Ripple (XRP) Erupts on Strength of RippleNet Launch
Barrick is buying Randgold to create the world's top gold miner
Australia fruit scare: Needles present in New Zealand strawberries
Trade war: China pulls out of talks with the U.S. over tariffs
Instagram co-founders resign in latest Facebook executive exit
Oil down 1% on continued concerns over United States output
13 March 2018, 12:06 | Joann Bryant
US shale Bakersfield
Oil prices fell on Monday on expectations that USA output will rise this year, erasing earlier gains buoyed by lower weekly US rig counts and falling US unemployment.
Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in US crude output weighed on markets.
Both WTI and Brent as recently as Thursday had marked their lowest settlements since mid-February.
"The big take away is the implied annual rate of change", James Williams, energy economist at WTRG Economics, told MarketWatch.
WTI settled down 68 cents to $61.36 per barrel while Brent fell 50 cents to $64.99 per barrel.
Gene McGillian, director of market research at Tradition Energy, pointed out that "The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but USA production, and North American production levels in general, is going to negate a lot of the impact of that".
Crude oil prices fell Monday ahead of closely watched USA inflation data that may set the stage for interest rate hikes.
The rising US output comes largely on the back of onshore shale oil production. The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies. The news is not likely to change the outlook for rising USA production which is now up to 10.37 million barrels per day (bpd). At stake is OPEC's production limits, which are among factors helping the oil market's monthslong recovery. It was the first such decline in seven weeks. Helping the dip, hedge funds and money managers cut their bullish wagers on US crude oil for the first time in three weeks, data showed on Friday.
"Permian and Bakken shale basins still saw active oil rigs rising by 2 and 3 last week, respectively, and are likely to keep United States oil production on increasing trend", ING said.
Nymex reformulated gasoline blendstock-the benchmark gasoline contract-fell 0.6% to $1.89 a gallon.
April natural gas bucked the downtrend among its energy peers, settling up 1.7% at $2.778 per million British thermal units, with forecasts for more cold weather in the eastern US boosting expectations for heating demand.
Federer rolls into fourth round at Indian Wells
I mean, I'm still in shock", Anisimova said. "I probably won't play in the very beginning, you know, meaning Monaco". On his highly-anticipated return to the tour after right elbow surgery, Djokovic looked a shadow of his former self.
Five die in NY helicopter crash
The skies over NY constantly buzz with helicopters carrying tourists, businesspeople, traffic reporters, medical teams and others. The company has "a fleet of 10 state-of-the-art Airbus helicopters (formerly American Eurcopter)", according to the website .
Spotify Now Allows Users To Edit Song Information
ITWeb is attending the official launch on Tuesday and will provide more details as they become available. There, the Premium tier costs US$9.99/month, or $14.99 for a family plan of up to six users.
Marquette mens basketball team selected for the NIT
Marquette would play one more game at a campus site before playing the semifinal and final rounds at Madison Square Garden in NY . The day and time for the Broncos' game is to be determined, but first-round games are scheduled for Tuesday and Wednesday.
Infamous Nintendo Switch Firmware 5.0.0 Is Out
Digital software purchases made from a PC or smart device will henceforth start downloading sooner than with the previous system. This means it's now easier for players see and add their social media friends to their Nintendo circle.
Kirk Cousins says farewell to Redskins' fans
The Jets have a league-leading $89.8 million in salary-cap space after the Cleveland Browns went trade insane over the weekend. I am filled with gratitude over the unwavering support and devotion from you, the fans, both on and off the field.