• News
  • Money

Oil dips as United States production fast approaches 10 million bpd

Oil dips as United States production fast approaches 10 million bpd

The West Texas Intermediate for February delivery increased 0.27 US dollar to settle at 58.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.34 dollar to close at 64.90 dollars a barrel on the London ICE Futures Exchange.

Oil traders this week also eyed with interest the passing of a USA tax bill, which is seen weighing on crude prices in the longer term.

During the Asian trading session the crude oil price fluctuated against the drop of stocks in the United States.

On Wednesday, the U.S. Energy Information Administration reported that crude stockpiles fell by 6.5 million barrels in the week ended December 15, exceeding both analyst expectations and estimates from the American Petroleum Institute released Tuesday.

Analysts said the decline was largely due to refiners ramping up operations last week, taking crude out of storage and churning it into oil products.

Refineries processed 17.1 million barrels of crude per day last week and produced 10.1 million barrels per day of gasoline, unchanged from the week before.

Crude fizzled as repairs to one of the most important pipelines in the world signaled an end to supply disruptions in the North Sea.

"Main feature in today's trade thus far appears to be the ability of the complex to absorb in orderly fashion reports that the North Sea Forties pipeline system will be restarted", Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a report.

Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher. Meanwhile, Kuwait's Oil Minister Bakheet Al-Rashidi said compliance with the output cuts reached 122 percent in November, the highest monthly level since the agreement took effect in January.

Oil is on track for a yearly rise following a decision by the Organization of Petroleum Exporting Countries and its allies to extend supply cutbacks through the end of 2018. Brent, the global benchmark, gained 34 cents, or 0.5%, to $64.14 a barrel.

Leave Your Comment

Leave Your Comment


Latest News

  • Agosta to represent Canada again at the 2018 Winter Olympics

    Agosta to represent Canada again at the 2018 Winter Olympics

    Nurse and Fast will be going to their first Olympics. "I feel like I just gotta pinch myself, or something". An Okanagan Hockey Academy alumni will be representing Canada at the 2018 Winter Olympics in Pyeongchang.
    Woman Dies After Being Stabbed In Aldi

    Woman Dies After Being Stabbed In Aldi

    In an emotional tribute to the 30-year-old, her husband Malcolm said: 'She was lovely and warm and always had a smile on her face. He has been remanded into custody and will appear at York Magistrates' Court on Saturday 23 December 2017, 9.15am, court room 1.
    Flash flood, mudslides kill 133 people as tropical storm lashes Phil

    Flash flood, mudslides kill 133 people as tropical storm lashes Phil

    Lanao del Norte suffered the most number of deaths at 62, including two deaths in Iligan City, followed by Zamboanga del Norte at 46.
  • Former US Marine Arrested For Allegedly Planning San Francisco Attack

    Former US Marine Arrested For Allegedly Planning San Francisco Attack

    He allegedly described a plan using explosives which would "funnel" people to a location where he could then inflict casualties. He asked to be provided with weapons, including an assault rifle and materials needed to make explosive devices.
    Goa willing to consider amicable solution: Parrikar

    Goa willing to consider amicable solution: Parrikar

    Yeddyurappa said it was the result of continuous efforts by BJP leaders of the State who were keen on resolving the long-pending issue.
    Defense Be Damned, Arsenal And Liverpool's 3-3 Draw Was Thrilling

    Defense Be Damned, Arsenal And Liverpool's 3-3 Draw Was Thrilling

    It was Philippe Coutinho who opened the scoring in the 26th minute and that was to be the only goal in the first half. This match had a bit of everything: awesome attacking, deplorable defending, ghastly goalkeeping and glorious goals.
  • Sean Dyche: Harry Kane best performance I've seen this season

    Sean Dyche: Harry Kane best performance I've seen this season

    Tottenham's win moved them up to fifth as they chase a top-four finish and a place in next season's Champions League. Following today's win, Kane said: "A few people have been speaking about it".
    IPhone Battery: Slow Down or Die?

    IPhone Battery: Slow Down or Die?

    Perhaps in recent years you noticed your iPhone slowing down as it got older, especially when the battery was running low. Apple charges $79 to replace batteries not covered under the phone's warranty.

    Westbrook drains game-winner to defeat Hawks

    Atlanta scored 11 straight points to cut the Thunder lead to 74-70 midway through the third quarter. "Russ is our leader. Utah will host this time and they're expecting star rookie Donovan Mitchell to be back on the floor.
  • Khloe Kardashian OFFICIALLY announces pregnancy

    Khloe Kardashian OFFICIALLY announces pregnancy

    And fans are now calling for Kylie Jenner to confirm whether she is pregnant or not, after months of swirling speculation. The first comes in the form of a November Instagram post that showed her holding a bouquet of pink flowers.
    CEO, More Resign Amid Ongoing Miss America Scandal

    CEO, More Resign Amid Ongoing Miss America Scandal

    Randle will remain in his current capacity for several weeks at the board's request to facilitate a smooth transition, the spokesman said.
    MISSILE ACTIVITIES: New & tougher sanctions underway for defiant North Korea

    MISSILE ACTIVITIES: New & tougher sanctions underway for defiant North Korea

    To pass, a resolution needs at least nine votes in favor and no vetoes by the U.S, Britain, France, Russia and China. North Korea's foreign ministry condemned the report, calling it a document full of Trump's criminal nature.
  • Xbox Games With Gold January 2018 vs PS Plus January 2018

    Xbox Games With Gold January 2018 vs PS Plus January 2018

    If your Xbox Live Gold subscription lapses, the Xbox One titles included in Games with Gold will no longer be accessible. You get 20% off Xbox One game purchases and 10% off add-ons for any games that are now in the Xbox Game Pass list.
    Streaks of light above California were SpaceX Falcon 9 rocket

    Streaks of light above California were SpaceX Falcon 9 rocket

    The streaks of light in the sky above California on Friday came from a SpaceX rocket launch from Vandenberg Air Force Base. The rocket, which is the 18th launched by Space X this year carried 10 Iridium NEXT satellites into space.
    Maine Unemployment Rate 3.3 Percent in November

    Maine Unemployment Rate 3.3 Percent in November

    In Iowa, the unemployment rate for November was 2.9 percent, compared to 3.5 percent in the same month a year ago . The 235,000 average for the last two weeks is similar to the four-week average, with the level historically low.
  • Devon Energy (DVN) Research Coverage Started at Credit Suisse Group

    After $0.46 actual EPS reported by Devon Energy Corporation for the previous quarter, Wall Street now forecasts 26.09% EPS growth. The energy company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07.
    Ambassador's Claim About Fake News Claim Is Fake News

    Ambassador's Claim About Fake News Claim Is Fake News

    Hoekstra, a former chairman of the House Intelligence Committee, spoke on a panel there titled, "Muslim Migration into Europe: Eurabia come True?"
    Christmas toy distribution held at Salvation Army of Marquette

    Christmas toy distribution held at Salvation Army of Marquette

    The Salvation Army of Metro Detroit had taken in $4.3 million out of its $7.85 million goal for the year, as of Tuesday. The non-profit organization is asking for the community's support to help reach their goal of $100,000.

Breaking News



Recommended

Some unbelievable features of Delhi Metro's Magenta line that you must know

With the opening of this section, residents of Noida will get an additional and more direct connectivity to south Delhi. Within 15 years, the Delhi Metro has emerged as a life line of the city and its scope is growing year after year.

Jordan Feldstein, Miguel and Maroon 5 manager, dead at 40

The Feldstein family has confirmed that it will soon be announcing a charity where wellwishers can donate in memorial of Jordan. When the paramedics arrived, Feldstein collapsed into full cardiac arrest and died not long after.

Mariah to return for NY gig

Carey, famed for her sweeping five-octave vocal range, was one of the best-selling artists of the 1990s. This time around she will have a full band as well as backup dancers just like she does in Las Vegas.

WH Denies NYT Report Claiming Trump Said Haitian Immigrants 'All Have AIDS'

White House press secretary Sarah Sanders issued a statement blasting the paper and denying that Trump had made the comments. They "all have AIDS", he grumbled, according to the Times , which Mr Trump has repeatedly accused of reporting "fake news".

Toronto Dominion Bank Has $28.98 Million Stake in Starbucks Co. (NASDAQ:SBUX)

IL now owns 4,649 shares of the coffee company's stock valued at $271,000 after buying an additional 26 shares during the period. The fund owned 497,031 shares of the coffee company's stock after buying an additional 97,410 shares during the quarter.

Last-minute shoppers expected to break records on 'Super Saturday'

If you still have items on your list - or maybe you work irregular hours - don't worry, there are still several options. The ARA said 53 percent of consumers plan do some sort of last-minute Christmas shopping over the weekend.

Army personnel martyred in ceasefire violation by Pakistan along LoC

The deceased have been identified as Major Moharkar Prafulla Ambadas, Launce Naik Gurmail Singh and sepoy Pargat Singh. Lance Naik Gurmail Singh, aged 34 years, belonged to Amritsar, and is survived by his wife Kuljit Kaur and a daughter.

Miss America Organization loses TV partner over emails

Emails also show that Haskell referred to Gretchen Carlson as a "snake" after she refused to blacklist Shindle from her show. The Huffington Post article shows that Haskell and others directed considerable attention to Hagan, who won the 2013 pageant.

IPhone Owners Sue Apple Over Slowdown Admission

We've now extended that feature to iPhone 7 with iOS 11.2, and plan to add support for other products in the future. Apple is being sued after it admitted to slowing down older iPhone models to keep them running longer.

NYSE Arca Seeks SEC Rule Change for Bitcoin ETF Listing

On the other hand, GraniteShares plans to launch GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF , which will both invest in front-month bitcoin futures.