The EIA will issue its weekly update on petroleum supplies Wednesday morning, with analysts polled by S&P Global Platts forecasting a rise of 2.8 million barrels in crude stocks.
Prices felt the blow of these revised projections and will likely continue to feel it for a few more days. US West Texas Intermediate (WTI) crude declined 66 cents to $64.79, after dropping 0.5 per cent in the previous session. "The market is going to try to determine if the crude draw offsets the distillate build heading into tomorrow's EIA report", said Phil Flynn, analyst at Price Futures Group. Last month, the EIA reports, these averaged 1.4 million bpd, versus half this amount a year earlier.
On the flipside, USA production continues to notch new records and the narrative of higher Non-Opec output may seep into markets sooner rather than later and keep a lid on oil prices. Earlier this week, the United States government forecast production rising above 11 million barrels a day this November, which would exceed top world producer Russia's current level. New refinery capacity and strategic inventory stockpiling combined with declining domestic oil production were the major factors contributing to the recent increase in China's crude oil imports.
Marketing the superiority of American crude oil - compared to that which is produced in the Middle East - appears to be the difference in the latest transaction, which puts America a step in the right direction as the Trump administration seeks to wean the USA off its longstanding dependence on oil from OPEC and begin to be one of the world's largest exporters of "liquid gold".
Oil prices fall below $60 a barrel for the first time this year
Moreover, an additional positive factor for the global oil market is the correction on the US stock exchanges after a sharp fall on February 5. Oil production appeared to reach a new USA record, pending confirmation by monthly figures due in several weeks.
Barrel is the unit of measurement of oil volume. The grade suffered its biggest drop in two months on Wednesday after the publication of USA inventory data. The contract dropped $1.60, or 2.5 per cent, to settle at $61.79 on Wednesday, the biggest decline since January 8th.
Oil traded near the lowest closing price in two weeks as concerns about volatility in global markets offset an unexpected drop in US inventories.
The cartel of oil-producing nations backed down in November 2016 and enacted production cuts amid pressure from their own members over low prices - which had plunged to below $27 earlier that year from more than $100 a barrel in 2014.
The group benefitted from a rise in oil prices, with the price of a barrel of Brent crude having surged by 40 percent since July. In 2017, BP managed to cover the costs and pay full dividends at oil prices of 50 United States dollars per barrel.
Light snow will be wrapping up early this morning, but as temps fall below freezing some areas will turn very slick. Icy conditions are expected across portions of Virginia, West Virginia, Kentucky and western North Carolina .
The avalanche hit an army post near the Line of Control around 11:20 am, defence ministry sources told news agency IANS. In 2012, a massive avalanche in the Pakistan-controlled part of Kashmir killed 140 people, including 129 soldiers.
Two Iraqi officials confirmed that US -led coalition and Iraqi government have reached an agreement to draw down troops in Iraq. The contractors spoke on condition of anonymity in line with regulations and declined to reveal the exact size of the drawdown.
McDaniels had a disastrous stint as the head coach in Denver, where he posted an 11-17 record in 2009 and 2010. McDaniels, 41, had emerged as the clear front-runner and was the only candidate who merited a second interview.
Tottenham have finally announced the signing of Paris Saint-Germain winger Lucas Moura for around £25million. Spurs will be hoping that a move to a new country will provide the fresh start that he needs.
Apart from Kundu, others who died were identified as riflemen Ram Avtar and Shubam Singh, and havaldar Roshan Lal. The army officer added that Pakistan has stepped up unprovoked firing and shelling in Kashmir since 23 December.
The rand, which tends to strengthen on signs Zuma could leave office, pared losses on the announcement from parliament. Zuma has survived several no-confidence votes thanks to his ruling ANC party, which holds the majority in parliament.
One more change could be in the offing, with Klopp unlikely to start James Milner in back-to-back games in midfield. Spurs are also on a roll, and their win over Manchester United was arguably the most impressive of Week 25.
San Juan Mayor Carmen Yulin Cruz says many in the US territory still need the water and food they have been getting from FEMA. During the past decade, the Commonwealth of Puerto Rico has been facing an island-wide recession.
The first phase of Grand Egyptian Museum is expected to be opened later this year while the grand opening is planned for 2022. In January, Egypt placed the ancient statue of one of its most famous pharaohs, Ramses II in the museum.
Women who appear in public without the obligatory hijab can face fines and prison sentences ranging from 10 days to two months. Writing on her Facebook page , Sotoudeh said that women should be given the right "to manage" their own bodies.
Riyad Mahrez and Leicester should aim to resolve their dispute "as soon as possible", says players' union chief Gordon Taylor. So will Leicester acquiesce to Mahrez's fresh demands? Firstly, they'll face a weakened Leicester side this weekend.
However, Seoul's independent sanctions imposed on Pyongyang in 2010 ban North Korean ships from entering South Korean ports. Fred Warmbier, in particular, is scheduled to attend the opening ceremony of the upcoming Olympic Games as a special guest.
Various high-ranking officials at USA Gymnastics and Michigan State have resigned in recent weeks as a result of the scandal. Nassar told the court: "It's impossible to convey the breadth and depth of how sorry I am to each and every one".
He said the dream of peace and prosperity in the region will remain elusive without resolving the Kashmir dispute. Kashmiris considered themselves Pakistani and wanted to live under the Pakistani flag, he added.
Further, the 23 coal shipments were delivered using "a combination of multiple evasion techniques, routes and deceptive tactics". In addition to coal, North Korea is banned from exporting iron, lead and seafood, among other commodities.
Authorities said they have not determined if both trains were moving or if the Amtrak train was diverted on to a side track. From there, he went to a shelter at Pine Ridge Middle School for passengers who didn't suffer serious injuries.
Cunningham could have given Margraves a jail sentence or fine as she considered whether to hold him in contempt of court. Margraves then ran toward Nassar and got within a few feet of him before being tackled by courtroom security.
This will be the big man's second stint with Chicago; he played for them from 2010-2012, his first two seasons in the league. With Mirotic playing the best basketball of his NBA career, Chicago was wise to capitalize on his all-time high trade value.