Economy

Oil prices down despite reported draw of United States crude inventory

Oil prices down despite reported draw of United States crude inventory

On Tuesday, Brent was trading up $0.52, or 0.71%, in London at $74.27/Bbl at 11:31 a.m. DST. At the end of the week, WTI settled at 68.49 us dollars, while Brent settled at 73.21 dollars. Meanwhile, the production of Syncrude Canada's offline on its sands facility is impacting the market. On Monday, crude oil futures ended up $0.52, or 0.80%, at $69.01 a barrel.

Oil Minister Dharmendra Pradhan had last month told Parliament that Iran had in April-June overtaken Saudi Arabia to become the second largest supplier of crude oil to Indian public sector firms. Its flow to Cushing, the US state of Oklahoma, has been reduced, which caused extreme low levels in the energy hub inventories.

Futures in NY were little changed after sliding 3.2% on Wednesday.

US West Texas Intermediate (WTI) crude futures were up 1 cent at $69.02 barrel.

Ranked Dota 2 players demolished by AI
OpenAI was also not allowed to purchase Divine Rapiers or Bottles, use summoned units or illusions, or use the Scan ability. The team of former professional players and commentators was said to have ranked in the 99.95th percentile in the world.

In June, although China and India held their Iranian oil purchases high, the top Asian oil importers and Iranian oil customers-China, India, Japan, and South Korea-bought in June their lowest combined volume of Iranian oil in seven months, as South Korea slashed Iranian purchases. The crude oil imports maintained the same levels during the last two weeks.

"This tender is the first step toward future imports of US crude oil through term contracts", Sharma said in a phone interview on August 8.

Gasoline stocks notched a surprise rise of 2.9 million barrels, not the 1.7 million-barrel drop analysts had predicted in a Reuters poll.

"The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply", said Tony Nunan, oil risk manager at Mitsubishi in Tokyo.

United States to sanction Russian Federation for carrying out Salisbury nerve agent attack
Former Russian double agent Sergei Skripal, along with daughter Yulia, was found unconscious on a bench in Salisbury. More than 20 countries expelled Russian envoys in solidarity with the United Kingdom , including the US.

"You can not order 2 million barrels like ordering a coffee somewhere", Beat Wittmann, a partner at financial consultancy Porta Advisors, told CNBC recently. Refineries were running at 96.6% of capacity, with daily input averaging 17.6 million barrels a day, about 118,000 more than the previous week's average.

Later on Friday, Baker Hughes will publish its weekly report on the U.S. oil rig count. The sources declined to be identified as they are not authorised to speak to the media.

Exxon Mobil Corp. (NYSE: XOM) traded down about 0.8%, at $80.62 in a 52-week range of $72.16 to $89.30. Benchmark U.S. crude oil lost 2 cents to $66.92 a barrel in electronic trading on the New York Mercantile Exchange. This July, OPEC, Russia and other significant players agreed to gradually raise output for fear of supply deficit on the market.

Sen added that Iranian production falling by 1.5 million bpd by year end could wind up being a conservative figure, and Bank of American Merrill Lynch pointed out in a research note that "for every 1 million bpd imbalance, we see a price impact on Brent of around $17".

China Strikes Back With Second Tranche of Tariffs
The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts. China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods a year ago .


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