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Crude palm oil futures fall 0.30% on profit-booking

Crude palm oil futures fall 0.30% on profit-booking

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 falls to 2018 low as US output soars, North Sea supply restarts
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.

Republican Report on Clinton Emails Raises Questions About FBI Procedure
There is no denying that the texts show the two Federal Bureau of Investigation officials' absolute disdain for Trump. A lawyer for Strzok declined to comment, and a lawyer for Page could not be reached.

Federal Bureau of Investigation warns Facebook users to not share video of child pornography
Law enforcement agencies from Alabama to France have gotten complaints as the video continues to spread, AL.com reported . If you find the video in your Messenger account, you should notify Facebook immediately and delete the message.

Government Agencies Are Questioning Apple About Updates Which Slow down Older iPhones
Apple wants to make their devices more responsive and stable and to reduce customer support related issues. Apple's power management function may also be sidestepped by replacing an iPhone's battery if needed.

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