Oil prices stable as lower crude stocks counter soaring U.S. output
08 December, 2017, 01:37 | Author: Terri Saunders
Traders said prices fell after an American Petroleum Institute report on Tuesday showed a 9.2-million-barrel rise in gasoline stocks in the week ended December 1 and an increase of 4.3 million barrels in distillate inventories, which include motor diesel and heating oil.
The West Texas Intermediate for January delivery decreased 1.66 US dollars to settle at 55.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery lost 1.64 dollars to close at 61.22 dollars a barrel on the London ICE Futures Exchange.
Marketmen said the fall in crude oil futures was mostly attributed to trimming of positions at futures trade in tandem with a weakening trend in Asian trade after official data confirmed a huge build in U.S. gasoline supplies, offsetting the data showing crude stockpiles fell for the third straight week.
Oil prices dropped more than 2 percent on Wednesday amid a sharp rally in US inventories of refined fuel. The global benchmark traded at a premium of $5.22 to February WTI.
"Gasoline inventories are also now building as demand eases back even in the face of decent export numbers".
Gasoline futures led the energy complex lower on Wednesday, as RBOB dropped 3 percent to $1.6658 a gallon. The country is Africa's top oil exporter.
In addition, oil production in the United States increased at the end of the seventh week in a row - to 9.7 million barrels per day (b/d), the high since the beginning of tracking this data in 1983. Those cuts, which were extended at a meeting last week for the whole of 2018, have helped lift Brent prices more than 40 percent since June.
Stephen Brennock, an analyst with London oil broker PVM, said in an emailed market report that geopolitical issues may be the next wildcard for the price of oil.
Russian Oil Minister Alexander Novak said it was too early to talk about exiting the OPEC agreement, and that the process would be gradual. Analysts had expected a draw of 3.507 million barrels.
US oil production has climbed by 15 percent since mid-2016 to 9.7 million bpd, close to levels of top producers Russian Federation and Saudi Arabia.
Those assets would offer the opportunity for both Comcast and Disney to broaden their global distribution footprint. As Jackson pointed out, CNBC's David Faber estimated that FOX's RSNs would be valued at about $20 billion.
The city of Aztec is located in the northwest corner of New Mexico and has a population of almost 7,000 people. Parents are able to pick up their children at 516 and Mesa Verde, after they are checked in and accounted for.
Ed Sheeran among its guest performers, and you can expect the presence of that last name to seriously divide opinion. The first-ever track in the album to be released is " Walk on Water " featuring Grammy Awards recipient Beyonce.
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But before leaving Corpus Christi, the first lady and the second lady stopped at Whataburger's flagship location for some lunch. Pence are also expected to speak to elementary school students and faculty who were affected by Hurricane Harvey.
Using a metal back plate and a plastic frame in the case of the Redmi 5 and a metal back with plastic caps for the Redmi 5 Plus . Redmi 5 and Redmi 5 Plus cell phones were propelled by the Chinese producer at an occasion in Beijing on Thursday.
It couldn't maintain orientation as well as before, but it's "K2" phase still allowed it to spot many exoplanets like K2-18b. Based on the discoveries related to K2-18b so far, it could be an exoplanet that may possibly host extraterrestrial life .
No longer would they only arrest unauthorized immigrants who had committed serious crimes or had entered the country recently. The drop brings arrests along the US-Mexico border to the lowest level since 1971 , according to immigration officials.
These PWAs , that launched earlier this year on Android, will effectively blur the line between websites and installed software. With this new web portal, users will be required to login to remotedesktop. google .com and connect remote devices.
Democrats also criticized Republicans for including a bill on background checks in the concealed-carry legislation. Richard Hudson's (R-NC) national reciprocity legislation passed the House and was headed to the Senate .
The House voted 222-192 Monday to approve a motion to go to conference with the Senate on the tax overhaul bill. Despite the distaste for the bill among the public, Republicans passed legislation through the House and Senate.
Vontaze Burfict Carted off After Hit by JuJu Smith-Schuster
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Glassdoor lists the top places to work in 2018
Glassdoor's annual awards are based on anonymous, voluntary employee input about their workplace over the past year. Facebook's rating is 4.6, for instance, while Bayada Home Health Care (No. 100) received a 4.2.
LaVar Ball posts gif of himself dunking on Trump
LiAngelo withdrew from UCLA earlier this week after never playing in a regular season game as a Bruin . Ball was the only youngster of the three to steal from three stores (in China)", Vitale said.