Oil prices waver narrowly ahead of United States inventory data

Oil prices waver narrowly ahead of United States inventory data”

According to Hansen, the increase in production in Libya and Nigeria, as well as among U.S. companies developing shale deposits, had a negative impact on oil prices in 1H17.

US crude stocks fell last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

The pact between OPEC, which is led de facto by Saudi Arabia, and other producers led by Russian Federation on cutting output by about 1.8 million bpd took effect in January this year.

Late Tuesday, the American Petroleum Institute published data showing crude oil inventories dropped about 4.1 million barrels and gasoline inventories grew by 4.2 million barrels.

Last week, Brent traded as high as $59.49, which has now dropped by almost 6%.

Last week, OPEC members broke from tradition by complaining that crude prices likely wouldn't rise due to persistent overproduction, with one source declaring that "a range of $50-$55 is good, you don't want to see prices rising to $60 or higher because ten it will bring in more [U.S.] shale".

Oil is priced in dollars and a stronger dollar makes oil more expensive for those holding other currencies.

Hedge funds have accumulated a record bullish position in middle distillates such as diesel, heating oil and gasoil, anticipating stocks will be relatively tight this winter.

"When we had the hurricane disruptions, that translated into strong margins and disruptions to USA crude exports". As a result, oil prices have soared.

"WTI crude oil has stabilized just above $50.00 and appears to be having an inside day following a plunge down from $51.50 toward $49.70 support on Monday". And only two said that $65 a barrel was a buying opportunity.

"Compliance with the OPEC production cuts was over 100 percent in August (meaning members produced less than their quotas, on average) and USA oil inventories have been declining for several months now", said William O'Loughlin, investment analyst at Australia's Rivkin Securities. The need for sustained production curbs is a sign the bulls are on fragile ground.

Working alone, Texas put out more oil previous year than nine members of the Organization of the Petroleum Exporting Countries (OPEC), a cartel of petroleum-producing countries now working together to control the supply and demand of oil globally.

The ADNOC will also reduce its output of pure-grade Murban oil by 15 percent, as well as lowering output of Das crude by 10 percent, and Upper Zakum by 5 percent, reports say.

Story by Javier Blas, Serene Cheong, and Sharon Cho; With assistance by Heesu Lee, Tsuyoshi Inajima, Dan Murtaugh, Alfred Cang, and Ann Koh from Blomberg.

Like this


06 October 2017
Netflix raises prices 10%
The higher pricing comes as the video streaming service spends heavily on original content and expanding outside the U.S. Netflix said in July it has 104 million subscribers globally , while revenues rose 32% in the second quarter to $2.8bn.

06 October 2017
Search ends for Mexico City quake victims
Twenty-eight people were previously rescued alive from the same building. "What they wanted was to have their family members with them", Moody said.

06 October 2017
Most Active Stock: Sprouts Farmers Market, Inc. (SFM)
Also, it has an estimated price-earnings (P/E) multiple of 17.88 and a trailing 12-month price-earnings (P/E) multiple of 20.83. CURTIS MARK D sold $188,355 worth of stock. 21,976 shares were sold by Sanders Dan J , worth $532,537 on Thursday, June 1.

06 October 2017
Barcelona Match Played Behind Closed Doors After Vote Clashes
Pep Guardiola says that he "would not have played the match" against Las Palmas had he still been in charge of Barcelona , as political tensions continue to rise.

06 October 2017
UnitedHealth Group Incorporated (UNH) Holdings Increased by Korea Investment CORP
The stock of Bristol-Myers Squibb Co (NYSE:BMY) has "Market Perform" rating given on Monday, January 25 by BMO Capital Markets. Ra Capital Management Llc sold 787,976 shares as the company's stock declined 18.43% while stock markets rallied.

06 October 2017
Alexis Sanchez and Alex Sandro double swoop readied to keep Antonio Conte
During his four-and-a-half seasons at the club, he won a Premier League title, the Europa League and the League Cup. I think those were the two games that were very hard to face".

06 October 2017
YouTube Criticized for Promoting Las Vegas Massacre Conspiracy Videos
Some may argue that YouTube, in the spirit of being truly democratic, should not favor certain sources over others. Earlier this week, Google and Facebook drew criticism for spreading fake news about the identity of the shooter.

06 October 2017
Analysts' Review: Avon Products (AVP) and Seattle Genetics Inc (SGEN)
During the last 52 weeks, the (NYSE: AVP ) price has been as high as $6.96 and as low as $2.26. 1 means less volatile than market. Currently Avon Products (NYSE: AVP)'s shares owned by insiders are 0.2%, whereas shares owned by institutional owners are 86.6%.

06 October 2017
NRA backs review of devices used in Vegas shooting
Semi-automatic rifles, which can be legally purchased in America, allow only one shot per firing. Other firearm accessories have a similar goal to bump stocks, and deserve similar scrutiny.

06 October 2017
HP is abandoning its Elite x3 plans because Microsoft screwed the pooch
This was the unenviable fate of Windows Phone, a family of standalone operating systems for mobile phones by #Microsoft . HP states it is now pursuing its own new "mobility solutions" to be revealed sometime next year.