Oil at five-week low as supply worries compound trade war threat
Oil at five-week low as supply worries compound trade war threat
Here are the latest oil production numbers from the EIA. All data is in thousand barrels per day unless otherwise noted
06 August, 2018, 00:55
The price for Brent crudeoil, the global benchmark for the price of oil, was down 1.75 per cent as of 9:20 a.m. EDT to $72.91 per barrel.
Crude oil futures for September ended down $1.10, or 1.6%, at $67.66 a barrel on the New York Mercantile Exchange.
Prices had tumbled to a six-week.
The market's expectation was 2.8 million barrels of crude oil draw.
On Tuesday, the EIA reported that US crude production fell 30,000 barrels per day to 10.44 million bpd in May.
The cartel and its allies - known as OPEC+ - decided in June to increase production in response to consumers' concerns over rising prices and supply disruptions, so traders and investors have been watching Russia's oil data closely.
Data released by ClipperData on Wednesday showed July's USA oil deliveries to China fell to roughly 280,000 barrels per day (Bpd), compared to around 480,000 Bpd in June.
U.S. crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said.
Hedge funds and other money managers cut their bullish USA crude bets in the latest week, as oil prices were range-bound, pinned between concerns about tight supply due to sanctions and fears that trade disputes could curb demand.
WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, set for a drop of 1.4%.
According to two officials, the US hasn't been able to persuade China to reduce Iranian oil purchases, but Beijing has reportedly agreed not to increase its oil imports from Iran, Bloomberg reports. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week.
Crude oil prices turned sharply lower ahead of the start of trading on Wednesday in NY after a surprise build in crude oil inventories in the United States.
Russian oil production last month was on average above the level Moscow promised following the Organization of the Petroleum Exporting Countries and non-Opec meeting in June, energy minister Alexander Novak indicated on Wednesday.
It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day.
US crude oil imports averaged 7.75 million barrels per day last week, maintaining the levels of the previous week.
Total volume traded yesterday was about 28 per cent below the 100-day average.
Whiting Petroleum Corp. gave up some of this year's stellar gains after reporting lower-than-estimated crude production for the second quarter.
However, the most interesting highlight of the latest leak is that the 512GB variant of the Galaxy Note 9 has now been confirmed . For the cameras, Samsung has brought over the dual camera setup from the Galaxy S9+, which combines two 12MP sensors.
Having a native search app for those phones that Chinese users can access would represent a massive boon for the tech giant. Google will certainly be met with swift and immediate blowback from the public at large, as well as within its own company.
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She said the warning was for the lowest level of tsunami, and that small waves just 15 cm high were detected in three villages. Indonesia is an archipelago of thousands of islands, which sit on the Pacific Ring of Fire , a seismic activity hotspot.
Eden Hazard has sought permission from Maurizio Sarri to report late for Chelsea duty, the new Blues manager has revealed. Pep said of Sarri . "I think he [Pep Guardiola] is the best coach in the world right now, or one of the best", he added.
And today, twenty state attorneys general announced their intent to sue the administration over the SAFE Vehicles Rule. California Attorney General Xavier Becerra called the proposal "a brazen attack" on the state's clean air standards.
Thomas Markle said he "won't be silenced" in a scathing new interview about Meghan's life in with the royal family . Since then, Markle says he has lost contact with his daughter and feels shunned by the royal family .
Batshuayi has welcomed Sarri's confidence and is now ready to commit to Stamford Bridge outfit for the coming season. The Wembley showpiece will be Sarri's maiden competitive clash in charge of Chelsea .
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