Oil Falls on US Factory Data

Oil Falls on US Factory Data”

OPEC, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed in December to reduce supply by 1.2 million barrels per day (bpd) from January 1.

USA crude futures were down 50 cents, or 0.9 percent, at $54.06 a barrel by 1400 GMT.

At 447.2 million barrels, the EIA said, us crude oil inventories are still above the seasonal average but not by much.

Taking control of oil revenues - the basis of Venezuela's economy - from Maduro and giving it to Guaido, and the decision to sanction oil companies, is the boldest USA move so far to raise pressure on Maduro.

Oil prices rose about 1 percent on Wednesday, boosted by signs of strong USA demand for distillate products and tightening global crude supply, but gains were capped by a rising U.S. dollar and ongoing concerns about a global economic slowdown, Trend reports citing Reuters.

During the London open, crude oil prices slipped, tumbling from two-month highs, as worries over a global economic slowdown crawled back into the market.

The head of state-run Kuwait Petroleum Corp, Hashem Hashem, said on Tuesday that global oil supply could be hit this year by big reductions in exports from Venezuela.

USA sanctions announced last Monday on Venezuelan oil companies are likely to cause Maduro economic woes.

Echoing the view, Sukrit Vijayakar of Trifecta Consultants added that prices are unlikely to spike as the USA does not want crude oil prices to rise and as shale producers respond to the price rise by pumping more. "Because the number was a little disappointing, it played into the slowing demand scenario", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

If sanctions compel US oil companies to wind down their business in the Latin American nation, production could sink to 600,000 barrels a day, according to Rapidan Energy Group.

OPEC's share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.

WTI futures were at 54.65 dollars per barrel at 0810 GMT, up nine cents or 0.16 per cent. US Treasury Secretary Steven Mnuchin told reporters that by blocking PDVSA's assets, the United States was preserving the assets of the company in the interests of the people of Venezuela and also protecting its own market. -China trade dispute. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

U.S. President Donald Trump last week said he would meet his Chinese counterpart Xi Jinping in the coming weeks to try to settle the dispute.

Like this



06 February 2019
Star Sports Live Streaming India vs New Zealand First T20I
Watch the second Twenty20 worldwide between New Zealand and India from 5.55am, Friday on Sky Sports Cricket and Main Event. Seifert, whose previous best innings in eight internationals was an unbeaten 14 on debut, gave New Zealand a flying start.

06 February 2019
Men's Brains Are Three Years 'Older' Than Women's at the Same Age
They used the women's data as a baseline, and estimated the men's ages based exclusively on their metabolism data. They had started out by trying to predict a person's age from the metabolic processes of his or her brain.

06 February 2019
Ariana Grande Not Attending Grammys After Disagreements With Producers
ET on CBS this Sunday. "I don't want to do what people tell me to do, I don't want to conform to the pop star agenda". Ariana Grande has reportedly pulled out of performing at the Grammy awards following a dispute with producers.

06 February 2019
John Wall Injury: Wizards Star Ruptures Achilles After Slipping In Home
The rupture of his Achilles' was diagnosed by Wizards director of medical services and orthopedist Dr. Wiemi Douoguih during a procedure to clean out the original incision.

06 February 2019
Pope Francis admits priests, bishops sexually abused nuns
A January meeting of USA bishops came and went without any discussion of the sexual abuse problem dogging the Church. He said the Church has "suspended several clerics" and the Vatican has been "working [on the issue] for a long time".

06 February 2019
Did Jennifer Lawrence Get Engaged??
As per several reports , the star got engaged recently to her boyfriend Cooke Maroney after over six months of dating. He is now the director of an Upper East Side gallery Gladstone 64 .

06 February 2019
Abrams calls for voting rights in response to Trump's speech
Foreign policy, including Trump's talks with North Korean leader Kim Jong Un, will be a heavy focus of the speech. Adam Schiff (D-Calif.), the chairman of the House Intelligence Committee, catching what seemed to be a laugh.

06 February 2019
India vs New Zealand, 1st T20I
They may even further consolidate their winning habit as they now take on beleaguered New Zealand in T20 Internationals. Since New Zealand have just been beaten by India in ODI series 4-1; therefore the Host would be underdogs.

06 February 2019
Why The Lakers Have Reportedly Pulled Out Of Anthony Davis Trade Talks
Clearly, the Lakers are a buyer - or at least will be by summer, if they're not yet - and the Pelicans are a seller. If the Pelicans don't trade Davis by Thursday, they will look to move him in the summer.

06 February 2019
White House: Leaks of Donald Trump's Schedules 'Disgraceful Breach of Trust'
But what most people didn't know (but could probably have assumed) was just how much of Trump's day is spent unstructured. Much of Trump's unstructured time is filled with phone calls to aides, members of Congress, friends, and advisers.