Oil Prices Continue Free Fall On US Rising Inventories

Oil prices fall after surprise build in U.S. inventories

Standoffs between the USA and key trading partners China and Mexico, plus new data showing larger than expected US stockpiles, yesterday blasted crude futures to their lowest levels in five months. Traders were looking for a 1.7 million barrel draw down. It fell more than 5% earlier to $50.62, its lowest level since January 14.

The oil market has been weighed down by concerns about slowing global growth due to the U.S. Brent also extended gains after its settlement and was last up $1.67, or 2.8%, at $62.30/Bbl. Data from oilfield-services provider Baker Hughes also showed American explorers cut drilling-rig activity to a 15-month low this week.

Global oil prices are expected to teeter for the remainder of the year, as trade tensions and USA crude inventories buildup continue to incur losses, yet output cut efforts by OPEC and its allies (OPEC+) would underpin the market, according to analysts at the world's leading investment banks.

US gasoline inventories also rose by 3.2 million barrels during the week.

Dark Phoenix Original Ending Like Marvel Movies, Director Says
With about 114 reviews, at the time of reporting, X-Men: Dark Phoenix has a rating of 22 percent on the site. During this mission, Jean is infused with some supernatural abilities that make her powerful beyond measure.

Oil prices resumed their slide on Wednesday, with West Texas Intermediate crude futures (WTI) dropping more than 4 percent after U.S. crude inventories unexpectedly surged. Total petroleum stockpiles grew by about 22 million barrels last week, the biggest jump going back to 1990, marking a three decade high.

Tanker brokerage Eastport said on Tuesday that the continued trade war has raised concerns of a global economic slowdown as well as weaker oil demand. "We will do what is needed to sustain market stability beyond June".

Technically, crude oil hasn't changed much from yesterday. 'But you can be sure that we will be responsive, ' he said.

Since its peak in April, the American oil benchmark, WTI has dropped by almost 20%, pushing it to the edge of a bear market. Since then, the escalating U.S. President Donald Trump's threat last week to slap tariffs on Mexican goods, exacerbating fears that global economic growth will slow and cut demand fuel.

Americans found dead in same Dominican Republic resort within 5 days
In a statement to CNN , the State Department confirmed the deaths of the three U.S. citizens in the Dominican Republic last month. A State Department official said in a statement that "we are not aware of any connection between these incidents".

Also potentially keeping a lid on prices is the unrelenting rise in US crude production. Trump said he will start with a 5% tariff on Mexico and raise that to 25% unless the flow of undocumented migrants and drugs from across the border stop.

Russian Federation is pitching in the biggest cuts among non-OPEC producers in the alliance.

TD Securities analysts points out that for the oil markets, OPEC+ is still deliberating on a date for their meeting, but Saudi's energy minister delivered a strong signal that the current slump in oil markets pushed prices below the Falih put strike.

Apple succeeds the trashcan with a cheese grater Mac Pro
It looks like a traditional desktop tower PC, albeit with a little more chrome and shiny metal than you'd find on most PC towers. But you'll need to save your pennies as these new additions to Apple's hardware range won't come cheap.

Related News:



Most liked

Google fleshes out its Stadia cloud gaming platform
Announced in March at the Game Developer's Conference in San Francisco , Stadia upends the concept of game platforms as hardware. As for Stadia Pro , you can get it only as a part of a bundle, which is up for pre-orders on Google Store .

Australian PM defends legality of police raids on media
Police confirmed they had not notified Dutton in advance and said their actions were "independent and impartial at all times". Shadow home affairs minister, the Labor party's Kristina Keneally, demanded an explanation for why the raids occurred.

GSW owner's wife - Jay-Z chat led to threats
On Thursday, Curran, 50, told ESPN.com reporter Ramona Shelburne in tears that she "disabled her IG account just to make it stop". The Beyhives are notorious for swarming on anyone who they think may have offended Beyonce or cause her any form of trouble.

Kate Middleton Beams as She Receives Prestigious First Salute During Military Concert
The tiara has become a favourite of Kate's , and she last wore it to a banquet in October of past year . Trump's children Ivanka Trump , Donald Trump Jr., Eric Trump, and Tiffany Trump also graced the event.

Man Utd doubt Juve can afford Pogba
Manchester United star Paul Pogba's future has taken yet another twist after reports emerged over a desire to retire to Juventus . Because they're not going the best and Manchester United aren't really we're they should be.

Warriors big man Looney likely to miss remainder of Finals
The hoodie carried the caption "KEVIN?!?!?!", a hat-tip to the rumors that Kevin Durant could soon be returning to the Warriors. He averaged 6.2 points and 5.2 rebounds per game during the regular season and has been an impactful defender for the Warriors.

Google Stadia’s launch is shaping up to be a confusing mess
Google has announced that Stadia Pro membership will cost £8.99 per month in the United Kingdom , $9.99 per month in the US. If you don't want Stadia Pro , you don't need it, and you can access the service for free as " Stadia Base ".

Amazon's drone delivery service is one step closer to taking flight
This follows work Amazon has done on the topic of conversational AI with university researchers. Uber has also been testing drones in its UberEats unit to achieve fast delivery.

TSMC expects short-term impact from U.S. ban on China's Huawei
The SCMP article cited people familiar with the matter, as well as Zhao Ming, president of Huawei's smartphone brand Honor. This, as per a report by 9to5Mac, is depended on Huawei's sales declining in non-Chinese markets.

Pokemon Sword Shield release date leaked: Giant Pokemon, Raids, Legendary info revealed
The games, which will also be released as part of a double pack, will be taking place in a new setting known as the Galar Region. According to the reveal details, it sounds like certain Pokemon will only be able to be captured during these Max Raid Battles.

Trump sees possible U.S.-UK trade deal once United Kingdom removes 'shackles'
As he stepped onto UK soil, Mr Trump was greeted by US Ambassador to the UK Woody Johnson and Foreign Secretary Jeremy Hunt. However, the President and First Lady chose not to do this, opting instead to shake hands with Her Majesty.

Jennifer Lawrence Did Dark Phoenix Returned Under One Special Condition
In 2016's X-Men: Apocalypse , the reboot trilogy's Jean Grey first revealed her Phoenix Force powers in the climactic battle. Dark Phoenix early reviews: While critics have lauded Sophie Turner's Jean Grey, many thought the plot was messy.

Oil Falls After Sharp Rise In Crude, Gasoline Inventories
USA crude, gasoline and distillate stocks rose last week, the Energy Information Administration said on Wednesday. Gasoline production averaged 10 million bpd last week, compared with 10.1 million bpd a week before.

Serena Williams ambushed by Sofia Kenin at French Open
Instead, Barty will play world number 35 Sofia Kenin after the 20-year-old fearlessly blasted compatriot Williams off the court. In the fourth round, he will face Wawrinka, who defeated Bulgaria's Gregor Dimitrov 7-6 (7-5), 7-6 (7-4), 7-6 (10-8).

Priyanka Chopra speaks about racism against Meghan Markle
Priyanka Chopra said that ever since her marriage to Prince Harry , Meghan Markle has only used her platform for good. And now, her friend Priyanka Chopra is opening up about the racism Markle has faced since joining the royal family.