Oil rises as IEA forecast overshadows U.S. crude build
00:15, Сен 15, 2017
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
Traders said widening of positions by participants on the back of strong demand in spot market against restricted supplies from growing regions, mainly kept crude palm oil prices higher at futures trade.
Oil prices edged lower on Thursday, but held on the most of their gains from the previous session which came after data showing a record drop in gasoline inventories and indications that the oversupplied global market is starting to rebalance.
"We don't expect a spike up in prices nor do we expect a big drop in prices".
Members of the Organization of Petroleum Exporting Countries and other producers including Russian Federation have pledged to reduce crude output by about 1.8 million barrels a day through March to trim global oil inventories and buttress prices. United States light crude was unchanged at $49.30 after gaining 2.2 per cent in the previous session.
But in August, for the first time in four months, OPEC finally managed to follow through on its promises when its production fell from the previous month's totals.
U.S. gasoline stocks slumped 8.4 million barrels, the largest one-week decline since the EIA started recording the data in 1990, while distillate stocks fell 3.2 million barrels.
Within industrialised countries that are members of the OECD oil "product stocks are now only 35 mb above the five-year average", the IEA said in its monthly report.
"While these bullish forecasts will buoy expectations for a sustained price recovery, we should caution that global oil stockpiles are expected build in the early part of next year", said Stephen Brennock, oil analyst at PVM oil, in a note.
Though inventories in developed economies are still 195 million barrels above the five-year average, it declined by 18.7 million barrels per day in July and will soon fall to this level given robust demand outlook and falling supplies.
Global benchmark Brent crude prices were down 0.11 per cent at $55.10 per barrel, while West Texas Intermediate (WTI) crude was 0.08 per cent up at $49.34 per barrel.
The numbers show that "Hurricane Harvey's disruptive influence continues", said Smith, director of commodity research at ClipperData.
USA gasoline futures dipped after the data, and were down 0.4 percent at $1.6511 a gallon. The IEA said it is time to reexamine the region's energy security with the USA adding refined products to the country's strategic petroleum reserves alongside crude.
The IEA report confirmed the same trend highlighted in OPEC's August report out the day before.
Nintendo also confirmed that production of the SNES Classic will not cease at the end of 2017 as originally planned. Finally, Nintendo announced that in summer 2018, the NES Classic Edition will return to stores with new shipments.
I must say, it was more a fools' vision of Europe because he seemed to have totally ignored the realities of Europe. Juncker said cyber-attacks "can be more risky to the stability of democracies and economies than guns and tanks".
Wood faces stiff competition at Burnley , with other top strikers in the squad, but Dyche's selection criterion is simple. De Boer's appointment was described as "an wonderful milestone" by the chairman, Steve Parish .
No one claimed immediate responsibility for the attack, but both Taliban and Islamic State militants are active in the province. Afghan President Ashraf Ghani is pleased at Trump's strategy and happy that fresh American troops were coming again.
The Browns' defense was in the bottom third of the league in run defense and that's where the Steelers will start to hurt them. He is the next in a long (long, long, long) tradition of quarterbacks making their Browns debut in Week 1.
Apparently, Jolie took the kids along, because there will be the cartoon " The Breadwinner ", the producer of which she is. Her return to the Disney villainess would mark her first onscreen appearance since her 2015 role in By the Sea .
Jackson had also appeared emotional after performing the song at her first concert stop in Lafayette, Louisiana on Thursday. Asides her great voice and outstanding performance, her outfit for her performance also caught attention.
Arsene Wenger says Arsenal were close to signing Kylian Mbappe past year but the competition was too high this summer. The Gunners won the opening game against Leicester in a thrilling match that was decided in the final moments.
He's back. JJ Abrams to direct 'Star Wars: Episode IX'
Some wondered if Rian Johnson , who directed " Episode VIII: The Last Jedi ", would return to direct the saga's ninth film. That marked the second time this summer that Lucasfilm and Disney had sacked the directing force behind a Star Wars film.
Bodegas in New York City don't need to be 'disrupted'
Despite our best intentions and our admiration for traditional bodegas , we clearly hit a nerve this morning, we apologize. The tech industry has been pilloried for forcing gentrification in major cities like San Francisco.
China to ban sale of fossil fuel cars in electric vehicle push
BMW had also announced plans for an electric Mini to be constructed, while Volvo also progressed towards building cleaner cars. A similar deadline has been given by France, leading some to predict that China would also opt for a 2040 cut-off point.
Odell Beckham traveled to Dallas, may still sit vs. Cowboys
Offseason pickup Brandon Marshall , a former No. 1 receiver in his own right, will likely see an increased role Sunday night. Last season, during two victories against Dallas a quarterback notorious for turning the ball over threw just two picks.
Eden Hazard sends Chelsea message to Antonio Conte
Jamie Vardy got Leicester City on the board 12 minutes later when he converted a penalty with a right-footed shot to the goal. Hazard, arguably the best player in the Premier League, successfully underwent a surgery soon after.
Cruise lines sending ships to help with Irma rescue efforts
The stock of Herzfeld Caribbean Basin Fund, Inc (NASDAQ:CUBA) earned "Overweight" rating by Pacific Crest on Tuesday, August 30. The company reported $3.20 earnings per share for the quarter, topping the Zacks' consensus estimate of $3.10 by $0.10.
North Korea vows strong countermeasures against USA pressure
Outside experts have been unable to verify North Korea's claim that it tested a hydrogen bomb Sunday, but say it's plausible. A fire department official in Seongju said 38 people, including six police officers, were injured, none seriously.
About 700 invite-only guests to hear Trump speak in ND
Speaking alongside relevant cabinet officials, Trump is expected to hold North Dakota's economy up as an example for America. State officials, in addition to North Dakota's Congressional delegation, will attend the speech in Mandan, North Dakota.