Economy

Oil dips on glut concerns, but Mideast tension, falling U.S. stocks support

Oil dips on glut concerns, but Mideast tension, falling U.S. stocks support

US crude imports rose last week by 1.1 million bbl/d.

The growing tension between Qatar and other OPEC members could undermine the OPEC deal. Demand was soft, too, but America's shale is changing the balance of power.

Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing USA output.

World fuel production and consumption is roughly in supply and demand balance, at nearly 98 million bpd, although inventories remain somewhat bloated, according to the US Energy Information Administration (EIA). Forecasters had predicted a decline in inventories.

Comey testimony leaves question about Sessions unanswered
But we were very, very happy and, frankly, James Comey confirmed a lot of what I said. US President Donald Trump has broken his silence about James Comey's testimony .

US crude futures were recently down 46 cents, or 0.97%, at $47.20 a barrel on the New York Mercantile Exchange. The price of Brent crude started the week at $52.15 and began declining, settling below $50 on Friday.

Crude futures came under additional pressure on Thursday from signs of rising output in Libya and Nigeria, two OPEC members exempt from production cuts.

Many traders still see the main reason for low and falling oil prices as bulging supplies from the United States. The global benchmark crude traded at a premium of $1.75 to WTI, the lowest since February.

Inventories at Cushing fell by 1.6 MMbbls between May 26, 2017, and June 2, 2017, according to the API. Though last week's daily crude production ebbed from the previous week, when it reached the highest level since August 2015, it remained above 9.3 million barrels. But stubbornly high fossil fuel inventories - which have been maintained worldwide, but are most readily measured in the USA due to open customs data - have prevented the measures from buttressing oil prices in a lasting way.

India win toss and bowling first vs SAfrica in Champs Trophy
In a do-or-die battle in Birmingham on Sunday, the victor of the match will proceed to the semi-finals of the Champions Trophy . Pakistan do have some recent knowledge of the ground beaten England there by four wickets in a one-day worldwide a year ago .

OPEC's efforts to tighten the market could be undermined by USA production C-OUT-T-EIA, which the EIA said could hit a record 10 million bpd next year, up from 9.3 million bpd now.

Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA).

The announcement comes after the Organization of the Petroleum Exporting Countries have come up with an agreement to extend oil production cuts by nine months to further help push oil prices up and avoid global oversupply.

"These tight oil producers are the new swing producers, so every time OPEC tries to influence prices by cutting production you see the tight oil market step in which is why we have an upside limit".

The pink knife one of the London attackers used for slashings
Ms Cannata was visiting London Bridge as part of a long-planned holiday to the United Kingdom with her husband, Gaetano, 63. There have been two more arrests by detectives investigating last weekends London Bridge attack.


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