Oil prices lower as inventory build only modest

Oscar PerryFeb 08, 2019

Meanwhile, US sanctions against Venezuela's oil industry are expected to freeze sales proceeds of Venezuelan crude exports to the United States.

While WTI crude future prices rose 0.7 percent on Wednesday, crude oil prices are down from $55.26 per barrel on Friday, its highest level for the year.

The Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, agreed to production cuts effective from last month to beat back supply growth. In addition to the crude inventories, gasoline stockpiles also registered lesser than forecast increase of 513,000 barrels while distillate inventories dropped below expectations to 2.3 million barrels.

"The price has yet to react in any noticeable way", he said.

US crude inventories rose by 2.5 million barrels last week, the American Petroleum Institute said on Tuesday. The worry was that the sanctions, targeting specifically PDVSA, will result in a shortage of heavy crude for US refineries on the Gulf Coast, but in actuality, there seems to be sufficient spare production capacity around the world to fill any supply gap resulting from the latest developments in and around Venezuela.

U.S. West Texas Intermediate (WTI) crude was down 13 cents at $53.53.

Adam Levine Addresses Halftime Show Hate on Instagram: ‘We Thank Our Critics’
Scott and the National Football League made separate $500,000 donation to Dream Corps, a US non-profit focused on social justice. The song was originally on an episode of the cartoon in which the character does its own halftime gig.

USA crude inventories rose by 2.5 million barrels last week, according to industry group the American Petroleum Institute, and gasoline stocks also increased. "That said, if the other OPEC countries fail to offset this outage, the oil market could quickly become undersupplied, driving the price up". Production last month declined to 11.38 million barrels per day (bpd), but that was only down by 35,000 bpd from its October 2018 level that is the baseline for the pact.

"The market seems to be turning on renewed worries that there doesn't seem to be a lot of progress on the U.S". A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.

In particular, he said, the market is anxious about whether demand is sufficient to absorb growing crude production from the U.S. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

The fund would receive income accrued by state-run oil firm PDVSA's U.S. unit Citgo Petroleum Corp since last month, when U.S. President Donald Trump recognized opposition leader Juan Guaido as Venezuela's legitimate head of state, Carlos Paparoni said in an interview.

Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by March 1.

Related Articles:



« Previous article


Popular Pages

Mario Kart Tour Has Been Delayed by Nintendo to Summer 2019
The bad news, for gamers who can't wait to play Mario Kart on a mobile device, came through Nintendo's quarterly earnings report . For starters, Mario Kart 8 Deluxe has become the best-selling Switch game , at 15.02 million units sold.

Groundhog Day 2019 Prediction: Will Punxsutawney Phil See His Shadow?
The 1993 film " Groundhog Day " starring Bill Murray, gave world fame to the groundhog Phil, but he's not the only weather marmot. TIME tested the accuracy of various groundhogs based on their ability to predict the weather of their relative geographic area.

Raptors getting Marc Gasol for Valanciunas, Wright, Miles, 2nd-rounder
His shooting woes had become a hot topic among fans of the Raptors, who have struggled with the deep ball in recent weeks. Wright has been with Toronto since being picked 20th overall by the Raptors out of Utah in 2015.

Trump wall emergency a 'good chance'
Pelosi said on Thursday, " There's not going to be any wall money in the legislation " to fund border security for the rest of this year.

John Barnes: The big reason why Liverpool CAN handle title pressure
He has been published by Curzon Ashton FC, Late Tackle, Manchester City FC, The Mirror, Read Man City and Manchester Evening News. Mane would have been clear for a one-on-one with Leicester keeper Kasper Schmeichel.

Venezuela's Guaido challenging Maduro through humanitarian aid
The Europeans gave Mr Maduro (56) an eight-day deadline to call fresh elections, or else have his authority removed. Maduro blames Washington and other Western nations for sabotaging Venezuela's economy, including through sanctions.

Lakers fall to Pacers in largest loss of LeBron's career
James became just the fifth player in National Basketball Association history to eclipse 32,000 points during the contest. Davis, who requested a trade a week ago through Paul, can't become a free agent until July 2020.

Another Democrat Just Made Fun of Ocasio-Cortez's Green Deal
House Speaker Nancy Pelosi has tapped eight Democrats to serve on a special committee to address climate change. Ocasio-Cortez is not on the panel.

LeBron James Calls Tom Brady the GOAT After Sixth Super Bowl Title
The Rams' Johnny Hekker's 65-yard punt was also longest in Super Bowl history. They are tied with Pittsburgh for number of wins (six).

Virginia governor denies wearing KKK costume in yearbook photo
Other photos on the page are of a young Northam in a cowboy hat, one of him seated before a convertible, and a formal head shot. He doesn't think that picture was of him in blackface because he vividly remembers the other time he allegedly wore blackface.