Crude oil futures lower in anticipation of U.S. stock build

Wednesday's weekly data showed a larger-than-expected increase in USA crude inventories and a rise in gasoline stocks.

The report said Chinese oil imports fell by 1.1 million barrels per day in December in monthly terms to 8.0 million barrels per day, with a contraction of 634,000 barrels per day year-on-year.

The lower freight costs afforded by the economies of scale of the VLCC cargo opens up the global market for US-produced crude oil.

While U.S. West Texas Intermediate crude oil in last April reduced 5 cents to $63.50 per barrel after elevating by 3 percent preceding week.

The soaring US production is upending global oil markets, coming at a time when other major producers - including Russian Federation and members of the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) - have been withholding output to prop up prices LCOc1.

Special Counsel Mueller Unveils New Indictment in Russia Probe
Van der Zwaan worked in the London office of worldwide law office Skadden, Arps, Slate Meagher and Flom for 10 years. New charging documents against former Trump campaign chairman Paul Manafort were filed Wednesday.

OH seventh-grader with distraction device shoots himself at school
Officials say if changes are not made, within the next ten years John Tyler would grow towards 3,000 students and Robert E. The boy was rushed to a local hospital with a wound to his temple, but information on his condition is not yet available.

Cyril Ramaphosa sworn in as new South African President
He also said former police commissioner Bheki Cele must replace Police Minister Fikile Mbalula in the new cabinet. The Daily Vox spoke to young people to find out if they cared enough to follow state of the nation addresses .

The United States will overtake Russian Federation as the world's biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country's shale oil boom continues to upend global markets. Brent crude futures for the most active May contract were down 84 cents at $65.68 a barrel.

These upticks were supported by comments from Saudi Energy Minister Khalid al-Falih, who announced on Saturday (February 24) that the country's crude production from January to March will be well below output caps, with exports averaging less than 7 million barrels per day.

Noting that, non-OPEC output dropped by 175,000 b/d in January, to 58.6 mb/d, but was 1.3 mb/d higher than a year ago USA crude output, up 1.3 mb/d year-on-year (y-o-y), the agency said it would "soon overtake Saudi Arabia and could catch Russian Federation by the end of the year".

Gasoline futures lost 2.2 percent to $1.7636 a gallon. However, inventories are forecast to have risen by 2.7 million barrels last week, a preliminary Reuters poll showed on Monday. The Organization of the Petroleum Exporting Countries and other producers including Russian Federation have been cutting output to support oil prices.

Prices resumed their downward path after that report, in which the EIA also revised its November crude production figures upward to a record 10.057 million bpd. With U.S. production booming and the International Energy Agency predicting that expanding supply from non-OPEC countries may cover global demand growth for the next two years, speculation has increased over how long the cartel will have to curb supply. FRX/ A strong dollar makes oil more expensive for buyers using other currencies.


Popular
  • Apple will launch 'the biggest iPhone ever' later this year

    Apple will launch 'the biggest iPhone ever' later this year

    A third, less-expensive phone will look more like the current iPhone 8 line, Gurman reports , with aluminum edges and glass back. The phone will not be larger than the iPhone 8 Plus , but due to the edge-to-edge technology the display will be one-inch wider.

    Met Éireann warn of 'exceptionally cold weather' next week

    It's as if someone opened the freezer door in North America's kitchen, and let all the cold air drain out toward the midlatitudes. Its forecast added snow showers will continue in the east and southeast on Sunday before becoming "more widespread on Monday".
    Amazon Offering Cash Back to Customers Who Shop at Whole Foods

    Amazon Offering Cash Back to Customers Who Shop at Whole Foods

    The card now earns 5% back on Whole Foods purchases, the first time it has extended a rate this high on purchases beyond Amazon. Amazon is leaving no stone unturned to rake in more Prime members, and channel those towards Whole Foods and vice versa.
  • Democrat Takes Kentucky House Seat in District Trump Won by 49 Points

    Democrat Takes Kentucky House Seat in District Trump Won by 49 Points

    Larry Belcher , died in a auto accident in October 2008, replacing him on the ballot after his death. Rebecca Johnson has defended her husband and has said the allegations against him are not true.
    It's no longer about whether Russian Federation  interfered, but why?

    It's no longer about whether Russian Federation interfered, but why?

    Goldman's initial claims and echoed them from his own Twitter account over the weekend. And President Obama, who had been warned about it, did nothing.
    South Korea to resume joint military exercises with US

    South Korea to resume joint military exercises with US

    Pyongyang says it needs its nuclear weapons to defend itself against the threat of invasion by the US. The country sent their leader Kim Jong Un's sister, Kim Yo Jong, the games.
  • Damp day ahead, more heavy rainfall Sunday night

    Damp day ahead, more heavy rainfall Sunday night

    Thunderstorms are also possible going into the week with potential strong storms on Wednesday (Feb. 28). Expect high temperatures to remain in the mid 50s, over 10 degrees above average for late February.

    Winter weather advisory for ice, snow in region

    Total ice accumulations from this storm may be between 0.1 and 0.2 of an inch in areas north of Dane County. Some roads may have ice in Garfield County Tuesday morning, emergency management officials in Enid report.
    Disney announces opening date for 'Toy Story Land' at Disney World

    Disney announces opening date for 'Toy Story Land' at Disney World

    The Walt Disney World Resort announced today that its new Toy Story Land will open on June 30 at Disney's Hollywood Studios . Visitors to Toy Story Land, at Disney's Hollywood Studios, will feel as though they are setting foot in Andy's garden.
  • California Democrats Refuse to Endorse Dianne Feinstein for Re-Election

    California Democrats Refuse to Endorse Dianne Feinstein for Re-Election

    But, the California Democratic Party was not in favor of making her as a candidate to fight against the Republicans this time. Former Los Angeles Mayor Antonio Villaraigosa, who is courting more moderate and even conservative voters, won 9 percent.
    Allu Arjun mimics the 'wink girl'

    Allu Arjun mimics the 'wink girl'

    While Arjun is reprising the actress' role, Ayaan is playing her co-star Roshan Abdul Rahoof. But many also opine that Anupama isn't as gorgeous as before and is slowly losing her charm.
    Israeli forces suppress protest against United States  decision over Jerusalem

    Israeli forces suppress protest against United States decision over Jerusalem

    Trump said many previous presidents had made the move an election promise but failed to fulfill it. " But I get it ", he said. Originally it was assumed the changeover would take three or four years.

CONNECT