Jun 09 2017
According to the Energy Information Administration (EIA), US crude production averaged around 9m bpd in the first quarter, up almost 200,000 bpd from the previous quarter, and it is expected to reach a record 10m bpd next year.
US gasoline stockpiles probably fell by 50,000 barrels last week, according to the median forecast in a Bloomberg survey before the EIA report. That time, OPEC agreed to slash the output by 1.2 million barrels per day from January 1, while non-OPEC oil producers agreed to reduce output by 558,000 barrels per day starting from January 1 for six months.
Brent crude, the global oil benchmark, fell 0.8% to $47.69 a barrel on London's ICE Futures exchange.
"If we get another drop in USA inventory levels, we might begin to see the emergence of some confidence that 1.8 million barrel cuts will tighten inventories", said Gene McGillian, manager of market research at Tradition Energy.
United States crude inventories probably dropped by 3.5 million barrels last week, a ninth straight decline, according to a Bloomberg survey before the release of data from the Energy Information Administration on Wednesday.
However, some of Monday's price losses were limited as Libya's crude production was pegged at 809,000 barrels per day (bpd) on Monday, down from 827,000 last week due to technical issues, a Libyan oil source told Reuters.
Oil Price Forecasts Lowered on Crude Glut
Brent crude oil futures briefly rose above US$50 per barrel in early trading, but had dipped back to US$49.94 by 0040 GMT. Futures are down some 9 percent since OPEC's May 25 decision to extend the cuts.
Church bus crashes in Atlanta area; 1 killed, others injured
The post says there are "several serious injuries" but did not provide further details. "He was rather shook", he said of his son. At Grady Memorial Hospital downtown, officials there said they are treating four patients in critical condition.
Nebraska girl's soccer team disqualified because she 'looks like a boy'
And Billie Jean King, once a top women's tennis player, tweeted , "Mili, continue to be yourself, dream big and go for it. "Listing a male player on a girls team roster is a violation of state and tournament rules", said the soccer club.
"It's not clear what impact the spat will have on oil supplies", Citi Futures analyst Tim Evans wrote in a research note Monday.
Persistent gains in USA production also dragged on benchmark crude prices, traders said.
Middle East tensions, however, have eased over the past few days, as Kuwait oil minister Essam al-Marzouq quelled fears about a potential disruption to the Opec led deal, insisting that Qatar was committed to the Opec agreement to restrict supply.
The surge in US exports began in January, the first month of OPEC's cuts.
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning.
Many traders still see the main reason for low and falling oil prices as bulging supplies from the United States. Output in the American oil patch has surged about 9 percent to 9.3 million barrels over the last eight months.
Jun 08 2017
German music festival evacuated over terror threat
Set up for day 2 of Rock am Ring has commenced and the program is going to be resumed in the early afternoon. The incredibly disciplined fans deserve all our respect and gratitude.
Jun 08 2017
Deaf singer amazes crowd, blows judges away on 'America's Got Talent'
The 29-year-old took the stage as her interpreter stood next to the judges, translating what they were saying into sign language. At the end of her performance, which received a standing ovation, Cowell lavished Harvey with praise. "It was incredible.
Jun 08 2017
8 dead as storm brings rain to drought-hit Cape Town
The storm hit the Cape Peninsula early on Wednesday morning, which some have described as the "worst storm in living memory". The victims included four people who died in a fire caused by lightning and one who was killed when a house collapsed.
Jun 08 2017
Offense looking to catch up in Packers' workouts
According to ESPN, the brothers picked up the cornerback and they were off on the four-hour ride. Enter Packers super fans Chad Johnson of Eau Claire and Mike Johnson of Hudson.
Jun 08 2017
United States report warns of China military development overseas
That region accounted for $9 billion of the more than $20 billion in Chinese arms exports from 2011 to 2015. The South Asian country is already a major destination for Chinese arms, the report said.
Jun 08 2017
Sher Bahadur Deuba elected Nepal's prime minister for fourth time
A second phase of local election to choose municipal and village council officials is scheduled for June 28. The second round of voting has been delayed twice, but did not impede Deuba's appointment.
Jun 07 2017
Burling up-beat after Team NZ capsize
But all four teams were challenged by the conditions, with gusting winds causing at least some degree of damage to every boat. Ainslie's Land Rover BAR crew pulled up on the third of seven legs after the camber arm in the high-tech wing sail broke.
Jun 06 2017
Grande returns to Manchester to honor victims with benefit
Grande enlisted some of music's biggest names for the benefit concert, including Justin Bieber , Katy Perry and Liam Gallagher .
Jun 06 2017
Hamm extends invitation to girl humiliated at youth tournament
The ruling to disqualify Mili and her Omaha Azzuri Cachorros teammates from the competition obviously left the kiddo "in shock". Her skill on the soccer field? Moments later, Wambach said she would contact the tournament organizers herself.
Jun 05 2017
Warriors defeat Cavaliers to take 2-0 lead in NBA Finals
After struggling a bit in a four-game sweep of in in the first round, Cleveland turned it on against Toronto and Boston. Cavaliers: Tristan Thompson scored his first points of the series on a driving dunk midway through the first quarter.
Jun 08 2017One Love Manchester concert raises almost $3.5 million
Jun 08 2017Cosby accuser to resume testimony in sex assault trial
Jun 08 2017Halep advances to French Open quarterfinals
Jun 08 2017Putin warns no one would survive nuclear war between Russia, US
Jun 07 2017London mayor tells AP he doesn't care about Trump tweets
Jun 07 2017England reach ICC Champions Trophy semi-finals with victory over New Zealand
Jun 07 2017Apple teases 'seriously badass' iMac Pro and other new Macs at WWDC
Jun 06 2017Goldman Sachs USD2.8 Bn Venezuelan bonds purchase creates uproar
Jun 05 2017Trump wants fair deal for Americans under Paris agreement: WH
Jun 04 2017China's Li appeals to Germany for help with certifying C919 jet
Jun 09 2017Child found in IL garage may have been killed in 2013
Jun 08 2017Envoy Haley says US won't let the UN 'bully' Israel anymore
Jun 08 2017Senators to ask about Trump pushback on Russia investigation
Jun 07 2017Spicer won't say whether Trump has confidence in Sessions
Jun 07 2017Vijay Mallya attends charity ball hosted by Virat Kohli in London
Jun 07 2017Critics say Trump tweets may undercut legal case
Jun 07 2017Tim Cook Says Apple Is Working With UK In Terror Investigations
Jun 07 2017Backed Syrian Fighters Launch Offensive On Raqqa
Jun 07 2017Can't resist texting while driving? Apple wants to make you stop
Jun 06 2017Ravens Sign Cornerback Al-Hajj Shabazz
Jun 06 2017Russian agents 'hacked USA voting system manufacturer before election'
Jun 05 2017Vladimir Putin wonders if US hackers framed Russian Federation during presidential election