The U.S.'s crude production hit a record high level last week by climbing to 10.25 million barrels per day (mbpd), according to the Energy Information Administration (EIA). Money managers own more 1 billion barrels of crude oil through their holdings of USA and Brent futures and options. Brent fell almost 9 percent for the week while USA crude dropped 10 percent, the steepest weekly declines since January 2016.
Brent crude fell below $62 Friday after the number of oil rigs in the USA showed a sharp increase.
- Cameco (CCJ, CCO.TO) was unable to sustain a more than 4% gain soon after Friday's opening bell, instead sliding to a small decline within the first 15 minutes of United States trading, after the uranium miner reported Q4 net income and revenue topping Wall Street estimates.
- Forum Energy ( FET ) stumbled to a more than 23% decline on Friday, falling to a session low of $10.70 a share after the oil and natural gas equipment manufacturer reported Q4 financial results trailing analyst estimates and also issued a Q1 revenue forecast lagging the $258.23 million Capital IQ consensus by at least $5.23 million.
Brent futures LCOc1 fell $2.02 a barrel, or 3.1 percent, to $62.79 a barrel, its lowest settlement since December 13. The session low for US crude was $58.07.
Oil services company Baker Hughes said total US onshore rigs rose by 26 to 791, the highest since April 2015 and the biggest one-week rise in a year. It was also the largest week-on-week oil rig increase since January 2017.
Crude volumes in the North Sea Forties pipeline continued to ramp up faster than expected following a restart, a trade source told Reuters.
OPEC and other producers, including Russian Federation, have cut production since January 2017 to force down global inventories, but these cuts have been offset by rising USA oil production.
Investors were already anxious that rising USA production will overwhelm efforts by OPEC and other producing nations to cut supply.
The EIA estimated that US crude oil production averaged 10.2 million barrels per day in January, up 100,000 barrels per day from the December level, and total USA crude oil production averaged 9.3 million barrels per day in 2017.
Rodgers revealed he learned of Miller's passing at the team hotel on Friday night as they prepared for yesterday's Cup tie. Former Ireland , Celtic and Manchester United midfielder Liam Miller has died after a battle with pancreatic cancer .
The bus was on its way from Sha Tin racecourse to Tai Po Centre when it flipped onto its side while attempting to turn. Another 47 people were injured and taken to hospitals, including 19 in serious condition, the Hospital Authority said.
The U.S. and its allies are not ruling out military action against North Korea, Vice President Mike Pence told NBC News . They said Pence could have opted to sit with the U.S. delegation and avoided the box that included the North Koreans.
Elba has been married twice in the past to Hanne "Kim" Norgaard from 1999 until 2003 and to Sonya Nicole Hanklin back in 2006. With Valentine's Day just days away, it's undeniable that romance is in the air-well, at least it is for Idris Elba .
The penalty is said to be 5% of the total revenue generated by the company from its operations in India via different segments. Meanwhile, a Google spokesperson said: "We have always focused on innovating to support the evolving needs of our users".
Amid Renuka Chowdhury's laughter, Naidu declared "unruly behavior and loose talk " would not be allowed in the House. Chowdhury and the nation for speaking in a manner which encouraged disrespectful behaviour towards women.
At the halfway mark a change of skis were needed as the competitors geared up for the final freestyle 7.5-kilometre section. She led by less than a second at the midway point of the race as the crowd roared, sensing that history was near.
Reports suggest it will contain a multi-quest system, complete with a greater emphasis on supporting characters and story. The new Hoenn Region Pokemon won't just be appearing in the wild encounters, but also in Eggs and Raid battles.
One includes country director Roland Van Hauwermeiren, who allegedly used prostitutes in a villa rented for him by Oxfam. The charity denies this, and says it disclosed sexual misconduct to the charities regulator.
I really didn't think it was going to be any other way. "You know it's time that my family starts to heal and move on", he said. To find Stanley guilty of any offence, the jury members need to be convinced of his guilt beyond a reasonable doubt.
Ballard wasn't the only one angered by McDaniels, whose agent, Bob LaMonte , chose to quit in the fallout. "My word is my bond". Do they have any legal recourse? He didn't watch the championship game or think about the coaching search that night.
Anytime H3N2 strains are dominant, as they are now, "we tend to see more severe disease more hospitalizations, more deaths". Caused by viruses, flu is a contagious respiratory illness with mild to severe symptoms that can sometimes lead to death.
Western North Carolina should expect to receive 2-4 inches of rain, and possibly 1-3 inches in the Upstate. A higher or elevated risk for flooding will exist on Sunday, through no flood watches are in effect.
Her departure could impact the future of the Russian Federation investigation overseen by Special Counsel Robert Mueller . The source said Brand, who was sworn in last May, has been in talks about becoming the top lawyer at Walmart.
NASA's New Horizonsspacecraft released photos taken from the greatest distance from Earth ever, the agency announced Thursday . NASA says the routine calibration frame of the " Wishing Well " galactic open star cluster was taken on December 5th 2017.
The United Nations called Tuesday for a monthlong humanitarian ceasefire throughout Syria as fighting escalates in certain areas. The Israeli military said it did not seek escalation, calling its action a defensive response to an Iranian act of aggression .
But Prof John Appleby, chief economist at the Nuffield Trust think-tank, said the health service was "creaking at the seams". The four-hour figure for Hull and East Yorkshire NHS Trust fell from 82.4 per cent in December to 77.7 per cent in January.
The plan is to remove the temporary installation and keep the surrounding facilities as an homage to the 2018 Games. Pence also attended the Games opening ceremony but had no contact with the North Korean delegation.
LLC now owns 2,127 shares of the casino operator's stock worth $285,000 after buying an additional 43 shares during the period. Asset Mngmt Inc owns 1,587 shares or 0.04% of their United States portfolio. 259,652 were accumulated by Prudential Fin Inc.
Trudeau declined to talk about specifics, but said Canada wants an agreement that is "win-win-win" for all three countries. The investment "will strengthen our economy and further position our country as a world leader in tech", Trudeau said.
Statistics Canada cautions against month-to-month comparisons of the Medicine Hat unemployment rate, due to the small sample size. The wage improvements in January arrived the same month that saw Ontario take the controversial step of raising its minimum wage.
The potential budget deal in the Senate could head off another round of last-minute posturing that preceded last month's shutdown. Senate leaders had celebrated the budget deal as a sign they had left behind some of their chronic dysfunction.
Almost 1.4 million people visited the Indian Ocean island nation previous year and nearly a third were from China. He said Yameen's pursuit of investment from China and Saudi Arabia was an attempt to consolidate his power.
We were first given an inside look at this News section in September and Apple has finally delivered on its promise. It offers live feeds from a number of sources including CNN , CBS News, Fox News , Cheddar , Bloomberg , and others.
And he characterized their capture as "certainly a big deal for America" as well as the families of the people the two men killed. The detention of Kotey and Elsheikh will end a yearslong manhunt by British intelligence and security agencies, as well as a U.S.
Waratah Capital Advisors Ltd sold 2,829 shares as the company's stock declined 0.39% while stock markets rallied. (NASDAQ: TTWO ). Understanding how the stock market functions can help the investor gain the confidence to start conquering the terrain.