Oil trades near seven-month low

Global oil output will expand faster than worldwide demand for oil next year, primarily as USA producers rack up production, and that could hamper exporters' efforts to prop up prices, the IEA said Wednesday.

A Market Research Manager, Tradition Energy in Stamford, Gene McGillian, said in the report that fears of oversupply was driving the market, adding that crude oil price would appreciate soon.

The bearish gasoline data overshadowed a 1.7 million-barrel drawdown in US crude stocks, analysts said.

Efforts to combat the oil glut have not been helped by figures this week that showed Opec as a whole increased production in May because of higher output by Nigeria and Libya, which are not covered by the recent cuts deal.

"Production growth in Libya and Nigeria and continued rig additions in the US are complicating the picture, raising doubts on OPEC's strategy".

However, continuing production growth in many non-OPEC countries is expected to moderate the pace of global liquid fuels inventory draws in 2017.

In a sign of the continuing supply overhang, traders are again hiring oil tankers to store unsold crude while they wait for higher prices.

Uber dismisses over 20 employees after law firm's probe
According to experts, the firings on Tuesday are likely just the tip of the iceberg of Uber's response to the investigations. Uber is acting fast after an investigation substantiated multiple reports of sexual harassment at the company, CNN reports.

Oil prices wallowed near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC's ability to implement production cuts, according to Reuters. U.S. Energy Information Administration (EIA) data this week showed growing gasoline stocks and shaky demand.

"I think there's evidence that we're starting to see reactions by shale producers", said U.S. Bank Wealth Management's Haworth, "New investments are slowing down".

The report said: "Overall, stable demand and low volatility are the factors that should push Brent prices up by $2 or $3 in the coming weeks". Supplies at the Cushing, Oklahoma, oil hub were down by 833,000 barrels.

Iraq, OPEC's second-largest producer, contributed the third-biggest increase with a more than 44,000 bpd jump.

He said he believed the price of global benchmark Brent crude would have to drop to $45 a barrel before United States rig growth slowed.

Oil headed for the longest run of weekly losses since August 2015 as USA crude stockpiles remain stubbornly high and as Libyan production climbs toward the most in four years.

Related News:

  • Trump attorney says president not under investigation in Russia probe

    The president fired back over Twitter and at a news conference, claiming that some of the things Comey said weren't true. Trump adviser Newt Gingrich said on ABC's "This Week" that the tweet Friday "didn't help him".
    France's Macron heads for crushing parliamentary majority

    France's Macron heads for crushing parliamentary majority

    Pollsters predict the LREM could secure at least three-quarters of seats in the lower house after next Sunday's second round. The main opposition in the face of The Republicans party and its allies can get 95-115 seats.

    Trump slams Russian Federation 'witch hunt,' touts himself, agenda on Twitter

    Sekulow made four TV appearances on Sunday to clarify the situation. Schiff said the investigation is "just getting started".
  • Trump Refuses To Join G7 Statement Endorsing Paris Climate Accord

    Trump Refuses To Join G7 Statement Endorsing Paris Climate Accord

    But U.S. business leaders in many sectors, including energy, technology and manufacturing, have embraced the treaty. According to sources with access to the meeting, Scott Pruitt , administrator of the U.S.
    Cabinet approves subsidy, crop loans to get cheaper

    Cabinet approves subsidy, crop loans to get cheaper

    The Interest Subvention Scheme for 2017-18 was approved at the Cabinet meeting today headed by Prime Minister Narendra Modi . The scheme will apply to short term crop loan upto three lakh rupees and the rate will be four percent.

    NHL Expansion Draft 2017 Protection List Made Public

    The Panthers also protected four of their core forwards in Jonathan Huberdeau , Sasha Barkov, Nick Bjugstad and Vincent Trocheck . Fleury was left unprotected by the Pittsburgh Penguins after he agreed to waive the no-movement clause in his contract.
  • Trump tells senators House health care bill is 'mean,' source says

    Trump tells senators House health care bill is 'mean,' source says

    The other source said Trump used a vulgarity to describe the House bill and told the senators, "We need to be more generous". Ron Johnson, Bob Corker, Bill Cassidy, Lindsey Graham and Jeff Flake all said they had not seen the healthcare bill .

    PM May says thoughts with those injured in incident near London mosque

    London's transport authority said on Twitter that the Seven Sisters road had been closed due to an "emergency services incident". The crash occurred shortly after midnight, when police received reports of a collision between a van and pedestrians.
    PM Narendra Modi wishes Rahul Gandhi on his 47th birthday

    PM Narendra Modi wishes Rahul Gandhi on his 47th birthday

    In an early morning tweet, PM Modi said, "Birthday greetings to the Congress Vice President, Shri Rahul Gandhi ". Rahul Gandhi will be celebrating his birthday in Italy with his maternal grandmother, who is 93 years of age.
  • Macron's Party Wins Big

    Macron's Party Wins Big

    The FN's result showed the party struggling to rebound from Le Pen's bruising defeat by Macron in May's presidential run-off. Socialist Party leader Jean Christophe Cambadelis said the record-low turnout was a "sign of vast democratic fatigue".

    Vehicle strikes pedestrians in London, causing 'number of casualties'

    The imam of the mosque, Muhammed Kozba, told Anadolu Agency the incident should be considered as a "terrorist attack". A number of those injured are believed to be Muslims who had left evening prayers after breaking the Ramadan fast.

    Federal Bureau of Investigation arrests polygamist Mormon sect leader Lyle Jeffs

    An FBI spokeswoman said Thursday, June 15, 2017, that Jeffs was arrested in South Dakota on Wednesday, June 14. FBI investigations revealed that after absconding, Lyle Jeffs spent time in the Short Creek area in July 2016.


Most liked

Little-known Koepka Wins US Open Golf Championship
Harman was a three-time 2nd team All-American at UGA. "I just couldn't stand the fact that I had only won once" on Tour, he said. It was unbelievable to me that he said in the presentation ceremony that he felt "confident" throughout the entire round today.

President Trump's lawyer stresses he is 'not under investigation' by FBI
There have been multiple news reports and a tweet from Trump himself on Friday that began with: "I am being investigated". The official demanded anonymity because the official was not authorized to be named discussing the deliberations.

India captain Virat Kohli: Pakistan completely outplayed us in Champions Trophy final
The Indian captain praised left handers batting approach and said 80 percent of his "high risk shots" came off well. Amir had been ruled out of Pakistan's semi-final against England due to a back spasm during a practice session.

South Korea to scrap building new nuclear power plants
The decommissioning will take at least 15 years and cost 643.7 billion won ($569 million), the energy ministry said. The Kori-1 had generated nearly five percent of South Korea's nuclear energy.

Champions Trophy 2017: Pakistan skipper Sarfraz Ahmed thrilled with emphatic turnaround
Defending a huge total of 338, Pakistan bowlers bowled superbly to restrict India to 158 all out in 30.2 overs. Amir dismissed Dhawan, the tournament's leading scorer with Sarfraz taking a simple catch behind the stumps.

Iranian security forces kill mastermind of Tehran attacks
Iranian lawmakers said the intelligence minister had assured them that "all Islamic state elements have been eliminated" in the country.

Theresa May 'confident' she will get Queen's Speech through Commons
Northern Ireland's frontier with the Republic of Ireland will be the UK's only land border with the European Union after Brexit .

Mexico held Portugal to 1-1 draw in Confederations Cup 2017
The quality of El Tri's players would also have been debated. "I feel like we deserved more", he said after the match. A deep cross was able to find former Arsenal forward Carlos Vela after lax defending from Raphael Guerreiro .

Tebow ends 1st half of his 1st pro season with 3 strikeouts
Tebow lost the grip on the bat and sent it soaring deep into the second level seats on the first base side of the stands. At one point Saturday night Tebow took a great big cut at the plate. and let go of the bat.

Cristiano Ronaldo: Portugal shouldn't panic after Mexico draw
Mexico midfielder Carlos Vela got to the ball near the far post and sent it to the middle of the area for Chicharito's goal. Minutes after coming on, he almost scored a great headed goal but Ochoa came up with a terrific save.

Several injuries reported in London's Finsbury Park after van hits pedestrians
Initial reports indicate that up to 10 people were struck by a van outside of a mosque, with three reportedly dead. Police arrested the van's driver, but were trying to determine whether the collision was accidental or deliberate.

US Open 2017: Jordan Spieth 'took an L' with poor third round
The soft, forgiving conditions created opportunity for major movement up the leaderboard for those players willing to take it. Jason Day was walking away from Erin Hills with his wife and son when he managed to find one positive about this U.S.

Conrad Roy's 'Thrilled' Grandpa Demands Michelle Carter Get 'Maximum' Sentence
He said Roy had a history of depression, which involved a previous suicide attempt and was wholly responsible for his own death . The judge ruled that Carter , now 20, can remain free on bail but ordered her not to make any contact with Roy's family.

Trump takes to Twitter, declares Russian Federation investigation a 'witch hunt'
Sekulow , however, said Trump's tweet from Trump was specifically directed at a "fake" media report with no "documented sources". "The president is not under investigation by the special counsel", Sekulow told NBC's Chuck Todd.

Irish PM Varadkar to meet DUP and Sinn Féin
But a newly appointed junior Brexit minister, Steve Baker, told Reuters: "I don't foresee any change". The opening was set to take place on Monday, but was delayed amid negotiations.