USA crude oil stocks drop

India tourists in Dubai India's Tourists in Dubai news Tourists in Dubai news Dubai's Department of Tourism and Commerce Marketing India news National news Latest news

India tourists in Dubai India's Tourists in Dubai news Tourists in Dubai news Dubai's Department of Tourism and Commerce Marketing India news National news Latest news

"We should see an accelerating level of crude draws, something we've been waiting for a while", Cavan Yie, senior equity analyst at Manulife Asset Management Ltd.in Toronto, said by telephone.

Oil fell to a two-week low on Wednesday, after a surprising build in US gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut.

Crude oil closed down sharply by the end of the trading day Wednesday after investors mulled over the latest data set from the U.S. Energy Information Administration.

West Texas Intermediate for May delivery fell 25 cents to $52.40 a barrel at 9:16 a.m. on the New York Mercantile Exchange.

A preliminary Reuters poll showed analysts expected data to show United States crude oil stocks fell in the week to April 14, building on a surprise decline the previous week.

In London, June Brent crude LCOM7, -3.75% on the ICE exchange shed 16 cents, or 0.3%, at $54.73 a barrel.

TheNewsGuru.com reports that on December 10, 2016, OPEC won the backing of countries outside the oil cartel to join supply cuts for the first time since 2001, overcoming the final major obstacle for a global agreement to curb output.

Diet sodas may be tied to stroke, dementia risk
And Americans have been encouraged to switch to diet drinks. Water is always a good option, doctors agree. The American Beverage Association concurred.

That could indicate fading strains from an oversupplied market, though US crude oil production continues its build beyond 9 million barrels per day, offsetting the decline in oil inventories to some extent.

The Organization of Petroleum Exporting Countries said in a report a day earlier that inventories shrank in developed nations during the first quarter, while forecasting that rivals in the United States shale industry will boost output.

World oil demand growth in 2016 was kept broadly unchanged at 1.38 million barrels per day (mb/d), averaging 95.05 mb/d.

Traders said that the rising U.S. crude production posed a concern that the oil supply overhang would continue, while the jump in gasoline stocks implied a stutter in demand.

Geopolitical concerns have also helped underpin oil.

Barkindo said the joint action has put OPEC and other producers in the "driving seat" to dictate events instead of "reacting to market developments".

The price of a barrel of Azeri Light crude oil decreased $0. Brent crude futures were at $53.43 per barrel at 0855 GMT, up 50 cents from their last close. This is part of the production cuts that the oil-producing kingdom had agreed to as a member of OPEC.

Recommended News

  • US home sales shoot up to 10-year high

    US home sales shoot up to 10-year high

    Twenty-three percent of existing-home sales in March were all-cash, compared to 15 percent by individual investors. The median existing-home price for all housing types in March was $236,400, up 6.8% from March 2016 ($221,400).
    H-1B a trade and services issue, will keep a close watch

    H-1B a trade and services issue, will keep a close watch

    The spokesperson said that what has happened in the United States is that an executive order has been passed. The programme will be replaced by another visa programme with new restrictions.

    MLS Side Los Angeles FC Offer Zlatan Ibrahimovic £5m-a-season

    Zlatan Ibrahimovic will be offered a £5million-a-season deal to become the face of new MLS side Los Angeles FC . The club are set to make their debut campaign in MLS when their next season kicks off in March 2018.
  • Motion for new trial could delay sentencing for Cardell Hayes

    Motion for new trial could delay sentencing for Cardell Hayes

    As we previously reported, the New Orleans Saints star was shot and killed by Hayes after a road rage incident on April 9, 2016. No additional shell casings have been found, he said, and no witnesses other than Hayes have pointed to a second gun.

    Bill O'Reilly to receive maximum of one year salary

    Cooper asked the representative. "I don't want to be a jerk, but it sounds like you experienced something", he remarked. He obviously could not sustain relationships. "It is unconscionable that he would allow himself to end up like this.
    50 years later: South Bend runner finishes Boston Marathon, honors first woman

    50 years later: South Bend runner finishes Boston Marathon, honors first woman

    The sole woman on the course that day, Katherine Switzer, was the first woman to break the gender barrier at the Boston Marathon. Bobbi Gibb hid in the bushes by the starting line and snuck into the mass of runners as they passed, finishing in 3:21:40.
  • Pollock: Garcia-Rose finale created a Masters classic

    A year later, Harrington rallied from three down to Garcia on the back nine and beat him at Oakland Hills in the PGA Championship. And now that he has started winning majors, Garcia has some confidence he could open the floodgates on claiming a few more.
    Saudi Energy Minister Praises OPEC Oil Price Boost

    Saudi Energy Minister Praises OPEC Oil Price Boost

    As the refining activity is constantly rallying, the USA gasoline stocks posted a counter-seasonal build of 1.5 million barrels. Energy Information Administration (EIA) said U.S. crude stocks fell 1 million barrels on the week, a bit less than anticipated.

    Rashford steers Man United into Europa League semifinals

    Nobody else is fresh to play! "It will be the flawless end to the season", Mourinho, who took over at United last May, told British media.
  • Plenty for Mercedes to consider at F1 Bahrain test

    Under the safety vehicle , I just misjudged it myself the situation; that was my fault. "I didn't find any words", he said. In Bahrain , the Briton recognised he could have put himself in a much better position to win.
    Allegri: Juventus would not have conceded

    Allegri: Juventus would not have conceded "for a whole day" against Barcelona

    We were under the normal amount of pressure here, but it was a decisive step on the road to Cardiff. "We started growing a few years ago and we need to continue on it", added the goalkeeper.

    House Oversight head Chaffetz to leave Congress after 2018

    Chaffetz's district, a large swath of Utah southeast of Salt Lake City including Provo, voted 78 percent for Mitt Romney in 2012. In an interview with Fox News on Wednesday, Chaffetz reiterated that he wants to spend more time with his family.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.