U.S. West Texas Intermediate and international-benchmark Brentcrude oil futures rose on Monday after a new report showed the tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017.
Brent crude futures LCOc1, the worldwide benchmark for oil prices, were at $78.21 per barrel at 0639 GMT, virtually unchanged from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session.
Additionally, data from market intelligence firm Genscape showed that inventories at Cushing, Oklahoma, the delivery point for US crude futures, fell more than 400,000 barrels in the week to May 11, according to traders who saw the data. On Friday, prices dropped 66 cents to $70.70.
OPEC and Saudi Arabia made similar statements a year ago at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks. The previous round of sanctions cut Iran's output in half; it is unclear how much will be cut this time. Looking at trading volumes, the recent move up has been accompanied by lower volumes.
Consequently, the price of Brent and WTI rose from $76.80 to $77.99 and $70.50 to $70.91 respectively in the global market. The contract fell 1.2 per cent on Monday.
USA shale production is expected to hit a record 7.18 million barrels per day (bpd), the Energy Information Administration said.
North Korea To Shut Down Nuclear Site Publicly
They said that after six tests, all conducted in deep tunnels, the place has caved in and become too unstable for another test. Saturday's announcement came ahead of a scheduled summit between Kim and U.S.
"Russian and Chinese firms in particular may still be willing to invest in Iran, but if sanctions result in excess capacity at existing fields, there will be little economic rationale to support new developments". He serves this year as the group's president. The two parties didn't disclose whether the world's biggest crude importer will scale back purchases in light of the renewed sanctions.
Inventories at Cushing, Oklahoma, the delivery point for United States crude futures, fell about 410,000 barrels between May 8 and May 11, said traders, citing data from market intelligence firm Genscape. March inventories were only 9m barrels above 5 year averages. "Around a million barrels of oil a day is likely to disappear from global oil markets if the US sanctions on Iran bite", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
At this meeting, the chief TDP played the videos of Modi's speech he delivered in Tirupati on the same day in 2014. Police also took around half a dozen protesters into custody to prevent them from following Amit Shah's convoy.
For the Janata Dal (Secular), or JDS, a favourable verdict would establish its stature as a regional kingmaker. He took to Twitter to urge Congress workers to take rest and assured them of a victory with a clear majority.
The UK, France, Germany, Italy and Spain do not compete in the semi finals as they have a direct pass through to the final. Ryan O'Shaughnessy, 25, got himself into a bit of trouble when he went down the reality route in both Ireland and the UK.
Two minutes later, Lamela pulled one back as he tapped the ball in from close range and reduced the deficit to 3-2. Third place was sealed after Harry Kane and Erik Lamela both scored twice while Christian Fuchs sored an own goal.
China, for its part, has stated that it is willing to buy more American goods and services to help reduce the trade deficit. ZTE should not be operating in the United States and should not have easy access to American technology , Rubio said.
City are due to celebrate their title success with an open-top bus parade through the streets of Manchester today. Swansea needed a 10-goal swing - beating Stoke and seeing Southampton hammered by Manchester City - to stay up.
Elton Brand to represent Sixers at NBA Draft Lottery
The team will have an 8.4 percent chance of receiving the seventh pick and a 0.4 percent chance of receiving the eighth pick. Phoenix has the best odds of landing the No. 1 pick (25 percent) after posting a league-worst 21-61 record last season.
Leinster Rugby v Racing 92, Champions Cup Final 2018
The Racing back-up took the place of Dan Carter - the victim of a hamstring injury - on the bench just before kick-off . But Sexton responded with a penalty and Iribaren's fourth penalty was cancelled out by Nacewa's boot.
Aurangabad clashes under control, confirms Police
According to reports, several shops and vehicles were damaged in the Chelipura and Motikaranja areas of Aurangabad also. The police have also warned that strict action will be taken against any person found propagating such information.
Starbucks employees told to let anyone use bathrooms
New York-based Taurus Asset Mgmt Ltd Limited Liability Company has invested 0.22% in Starbucks Corporation (NASDAQ: SBUX ). The ATR may be used by market technicians to enter and exit trades, and it is a useful tool to add to a trading system.