Oil prices regain some ground, but oversupply weighs

Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a USA government report indicated rising production.

US crude stocks fell last week as refineries hiked output, but gasoline supplies, which are already seasonally high, surprisingly increased, the Energy Information Administration said on Wednesday.

United States petrol stocks posted a counter-seasonal build of 1.5-million barrels, because of rising refining activity.

U.S. West Texas Intermediate crude futures traded down 46 cents at $52.19 a barrel.

More news: Target's Mario Kart Makeover Is Facing Backlash for the Weirdest Reason

Oil prices were largely flat on Thursday after steep losses the previous session, with rising US production weighing against comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely.

In November last year, OPEC and other producers, including Russian Federation, agreed to cut output by about 1.8 million barrels per day (bpd) during the first half of this year.

"The net result is that global stocks might have marginally increased in the first quarter, versus an implied draw of about 0.2 million barrels per day", the IEA said.

"The glaring rise in USA gasoline refined product inventories, in combination with persistent lower-48 production growth, keeps us cautious on oil prices", said Chris Kettenmann, chief energy strategist at Macro Risk Advisors LLC in NY. According to a report on monthly drilling productivity report by the Energy Information Administration, the output of crude from shale plays will increase to a level of 5.2 million barrels per day next month. Russian Federation and 10 other non-OPEC producers agreed to cut half as much.The accord has lifted oil prices, which are near $55 a barrel. The surprise build, along with an increase in U.S. output and imports from OPEC, pressured prices.

More news: Turkey's premier calls on opposition to respect referendum

Global benchmark Brent crude futures were down 26 cents at $55.10 a barrel at 0803 GMT.

Iran fed hopes that OPEC and non-OPEC producers would extend the cuts, but Saudi Arabia's energy minister said it was too early to discuss an extension.

As of 4:30PM, EST on Tuesday, WTI was trading down.04% at $52.63, with Brent Crude trading down.049% at $55.09.

"In other words, production of these refined products is expected to rise, increasing inventories". Stockpiles expanded to 535.5 million barrels at the end of March, the highest in weekly data compiled by Bloomberg since 1982.

More news: Nadal makes history with 10th Monte Carlo win

Related:

  • Ivanka Trump Booed At A Women's Conference For Defending Her

    Ivanka started off introducing herself and her role in the White House. Meckel stops her and says, "You hear the reaction from the audience".
    Obama faces criticism over Ksh40 MILLION Wall Street speech

    Obama faces criticism over Ksh40 MILLION Wall Street speech

    Former president Barack Obama just signed a huge deal with a Wall Street firm to deliver a speech later this year. Sheinkopf said it is something that should be expected since all former presidents do the same.

    Larry Bird drives an IndyCar in New York City

    Now, a series marked by ill feelings that went so far as Markieff Morris calling Millsap "a crybaby", is down to a best-of-three. Not to say that it's surprising that consistently losing to the same team or person could cause a player to be frustrated.
  • Sukma attack: Centre to form new anti-naxal strategy

    Sukma attack: Centre to form new anti-naxal strategy

    The portal says that since 2005, 1,885 personnel have lost their lives in the "Red Corridor", a reference to the Maoist belt. He also informed about the murder of their head by the naxals.
    AT&T unexpectedly loses postpaid subscribers in first quarter (T, TWX)

    AT&T unexpectedly loses postpaid subscribers in first quarter (T, TWX)

    T-Mobile US Inc TMUS.O and Sprint Corp S.N also offered new unlimited promotions, and AT&T cut the price on its own plan. Updated full-year 2017 guidance including mid-sing-digit adjusted EPS growth and free cash flow of $18 billion.

    Sonny Perdue sworn in as USA agriculture secretary

    Perdue will do his best to fulfill these responsibilities by listening to farmers and families in IN and our country". To calm them down, he assured them he will advocate for rural America and he promised to reach out to Democrats.
  • Call of Duty: WWII receives a breathtaking reveal trailer

    Call of Duty: WWII receives a breathtaking reveal trailer

    Throughout the story, you'll also encounter resistance fighters and spies who can help you fight the Nazi forces. High-Octane Co-Operative: Call of Duty: WWII's co-operative mode unleashes a new and original story.

    NFL Draft: Gareon Conley denies rape accusations

    She told police that she didn't want to have sex with Conley and felt she could avoid that by agreeing to watch the other couple. Winston as her assailant, the police did not even attempt to interview him for almost two weeks and never obtained his DNA".

    French election: Gloves off as Le Pen aide calls Emmanuel Macron 'arrogant'

    Macron secured 23.9% of the vote in the Sunday election, based on 97% of polling stations to have reported so far. Mr Macron's party spokesman, Benjamin Griveaux, said that Ms Le Pen is hardly a vector of change.
  • Caitlyn Jenner tells all in new memoir

    Caitlyn Jenner tells all in new memoir

    I picked up four more step kids and my family. "She insists she was taken by surprise by my ultimate transition to Caitlyn". Caitlyn also ponders if Robert defending O.J. was his way of getting revenge on Kris, who was good friends with Nicole.
    Google targets 'fake news,' offensive search suggestions

    Google targets 'fake news,' offensive search suggestions

    Google is also changing the signals it uses to directly influence rankings, with an eye towards pushing low-quality content down. According to Google , the site sees searches in the trillions each year, with 15% of searches made each day being entirely new.
    PPG Industries ups bid for Akzo Nobel to $28.8B

    PPG Industries ups bid for Akzo Nobel to $28.8B

    Activist shareholder Elliott Management has been pressing the two paints producers to enter negotiations. But it has come under pressure from Elliott Management, the US hedge fund founded by billionaire Paul E.

Comments

Latest news

Amber Heard, Elon Musk confirm relationship in pictures
The photo shows Amber sitting beside Elon in a restaurant, and if you look closely you'll noticed a lipstick mark on Elon's face. And then Talulah filed for a second divorce in 2016, which was finalised in October.

Yahoo! CEO Mayer Set to Make $186 Million From Verizon Deal
Most of Ms Mayer's payout is based on the 208 percent increase in Yahoo's stock price since she left Google for Yahoo in 2012. Dozens of lawsuits followed, and Verizon leveraged the scandal into a $350 million discount off the initial price for Yahoo.

Uber plans to carry out the first flying auto tests by 2020
Uber has an agreement with Dubai Roads and Transport Authority, including a joint study into pricing, routes, and people movement. Uber has been reeling from executive departures and accusations of sexual harassment at its workplace.

OMG Jeff Goldblum will return in 'Jurassic World' sequel
Goldblum will be joining Chris Pratt and Bryce Dallas Howard in the now filming yet-to-be-officially-titled sequel. In an interview with Screen Rant published April 18, Pratt teased a darker tone for the sequel.

New York Committee Votes Unanimously to Allow Medical Marijuana for PTSD
The study was funded by the NIH, the National Institute on Alcohol Abuse and Alcoholism, and the National Institute on Drug Abuse. According to the Associated Press, at least 15 other states already allow people to use medical marijuana to treat PTSD.

U.S. Urges China to Open Trade After Sparing It Manipulator Tag
China only meets the criterion of having a major trade surplus. The U.S. hasn't branded any country a manipulator since 1994. Treasury Department emphasized.

European Union announces €116 million for Yemen at pledging conference in Geneva
In February this year, OCHA together with partners launched a $2.1 billion appeal for its 2017 humanitarian response plan for the country.

Official estimate could upend Trump tax plan
The businessman pledged that the steps for his 100-day plan would be implemented when he won the vote to become president. Will he call for real tax reform or just tax cuts? In a more conventional presidency, this approach might work.

FCC Chairman Expected to Outline Net Neutrality Plans on Wednesday
According to sources cited by Reuters , Pai is set to voice out his opposition on the subject once more. The battle over net neutrality is heating up.

HSBC Reiterated Barclays PLC (LON:BARC) As 'Buy'
Ashmore Group plc presently has an average rating of Hold and a consensus target price of GBX 321.07 ($4.04). The stock of Headwaters Inc (NYSE:HW) has "Buy" rating given on Thursday, January 28 by Canaccord Genuity.

Rhino conservationists hope Tinder users swipe right for horny beast
They have the option to swipe right on Sudan's profile , and doing so sends a message featuring a link where users can donate. "It's never ever has been done in rhinos before", Richard Vigne, head of Ol Pejeta Conservancy , told the BBC.

Uber Once Nearly Booted from Apple App Store for iPhone Tracking
IMAGES OF AN ALLEGED iPhone 8 dummy unit have appeared online, complete with an edge-to-edge display and 2.5D glass design. Kuo's assessment adds to the mounting evidence of a delayed - or, at least, severely supply constrained - iPhone 8.

European Union says ready to welcome back United Kingdom if it decides to stay
The Prime Minister called a snap General Election that will be going ahead on 8 June earlier this week. Inside Parliament, opposition members of the House accused the Prime Minister of political opportunism.

'The Fate of the Furious' laps new films at box office
Studio estimates Sunday say the eighth installment in the "Fast and the Furious" franchise earned $38.7 million over the weekend. So far The Fate of the Furious has earned $ 685 million worldwide as it hits its seconds weekend of release .

LVMH to consolidate hold on Dior in multibillion-euro deal
LVMH will pay 260 euro per share and shareholders can choose to be paid in cash or to get Hermes shares in return. LVMH has announced this morning that it is to integrate the entire Christian Dior label into the luxury group.

Other news