for third day as higher inventories, dollar weigh

Reuters: Oil hits nearly three-week high as Saudi Arabia to keep output well below cap By John Kemp LONDON Petroleumworld 02 28 2018
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: Asus launches iPhone X clone ZenFone 5 - complete with notch
More news: Turkey Makes Official Extradition Request of Muslim from Czech Republic
More news: Myanmar bulldozes 55 Rohingya villages

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

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".

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.

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.

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.

Jerusalem moves against churches Jerusalem moves against churches It also lambasted Israeli Prime Minister Benjamin Netanyahu's government after its decision to introduce taxes on the church's properties.

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.

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.

Boston Bruins sign Brian Gionta Boston Bruins sign Brian Gionta Buffalo also beat Boston on October 21 (5-4 in overtime) and February 10 (4-2) and lost to the Bruins on December 19 (3-0). There were rumors connecting Nash to teams across the league but in the end, the Rangers completed a deal with Boston .

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.

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.

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.

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).

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.