• News
  • World

Oil hits six-week low as OPEC fails to curb oversupply

The price of a barrel of oil fell further to $47.12 on Wednesday after new data from the American Petroleum Institute showed USA crude stocks had risen 2.8m barrels in the week to 9 June.

The EIA said USA crude inventories fell by 1.7 million barrels in the week ending June 9, against a market expectation of a 2.7 million drawdown and compared to yesterday's 2.7 million barrel increase reported by the American Petroleum Institute.

OPEC said oil inventories in industrialised countries dropped in April and would fall further in the rest of the year, but a recovery in US production was slowing efforts to get rid of excess supply.

"OPEC 2017 year-to-date exports are only down by 0.3 million barrels per day (bpd) from the October 2016 baseline", analysts at AB Bernstein said in a note to clients.

Brent, against which half of the world's oil is measured, plunged by $1.79 to $46.93 per barrel as of 7.50pm Nigerian time, while the USA benchmark, West Texas Intermediate, dropped to $44.66 per barrel, the lowest level since November 14, 2016.

Crude futures fell sharply Wednesday on higher stockpiles in the USA and other rich nations despite the OPEC production deal.

Angry Trump decries being target of Russian Federation probe
The president tweeted Friday, "Despite the phony Witch Hunt going on in America, the economic & jobs numbers are great". "Mr. Kushner previously volunteered to share with Congress what he knows about Russia-related matters".

DC police seek arrest of Turks for melee, angering Erdogan
The entire security detail for President Recep Tayyip Erdogan of Turkey left the country with him just hours after the incident. DC police have reportedly identified 34 of the 42 people who were allegedly involved in the broad daylight melee.

Minecraft to get 'Super Duper' 4K graphics on Xbox One X
Microsoft also detailed changes coming to Minecraft graphics this fall in another update. Microsoft announced on Sunday that it's unifying all versions of " Minecraft ".

While a "rebalancing of the market" was "underway", it was "at a slower pace than originally anticipated", the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.

Both contracts hit their lowest since May 5, driving them into technically oversold territory.

Brent also slumped, losing $1.72, or 3.5 percent, to settle at $47 a barrel. The producer group said this week its output rose by 336,000 bpd in May to 32.14 million bpd.

The IEA forecast an increase in non-Opec output of 1.5 million barrels per day to 59.7 million bpd in 2018, with USA output to reach more than 14.1 million bpd. "This looks challenging", AB Bernstein said. Stockpiles of oil worldwide are large and growing, an indicator of persistent oversupply, according to data from the International Energy Agency (IEA) cited by the Wall Street Journal.

Oil stocks are near record highs in some parts of the world, and producers outside the Opec deal are increasing output. With supplies plentiful, strong demand is needed to drive the market, but there are signs of a slowdown.

Libya and Nigeria are exempt from the OPEC-led production deal to ensure oil revenue flows to national security efforts.

Leave Your Comment

Leave Your Comment


Latest News

  • The Crew 2 adds monster trucks, planes and boats

    The Crew 2 adds monster trucks, planes and boats

    Finally, we're now with the birds, stunt flying through the stunning skybox and weaving through the buildings in the city. Ubisoft has clearly put in some effort at making the open world you'll be traveling through a sight to behold.

    PlayStation not on board with cross-play Minecraft

    Even better, if you have DLC on one platform, that will cross over to others, so you get that content on all your devices. These servers can host thousands of players at a time for massive multiplayer games in real time.

    UK prime minister's top aides resign after election fiasco

    Granted, the Tories still have the most seats, but in the United Kingdom that doesn't mean much without actually reaching a majority.
  • Baltimore Orioles select DL Hall 21st Overall

    Baltimore Orioles select DL Hall 21st Overall

    Hall, who is committed to play at Texas A&M, will now have to make the decision to sign or stay pledged to his commitment. Hall has a long way to go in terms of his physical development, but projects as a middle infielder at the next level.

    Lakers Will Hold Workouts With Lonzo Ball, Markelle Fultz

    Knicks team president Phil Jackson and top advisor Clarence Gaines Jr. were among a group of Knicks executives in attendance. The 20-year old has recently conducted a few workouts with a number of the teams holding the top picks in the draft.
    Soon, iPhones will block texts while driving

    Soon, iPhones will block texts while driving

    This so called "dark mode" has always been rumoured and could help to make looking the iPhone at night easier on the eye. Apple brings its traditional file management to the iPad with iOS 11 .
  • Shah rules out resumption of Indo-Pak bilateral cricket ties

    Shah rules out resumption of Indo-Pak bilateral cricket ties

    The Canadians are ranked 11th in the world, only two places above Pakistan , but cruised past their opponents at the Lee Valley Hockey and Tennis Centre.

    Uber Board Said To Be Considering Leave Of Absence For Kalanick

    The board reportedly considered this option during their meeting on Sunday , alongside the recommendations in Holder's report. He's been heralded by many for his business acumen, and many of Uber's 13,000 employees fondly call him by his nickname "TK".
    National Spelling Bee gets down to final 4

    National Spelling Bee gets down to final 4

    She finally ventured a guess, which was just barely wrong, at least according to the President's spelling of the non-word. If the bee ended in a tie, the speller with the better score on the written test would have been declared the victor .
  • Aisha Tyler Is Leaving The Talk !

    The talk show host, actress, comedian, author, producer, writer, and now director has been on " The Talk " since Season 2 in 2011. And after making the news official during the live show, she posted a photo with her co-hosts, captioned, "Love".
    Qatar soccer team face punishment over emir T-shirts

    Qatar soccer team face punishment over emir T-shirts

    Stielike said after the game that Son may have suffered a fracture. " We have to have a scan, it may be broken ", said Stielike. The KFA has scheduled a meeting of its technical committee on Thursday.
    Interior head suggests reducing Bears Ears National Monument

    Interior head suggests reducing Bears Ears National Monument

    "Bears Ears was deserving of national monument designation, just as the Grand Canyon , Statue of Liberty and Muir Woods were, and remains so today".
  • No longer out of bounds: Trump allies question Mueller probe

    No longer out of bounds: Trump allies question Mueller probe

    Peter Carr, a spokesman for Mueller, declined to comment on the issues Gingrich and others have raised. The person spoke on condition of anonymity to discuss private conversations.
    Apple won't let apps annoy you with their own review prompts anymore

    Apple won't let apps annoy you with their own review prompts anymore

    This should help the discovery of more niche apps that have historically gotten lost in the noise that is the App Store. Apple has removed the app from the US App Store, however it is still available in the Belize version of the App Store.

    Ukip's stand-in leader warns Theresa May: Don't water down Brexit objectives

    British Prime Minister Theresa May has appointed a new chief of staff following the resignation of her two top aides. The Prime Minister lost her majority and Ukip lost its leader in a disastrous General Election for both parties.
  • Floyd Mayweather and Conor McGregor agree to August fight

    Floyd Mayweather and Conor McGregor agree to August fight

    Since boxing is Mayweather's game, gamblers are betting high on the undefeated former champion in this August matchup. If Mayweather wins this match, he'll become the first boxer to have a flawless 50-0 record.
    Trump Expected to Tighten US Cuba Policy

    Trump Expected to Tighten US Cuba Policy

    He referred to a survey published this week, according to which 65 percent of USA citizens want the opening with Cuba to continue. When Obama finally went forward with a limited opening, he was doing more to end the isolation of the USA than of Cuba.
    Zarif to Annan: Iran to Provide Qatar with Humanitarian Aids

    Zarif to Annan: Iran to Provide Qatar with Humanitarian Aids

    His comments come after a top Iranian general claimed the Islamic Republic had evidence the USA was directly supporting the group. Iran repeated accusations that Saudi Arabia funds Islamic militants including Islamic State.

Breaking News



Recommended

White House denies Trump wants Mueller out, but heat's on

Sessions recused himself from investigations related to the Trump campaign in February, a move that also provoked Trump's ire. He fired FBI Director James Comey , as he told NBC newsman Lester Holt, because of the Russian Federation investigation.

Rule gives Oregonians non-gender option on driver's license

In September, Keenan was able to change her New York City-issued birth certificate. Next on the list: passports. "The journey and the fight isn't over yet".

Congressman: Ex-aide shows 'feistiness' after shooting

Our family is now here with him and we continue to ask for privacy and understanding while we focus on Matt and his recovery. As the two got to know each other more , Mika's love for sports - especially Detroit teams - became pretty obvious.

Two escaped Georgia inmates captured in Tennessee

According to Sills, evidence confirmed that Dubose and Rowe burglarized a residence near where they ditched the vehicle . After their escapee, the fugitives stole first a Honda Civic and then a Ford F-250 pickup truck.

Zidane revels in 'historic' Real Madrid Champions League win

But goals from Casemiro, Ronaldo's second and substitute Marco Asensio rewarded an outstanding second-half effort from Real. Next year it's going to be even more difficult and we are going to have to work very hard to be able to win once again.

US soldiers killed by Afghan soldier; Taliban takes credit for attack

There are now 8,400 American troops in Afghanistan training, advising and assisting the Afghanistan army. A U.S. military spokesman in Afghanistan said: "We are aware of an incident in Eastern Afghanistan".

UK leader May strikes tentative deal with N Ireland party

Mrs May responded that the DUP deal "would provide stability and certainty for the United Kingdom going forward", her office said. British Prime Minister Theresa May arrives back at 10 Downing Street after announcing she would form a minority government .

Kushner asked to 'lay low' amid Russian interference reports

But Trump immediately railed against administration leaks in a flurry of tweets Sunday, calling them "fabricated lies". Kushner's wife, Ivanka, spotted with president trump's private attorney Marc Kasowitz at the White House Sunday.

Andrea Constand Wiki: 5 Facts to Know about Bill Cosby's Accuser

So far, more than 50 women have come forward to accuse the former Cosby Show actor of drugging and sexually assaulting them. Los Angeles lawyer Angela Agrusa spent a painstaking hour going over Andrea Constand's old phone records. "Put them down.

Palestinians say Gaza man killed at protest on Gaza border

Mauritania has strong military and economic ties to oil-rich Saudi Arabia, which led the diplomatic spat with Qatar. According to Shadid, his NGO had sought clarification - unsuccessfully - about the halt in payments from the PA.