Oil prices dip on bloated US market, mixed Saudi signals

Sectors of the Nigerian economy- transport

May West Texas Intermediate crude CLK7, -0.94% fell 53 cents, or 1%, to settle at $52.65 a barrel on the New York Mercantile Exchange. Fuel supplies are shrinking week after week at a time refineries are stepping up their crude processing ahead of the summer driving season. The ministerial committee on monitoring of oil production limiting agreement compliance will meet in in Vienna on May with participation of Russian Energy Minister Alexander Novak to evaluate implementation of the agreements within the framework of the Organization of Petroleum Exporting Countries (OPEC), OPEC Secretary General Mohammed Barkindo told TASS. Brent touched $54.76 intraday, its lowest since April 7.U.S. Market bulls have been waiting to see a decline in bloated United States crude inventories after consistent builds since the start of the year, in tandem with rising refinery capacity utilisation rates in the country starting in the second quarter.

Oil edged lower on Wednesday, after U.S. data showed a smaller-than-expected decline in overall crude inventories coupled with another rise in production, hindering OPEC's efforts to reduce a global surplus of crude.

The incessant rise of rigs has led the Energy Information Administration to upgrade its U.S. oil production forecast for 2018 from 9.73 million barrels per day (bpd) in its March report to 9.9 million bpd in its latest report.

A fall in shipments from top exporter Saudi Arabia also lent the market some support.

While compliance has been strong among OPEC countries, production cuts have lagged among other producers including Russian Federation.

Overall, WTI edged higher to the $52.50 p/b area ahead of the United States open with Brent trading back just above the $55.00 level.

The country plans to double refining capacity to as much as 10 million barrels a day within 10 years, Saudi Energy Minister Khalid Al-Falih has said.

The U.S. drill rig count climbed to 683 last week, the highest since April 2015 and a 13th week of gains, Baker Hughes data showed on Friday. "Production rose for an eighth week and the EIA has said we will be pumping 9.9 million barrels a day in 2018".

Demand for gasoline also dropped back a little, Pugh added.

Prices have stabilised again recently after falling by about ten percent in early March, with recent unplanned outages and rising political tension in the Middle East playing a role.

"The numbers reflect slightly more bullish sentiment in the marketplace", Schenker said.

Related News:

  • Israeli defense officials: Assad still has chemical weapons

    Israeli defense officials: Assad still has chemical weapons

    Though that might change some of the specifics, the overall point that is attempting to be made here stays the same. Footage following the incident showed civilians, many of them children, choking and foaming at the mouth.

    Facebook introduces VR Spaces, AR camera effects at F8

    In essence, Facebook , Snapchat, and Apple are training us today for more sophisticated augmented reality down the road. The highlighted features of the AR platform on Facebook include object recognition, 3D effects and exact location.

    Facebook killer takes his own life as police close in

    A $50,000 reward was offered in this case, and many people are urging authorities to give the money to the McDonald's employee. Cleveland police detectives spoke with Stephens via cell phone after the killing and tried to persuade him to surrender.
  • Pence to North Korea: 'The sword stands ready'

    Trump campaigned on an "America first" platform, and has vowed to narrow big trade deficits with nations such as China and Japan. Pence's economic discussions in Tokyo will be closely watched to see how hard a line Washington is prepared to take on trade.
    Palestinian anger at Israeli refusal to talk to hunger striking inmates

    Palestinian anger at Israeli refusal to talk to hunger striking inmates

    Some 850,000 Palestinians have been incarcerated since the start of Israel's occupation 50 years ago, Palestinian leaders say. Some 6,500 Palestinians are now detained by Israel for a range of offenses and alleged crimes.
    Ex-NFL star Aaron Hernandez hangs himself in his prison cell

    Ex-NFL star Aaron Hernandez hangs himself in his prison cell

    Per the report, investigators are exploring whether Hernandez may have smoked synthetic marijuana on Tuesday night. May 28, 2014: Hernandez pleads not guilty to charges in connection with the deaths of de Abreu and Furtado.
  • N.Korea shows off 'ICBM' during massive parade

    In his annual New Year's address, Kim said that the country's preparations for an ICBM launch have "reached the final stage". State television showed what appeared to be several KN-08 and KN-14 missiles rolled out on trucks at the parade.

    Westbrook sets triple-double record, Thunder beat Nuggets

    Memphis, which has secured the seventh seed in the Western Conference playoffs, sat its starters for the fourth quarter. OKC and Denver battled close in the first quarter with the Thunder holding a 27-26 lead after the first 12 minutes.

    US carrier heading toward Korean Peninsula

    That night, in an interview with Fox News Business, US President Donald Trump said he was sending an "armada" to North Korea. Navy strike fleet headed by USS Carl Vinson was thousands of kilometers away from the Korean peninsula last weekend.
  • Russian Federation warns of serious consequences from United States strike in Syria

    The statement was made in the name of a previously unheard of "shared operations room" between Russia, Iran and allied forces. In the blighted town itself, residents mourning their dead welcomed the U.S. strike as a way to pressure Damascus.

    UK MPs back plans for 8 June poll

    Rebels in May's party have opposed her on all these policy areas since she replaced David Cameron last July. May's governing Conservatives now have a slight majority, with 330 seats in the 650-seat House of Commons.
    Blake Shelton Just Got His Comeuppance on The Voice

    Blake Shelton Just Got His Comeuppance on The Voice

    None of that is important, and her advice only seems to condemn these kids to concentrating on something besides their singing . As we mentioned with Team Adam , it's really hard to predict who will advance from this particular field of artists.


Most liked

Bill O'Reilly out at Fox News Channel
Just yesterday, a seventh woman came forward to allege that she had been sexually harassed by O'Reilly while working at Fox News . But since reports of the alleged payoffs surfaced, dozens of advertisers, including BMW, have pulled out of the show.

Jeter, Bush join forces in bid to buy Marlins
Just before retiring, he founded The Players' Tribune , a website featuring content written by professional athletes. Derek Jeter reportedly has a new teammate - Jeb Bush - and it's all in an effort to buy the Miami Marlins.

Klopp questions decision to make Dortmund play so soon after attack
There are things that are far more important in life than football. "We love football, we suffer with football, we love football". Dortmund coach Thomas Tuchel said his players should have been consulted about playing; UEFA says everyone was.

Wall scores playoff-best 32 as Wizards beat Hawks in Game 1
Seven former Cats will take the court to represent seven different teams in this year's National Basketball Association playoffs. Looking at the betting trends, the Hawks are 5-3 ATS in their last eight road games and 4-2 ATS in their last six games overall.

'Who paid for' rallies seeking release of tax returns
After Trump supporters said they would hold a "Patriot Day" rally, counter-protesters chose to hold a rally at the same place. Trump is so intent on hiding his business dealings and financial ties".

United CEO says no one will be fired for dragging incident
Even in normal times, airlines closely — even daily — scrutinize numbers such as advance sales and occupancy levels on planes. Barclays analyst Brandon Oglenski told Munoz that "accidents happen. hopefully, we can put this behind us".

Kendrick Lamar and Don Cheadle face off in insane video for 'DNA'
The scene opens with Kendrick chained to a table inside of what looks like a stark, police interrogation room. Dot's third consecutive album to debut at No. 1 on the Billboard Top 200 chart.

Yahoo's 1st-Qtr Revenue Jumps 22%
TRADEMARK VIOLATION WARNING: " Zacks Investment Research Downgrades Yahoo! Inc". (YHOO) in a note sent to investors on 21-Oct-16. Twenty-two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock.

Cavs open 2-0 lead over Pacers with 117-111 win
James put up a near triple-double with 25 points, ten boards, seven assists to go along with four steals and four blocks. It was a combination of poor communication, bad switches, and giving 3-point shooters too much space.

Blue Jackets' Werenski out for playoffs with face fracture
Entering Tuesday, the Blue Jackets probably couldn't have even been labeled a playoff team that is trending downward . He was waiting to the right of the net to collect a rebound on a shot by Jenner and beat Fleury to the glove side.

Activist fund rejects Dulux owner's plan to split in two
The firm expects a total of 200 million euros in annual savings resulting from ongoing improvement programs. The paint company PPG has offered to pay more than $24bn (£19bn) for the business.

Egypt policeman dies in gunmen attack near Sinai monastery
Security sources said it was carried out by gunmen on a police checkpoint several hundred metres from the church entrance. A police officer was killed in a gunfire attack at a security checkpoint near the monastery on April 18, 2017.

Russia: Putin Explained to Tillerson Why Relations Have Deteriorated
Tillerson's mission sees the Trump administration taking on the traditional US role as spokesman for a unified Western position. Describing the Syrian leader as a "butcher" he said he had "absolutely no doubt" the United States had done the "right thing".

Jakarta on Alert as Voters Head to Polls to Choose Next Governor
Some groups plan to mobilize tens of thousands of Muslims on Wednesday to guard more than 13,000 polling stations across Jakarta . Ahok, a Christian of Chinese descent, met fierce opposition as seeks to be selected new Jakarta governor.

Documents provide play-by-play of dam crisis response
An Associated Press review found officials made a series of questionable decisions and missteps before and during the crisis. For days, managers assured the public there was no imminent danger as they slowed releases of water to assess the damage.