Oil Slips Below $62 as US Inventories Rise

Oil Halts Drop as Traders Weigh OPEC Cuts Versus U.S. StockpilesMore

On the positive side and somewhat limiting occasional dips, crude oil prices remain supported by the ongoing OPEC+ deal to curb production, supply disruptions from Venezuela and Libya and the continuation of U.S. sanctions against Iranian exports.

OPEC, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed in December to reduce supply by 1.2 million barrels per day (bpd) from January 1.

Crude oil prices in the meantime remain volatile although not as volatile as some expected after the announcement of the latest round of sanctions by Washington against Caracas. The West Texas Intermediate (WTI) for March delivery erased 0.90 USA dollar to settle at 53.66 dollars a barrel on the New York Mercantile Exchange.

USA crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said.

Kyrie Irving on future with Celtics - 'Ask me July 1'
Al Horford and Gordon Hayward contributed 14 apiece, Jayson Tatum chipped in 13 and Australian Aron Baynes made nine. Damyean Dotson scored 22 points and Kevin Knox had 21 for the Knicks, who dropped their 12th straight.

Meanwhile, oil supply from the Organization of the Petroleum Exporting Countries fell in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group's supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines.

Brent crude futures were down 46 cents, or 0.7 percent, at $62.05 a barrel, off a high of $63.63.

Technically, crude oil managed to violate a sideways trading range of $54.90 - $53.50 to place a fresh low near $53.10.

USA sanctions announced last Monday on Venezuelan oil companies are likely to cause Maduro economic woes. The sanctions aim to block U.S. refiners from paying into PDVSA accounts controlled by Venezuelan President Nicolas Maduro.

Liverpool boss Klopp: Gomez may need surgery on broken leg
Their most potent goal threat, Marko Arnautovic, is expected to have recovered from injury in time for this match. In fact, it was West Ham that had the better of the chances and may feel they should have won the game.

Inventory data from the Energy Information Administration will be released later today.

Quevedo said U.S. sanctions and trade wars will affect oil prices in 2019.

U.S. energy firms last week cut the number of oil rigs operating to their lowest in eight months as some drillers followed through on plans to spend less on new wells this year.

Prices of the barrel of WTI are shedding around $3 since Monday's new YTD peaks near $55.60 amidst the re-emergence of speculations over a slowdown in global demand.

Beyonce, Jay-Z offering concert tickets for life for going vegan
But yáll can also adopt diets like: all plants all the time , plant-based at work, and two plant-based meals a day. Beyoncé said she is offering free lifetime tickets to any of her or Jay-Z's shows.

Also dampening market sentiment still were worries about weaker global economic growth and the US-China trade dispute. "China trade talks", said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut. -China trade dispute. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

Related News:

  • Google parent Alphabet Q4 results: shares down after earnings revenue beats estimates

    Google parent Alphabet Q4 results: shares down after earnings revenue beats estimates

    The other segment of interest in Alphabet's ledger is "other bets", which is where the company lumps all non-Google business. According to a February 4th, 2019 media release, Alphabet increased its Q4 revenue by 22 percent between 2017 and 2018.
    Cancer awareness event to show benefits of exercise after diagnosis

    Cancer awareness event to show benefits of exercise after diagnosis

    Something that is often overlooked is obesity (3% and increasing) and its connection to cancer . Multiple initiatives run on World Cancer Day to show support for those affected by cancer .
    Silva confident in Gueye after Everton snub PSG offer

    Silva confident in Gueye after Everton snub PSG offer

    The Senegalese worldwide has asked the club to allow him join the French champions this month, according to Sky Sports News . Everton boss Marco Silva has not given up on Paris St Germain target Idrissa Gueye staying at Goodison Park.
  • Barcelona vs. Real Madrid

    Barcelona vs. Real Madrid

    Real Madrid: Improvement is what's on this team's mind, showing something better than in the first match of the season. Barca also have doubts over Ousmane Dembele ahead of the Madrid game.
    Porzingis, Mavericks talk coming to a long-term agreement

    Porzingis, Mavericks talk coming to a long-term agreement

    You could nearly see it in Rick Carlisle's eyes. "That's obviously a lot of what this deal is all about". "I remember he was a few years younger than me".
    Osibanjo Campaigns In Kogi After Helicopter Mishap

    Osibanjo Campaigns In Kogi After Helicopter Mishap

    Vice President Yemi Osinbajo has said that he alongside other occupants of the Chopper carrying to Kogi State were safe and sound. This is the second time Osinbajo is surviving a helicopter crash . "Everyone of us is safe and no one is maimed".
  • Los Angeles Had Lower Rating For Super Bowl Than Rest Of Country

    Los Angeles Had Lower Rating For Super Bowl Than Rest Of Country

    Super Bowl 53's TV ratings hit a 10-year low, according to, and the numbers were down for the fourth straight year. Staying in the Locker Room for the playing of our National Anthem is as disrespectful to our country as kneeling.
    Body found in Emiliano Sala plane wreckage

    Body found in Emiliano Sala plane wreckage

    Sala´s father Horacio spoke of his shock from his home in Progresso, Argentina , telling Cronica TV: "I can´t believe it.
    Son scores late to earn Spurs win

    Son scores late to earn Spurs win

    Son broke Newcastle's resistance on Saturday night in the 83rd minute, firing his side to a 1-0 triumph that took them within four points of leaders Liverpool.
  • Barcelona vs R Madrid | 06 Feb 2019

    Barcelona vs R Madrid | 06 Feb 2019

    Ousmane Dembele, who also trained after recovering from two weeks out with an ankle sprain, has not been named in the squad. It was not a game full of action from this point on, although both teams did squander a couple of golden opportunities.
    Lavrov Denies Possible Return to Cold War with US

    Lavrov Denies Possible Return to Cold War with US

    Torpedoing the INF Treaty is likely to trigger the reverse process, leaving the world more at risk and more unsafe than ever. Russia , who denied the United States allegations, responded to the U.S. pullout by withdrawing from the treaty as well.
    Trump mulls leaving intelligence in Afghanistan after withdrawal of troops

    Trump mulls leaving intelligence in Afghanistan after withdrawal of troops

    He appeared to be referring to the Al-Asad air base in western Iraq, where he paid a brief visit to US forces in December. In both Syria and Iraq, local forces remain heavily reliant on support from the USA -led coalition, the report said.


Most liked

76ers acquire Tobias Harris, Boban Marjanovic in major trade with Clippers
Many felt he had a legitimate case to make the All-Star team for the first time in his career. The Heat's 2021 unprotected first-rounder, in particular, is a big-time pick-up.

Nantes have demanded payment from Cardiff City over £15m Emiliano Sala transfer
On January 21, Sala was travelling from Nantes to Wales with pilot David Ibbotson , but the aircraft lost contact near Guernsey. A search team found wreckage of the plane on Sunday in the English Channel, but bodies have not been recovered or identified .

Kate Middleton steps out in black tie-up booties: Get the look
This trial is the latest development in the Government's increased investment in children's developmental health within the school system.

Duchess Meghan to hire a doula ahead of royal baby birth?
Yes, Prince Harry and Prince William have a ton of drama between them , and well, it does involve Meghan Markle unfortunately. While packing the food parcels, the royal newlywed asked for a marker to write empowering messages on the bananas.

Tuesday forecast: Patchy freezing drizzle through tonight
A mix of patchy freezing drizzle, light freezing rain and snow is possible Thursday , the National Weather Service said. Northeast winds gusting up to 50 km/h will also generate local blowing snow, leading to reduced visibilities.

India vs New Zealand 1st T20I at Wellington
Guptill will return to Auckland to rest, with an eye to next week's ODI series against Bangladesh. India have played only one bilateral series in the shortest format of the game in New Zealand .

Trump to call for unity, face skepticism in State of Union
Trump's approval had been sliding in recent weeks, reaching a low of 43 per cent in the Rasmussen poll as the shutdown wore on. And when it comes to the president's requested $5.7 billion in border wall funding, he's hit a brick wall of naysayers.

Gary Neville Has Predicted When Chelsea Will Sack Maurizo Sarri
Eden Hazard is confident Chelsea can do a Premier League double over title rivals Manchester City next week. Chelsea are fourth in the Premier League in Maurizio Sarri's first season at Stamford Bridge.

Captain Marvel Super Bowl Spot Goes Higher, Further, Faster
In the new clip, an optimistic Captain America (played by Chris Evans ) says, " Some people move on, but not us ". While below them Captain Marvel along with other team members is seen walking with a ideal attitude.

Maroon 5 halftime show gets help from a famous sponge
For SpongeBob fans everywhere, the performance was extremely disappointing - and they made their feelings known on Twitter, too. For the last song, Levine took off his shirt, showing off his tattooed body to millions of viewers around the world.

Nissan scraps plan to build new model in Britain
And Nissan is part-owned by France's Renault, which could move production to France in future to avoid any post-Brexit EU tariffs. Nissan said the decision to build the SUV's in Japan would reduce investment costs in the early stages of the project.

Groundhog Gives Good News For Winter Sufferers
Members of The Punxsutawney Groundhog Club, known as the "inner circle", do not recognise Buckeye Chuck's predictions. Sony has announced and released the first trailer for the upcoming video game Groundhog Day: Like Father Like Son.

Ole Gunnar Solskjaer: Anthony Martial can follow in Cristiano Ronaldo's footsteps
Solskjaer's faith in the 23-year-old could well see Martial exceed his best season yet in a red shirt. "We believe in him he's got fantastic potential".

Suarez Scores Stunning Goal On His First Arsenal Training Session
I think he is good, he adapts quickly and he is a player with quality. They are playing at home and for us it will be very hard . Arsenal's Laurent Koscielny down injured.

Hundreds gather in Doral to keep pressure on Maduro's regime
Other public workers attending the pro-government demonstration said they had been forced to go there by their bosses. Associated Press writers Scott Smith, Joshua Goodman and Jorge Rueda contributed reporting from Caracas, Venezuela .