Samsung Galaxy S9: everything we think we know about new smartphones
St Albans KFC closed amid chicken delivery crisis
The promise of a hyperloop in India: 150km in 25 minutes
India arrests 3 linked to billionaire jeweller in bank scam
IRS Warns Taxpayers of New Tax Refund Scheme
Rising US supply knocks oil prices for a third day
14 February 2018, 11:42 | Joann Bryant
By 2022, US may cut back crude oil import from Nigeria
Even though the Organization of Petroleum Exporting Countries posted record compliance with self-imposed production limits last month, aggressive drilling by American shale explorers may swamp the market with crude, the IEA concluded in a report released on Tuesday. U.S. West Texas Intermediate crude futures closed 10 cents, or 0.2 percent, lower at $59.19 a barrel. Analysts surveyed by The Wall Street Journal had forecast, on average, a 2.6 million barrel rise.
The market dipped in post-settlement trading after industry group The American Petroleum Institute said US crude inventories rose by 3.9 million barrels in the week ending February 9.
Brent crude futures were at $62.81 per barrel, up 9 cents from their last close.
The day's recovery earlier was supported by the dollar, which slid to a one-week low, which made crude cheaper for buyers using other currencies.
"People are seeing this seasonal weakness in the U.S.as an expectation that perhaps demand growth will be slower", he said, adding that the rally in the second half of 2017 and start of 2018 has been fueled by expectations for robust demand.
Gasoline reserves during the same period increased by 4.6 million barrels, distillates - by 1.1 million barrels.
The API figures underline wider concerns of oversupply.
"The rising profile of the country's oil production remains the predominant bearish factor for oil prices, and the trend is being closely watched by countries participating in the OPEC-led output cut agreement", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
The IEA revised its global demand forecast upward by 7.7 percent. By the end of this year, it might also overtake Russian Federation to become the global leader.. It has now wiped out all the 2018 gains.
"Refiners continue to process significantly more crude oil than they have in the past, resulting in higher production of gasoline which is leading to higher product inventories", said Andrew Lipow, president of Lipow Oil Associates in Houston.
It's "this rush of shale crude oil production that's finally being acknowledged by the various agencies and hitting the market in a big way", John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone.
Oil fell for a third day on Wednesday, under pressure from concern about rising USA production and how much it would hurt efforts by OPEC and its partners to control global supplies.
The path to a bipartisan immigration bill
It would pave a path to citizenship for up to 1.8 million young "Dreamer" immigrants in the US illegally, a lure for Democrats. He says "they only come here with a determination to make a better life for themselves and a better country for all of us".
Sea of Thieves Won't Have a Character Creator
Sea of Thieves has had its end-game content revealed by Design Director Mike Chapman in a recent interview with Eurogamer . When microtransactions are introduced, the first item for sale will be a pet to join in high-seas adventures.
New YouTube TV Channels Come With a Price Hike
Additionally, NBA TV and MLB Network are still coming "soon", but will be a part of the base package once they are added . And if you've been waiting for YouTube to add Viacom channels, that still hasn't happened yet.