Crude oil prices fell Wednesday after the Energy Information Adminstration reported a massive increase in crude oil stockpiles.
Brentcrude futures were down 75 cents at $78.82 a barrel by 0940 GMT, while US crude CLc1 fell 46 cents to $71.74 a barrel.
Brent futures fell 37 cents, or almost 0.5 percent, to $79.20 a barrel by 0636 GMT, after climbing 35 cents on Tuesday.
Rising supply in the USA, where shale production is forecast to hit a record high in June, has limited the upward move in prices.
"OPEC and Russian Federation may consider easing their production cuts before, or no later than, their joint meeting", Ole Hansen, head of commodity strategy at Saxo Bank A/S, said in a note to clients. In post-settlement trade, the benchmark hit a fresh 3-1/2 year high at 72.59.
Brent pushed past $80 a barrel last week for the first time since 2014, and the market may again try to clear that hurdle, said Gene McGillian, vice president of research at Tradition Energy in Stamford, Connecticut.
WTI is shedding further ground today after the EIA reported on Wednesday that United States crude oil supplies unexpectedly rose by nearly 5.8 mbpd during the week ended on May 18, while USA oil production stayed at all-time highs beyond 10.70 mbpd.
The US has also played a key role in helping to keep oil prices below US$80 this week.
The Ministers, along with their counterpart from the UAE, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters.
He declared, "It's time for this president to stand up to OPEC; he's palling around with Saudi Arabia and the United Arab Emirates and all these other oil-rich countries.[Trump] should buck his oil industry buddies". Meanwhile Pierre Andurand, one of the most prominent hedge fund managers in the oil market, recently said that $300 a barrel was "not impossible".
"Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore, said that prices were getting some support from talk that Sinopec, Asia's largest refiner, would increase USA crude oil imports to a record high".
Then late Tuesday the oil-producing cartel known as OPEC suggested it may soon turn on the spigots a little, after curbing its supply for the better part of the past year to boost prices.
The Trump decision to renew US sanctions on Iran could cut as much as half a million barrels a day from Iranian oil exports.
"Whether it's a million barrels more or less, we think we'll have to wait until June before making that announcement", he said.
So you can bet Lucasfilm is looking to diversify their roster of lead characters by letting Lando Calrissian lead the way. Premiere blames a miscommunication between Kennedy and the interviewer for the previous erroneous quote.
The Data Protection Act 2018 will force companies to use people's personal data responsibly or risk millions of pounds in fines. Other companies may have simply warned you that their terms have changed and that you don't need to do anything beyond that.
You'll need to tap the Archive button (looks like a small clock) that is located in the Stories section above your News Feed. The three features are Voice Posts , the ability to archive Stories, and access to the cloud to store unshared photos.
Bethesda will be streaming the presentation live on Twitch , YouTube , Twitter , Facebook , and on its own website . After an asteroid decimates Earth's population by 80%, a world that lacks society, law and order is left behind.
Users had reported in March this year , that Alexa was laughing creepily in the background and many were scared by the same. She said the pair had unplugged all Echo devices that they relied on to control heating, lights and security at home.
Larry Hogan tweeted following early reports of the incident to offer prayers to the "brave officer's family". Kurek said his other son, a volunteer firefighter, performed CPR on her while they called 911.
Following a classified election security briefing for Congress, Nielsen spoke to reporters, including CNN's Manu Raju. But the Senate intelligence committee said last week that it agrees with the intelligence agencies' assessment.
Anyone with questions about the election should call the Tarrant County Elections Office at 817-831-8683. Tiara Chambliss is voting in her first primary on Tuesday, and a few issues are drawing her to polls.
After months in hiding, Harvey Weinstein appears in handcuffs
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M&S says annual profits tumble on restructuring
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'PUBG Mobile' Gets Miramar, Local Quick Teams, and More
Do you need help choosing the best battle royale game ? In fact, a huge PUBG Mobile update just arrived with tons of new content. The addition of the Miramar map is the big-ticket item in the latest update, which also adds several new weapons and vehicles.