JPMorgan Unveils First Bank-Backed 'JPM Coin' Cryptocurrency
China trade talks move to higher level as deadline looms
Amazon cancels New York City HQ2 plans
Eero had grand smart home aspirations. Now Amazon owns them all
Tesla rolls out 'sentry mode' safety feature
USA oil prices edge up as market eyes tighter supply
07 February 2019, 02:53 | Joann Bryant
Venezuelan opposition readies U.S. fund to receive oil revenue
Another factor behind the oil market rally is the supply cuts imposed by the member-states of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers.
US oil prices inched up on Tuesday, buoyed by expectations of tightening global supply due to USA sanctions on Venezuela and production cuts led by OPEC.
"Distillate demand increased sharply last week due to the extreme cold weather, which contributed to the declining distillate stocks", said Commerzbank analyst Carsten Fritsch.
Meanwhile, the national price for regular gas on Wednesday averaged about 2.28 US dollars per gallon (about 3.8 liters), compared with 2.26 dollars per gallon a week ago, 2.24 dollars per gallon a month ago and 2.60 dollars per gallon a year ago, according to data of the American Automobile Association (AAA), which is a privately held non-profit national member association and service organization in the United States and Canada.
United States government data on Wednesday showed that domestic crude inventories rose by less than expected last week even as refineries hiked output.
International Brent crude oil futures fell 25 cents, or 0.4 per cent, to $62.44 per barrel.
U.S. West Texas Intermediate (WTI) crude was down 13 cents at $53.53.
Crude futures earlier posted around two-month highs.
The producers known as OPEC+ began cutting production by 1.2 million barrels per day from last month to avert a new supply glut and OPEC has delivered nearly three-quarters of its pledged cutback already, according to a Reuters survey. The cartel and the world's biggest exporter, Saudi Arabia, slashed its output more than expected under the OPEC deal, to 10.2 million barrels a day in January and is aiming to pump around 100,000 barrels less in February.
US imports of Venezuelan crude fell 41 percent to 345,000 barrels a day last week, the least since August, according to preliminary EIA data.
"The price has yet to react in any noticeable way", he said.
Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening.
US President Donald Trump said in his State of the Union address that a trade deal was possible with China.
USA energy firms last week cut the number of oil rigs operating to their lowest in eight months as some drillers followed through on plans to spend less on new wells this year.
With higher production from non-OPEC producers, especially the US, over the last few years, OPEC's market share has been shrinking, said James Williams, energy economist at WTRG Economics.
The Leading Goalscorers In El Clasico History
Real Madrid coach Santiago Solari had said earlier on Tuesday that he hoped Messi would be available. We have the player we believe is the best in world but they also have great players.
Pope: Nuns sexually abused, forced abortions
It is also likely to be discussed at the forthcoming summit on abuse in the Vatican on 21-24 February. Francis said the sisters had been reduced to "sexual slavery" at the hands of the Rev.
Five die in car bombing at Mogadishu mall
It frequently carries out bombings in Mogadishu and other parts of Somalia against government and other targets. On Friday at least 13 Shabaab fighters were killed in a U.S. army airstrike outside Mogadishu .
‘Modern Family’ Renewed For 11th & FINAL Season!
If we were to do it, season 11 would be it, for sure. "We're all trying to figure that out", he said. ABC's award-winning sitcom "Modern Family ", which is in its 10th season, will wrap after season 11.
Obesity-linked cancers on the rise in young adults
Incidence in young adults also increased for two cancers that aren't linked to obesity: gastrointestinal cancer and leukemia. Even though cancer most often strikes older adults, the sharpest increases were found in younger age groups.
Facebook will now let you unsend that typo in Messenger
You'll get the normal reaction emoji just above message, as well as some options down below: Copy, Remove, and Forward. Three sources said messages from Mark Zuckerberg disappeared from their inbox, TechCrunch reported previous year .
In Democratic response, Abrams sharply rebukes Trump
Trump has also announced plans to withdraw the 2,000 USA troops from Syria, saying Islamic State has largely been defeated there. The government shut down for more than a month over Trump's demands for $5.7 billion for his promised border wall with Mexico.