Oil prices climb off 10-month lows as US stockpiles drop

August Brent crude futures LCOc1 were up 8 cents at $46.10 a barrel by 1258 GMT, having fallen earlier to seven-month lows at $45.53. Oil had pushed its way back above $46 ahead of USA trading and cast off 2% on Tuesday, taking US crude futures 20 percent off recent highs.

John Kemp, market analyst for Reuters, noted that with USA producers poised to seize more than half of the projected growth in global liquids consumption of 1.54 million barrels per day (bpd) in 2017 and 1.62 million bpd in 2018, OPEC and its allies "will eventually respond by increasing their own output to protect market share against the threat from us shale producers". "Meanwhile, oil output in the country is still rising despite recent declines in oil prices". "U.S. crude and gasoline stockpiles are significantly higher compared with their five-year averages, which will weigh on prices". Besides, EIA expects US crude oil production to increase through 2018, averaging 9.3 million b/d in 2017 and 10.0 million b/d in 2018. Currently, Iran is one of three OPEC countries that have not been asked to cut oil production.

The global benchmark crude traded at a premium of $2.29 to WTI. With the glut persisting, the outlook for oil prices has been dampened.

Crude inventories USOILC=ECI fell 2.5 million barrels in the week to June 16, surpassing analysts' expectations for a decrease of 2.1 million barrels, as imports USOICI=ECI rose marginally by 56,000 barrels per day, the U.S. Energy Information Administration said on Wednesday.

Senate Votes to Move Ahead on Additional Sanctions Against Russia
Several more votes on the bill are scheduled in the Senate in the coming days before it can go to the House of Representatives. Amendment 232 has been attached to Bill 722 imposing sanctions against Iran, which the Senate is now debating.

Producers including Iraq, Saudi Arabia and Russian Federation "aggressively ramped up output in the run-up to the deal, fast-tracking projects, expanding drilling programs and deploying spare capacity", BMI said.

The official government report is scheduled to be published later. In light of the same global investors have become increasingly skeptical of the effectiveness of extension of output cut agreement through March 2018.

OPEC compliance with the output curbs in May was 108 percent, while non-OPEC compliance was 100 percent, the source said.

OPEC reported that overall compliance with the production cuts was running at 106% for May, although the overall data had little impact on sentiment.

Related News:

  • Tillerson Says Every Foreign Counterpart Asked to Address US-Russia Relations

    The measure has been attached to a bill imposing penalties on Iran that the Senate is now debating and also has strong support. Secretary of State Rex Tillerson says he wants flexibility as he tries to improve ties with Russian Federation .

    CIRCOR International (CIR) Given News Impact Rating of

    Legal And General Grp Pcl has invested 0% in ClubCorp Holdings Inc (NYSE:MYCC). (CIR) in trading session dated February 23, 2017. The firm owned 98,776 shares of the industrial products company's stock after buying an additional 470 shares during the period.
    Jurors sent home after a day of deadlock and deliberation

    Jurors sent home after a day of deadlock and deliberation

    Each count of aggrevated sexual account carries a maximum sentence of 10 years in prison with no minimum and a $25,000 fine. In those interviews, Cosby admitted to sexual contact with Constand and said they had previously had a romantic encounter.
  • Trump plans to release tax overhaul in early September

    Trump plans to release tax overhaul in early September

    I think if we don't do that, we won't be successful in 2018. "I hope we're going to surprise you with a really good plan". Scarborough said moving further left will only cost Democrats more elections, particularly in the South.

    GOP healthcare plan will have 'heart'

    McConnell said last week that "nobody is hiding the ball here" and that people are "free to ask anybody anything". Democrats have been critical of the process with the bill being drawn up by the GOP majority behind closed doors.

    Notis McConarty Edward Sells 1400 Shares of Pembina Pipeline Corp

    Cymabay Therapeutics, Inc. (CBAY) exchanged hands at an unexpectedly high level of 0.72 million shares over the course of the day. Somerville Kurt F decreased Pembina Pipeline Co ( PBA ) stake by 34.1% reported in 2016Q4 SEC filing.
  • Itau Unibanco Banco Holding SA (ITUB) Upgraded at ValuEngine

    After $0.45 actual EPS reported by World Fuel Services Corp for the previous quarter, Wall Street now forecasts 24.44% EPS growth. ValuEngine upgraded Itau Unibanco Banco Holding SA from a "buy" rating to a "strong-buy" rating in a report on Friday, May 19th.

    Donald Trump says China efforts on N.Korea 'have not worked out'

    President Trump tweeted that he appreciated China's efforts to help with North Korea but that their attempts "did not work out". In a news conference before Warmbier's death, they said they could not speculate on the cause of his condition.
    Ronaldo header gives Portugal win over Confed Cup hosts Russia

    Ronaldo header gives Portugal win over Confed Cup hosts Russia

    However, the 18-year-old had a second half to forget as the revitalised Mexicans stormed back, creating a swag of chances. While Russia had more of the ball in the second half and pushed forward with regularity, they created nothing of effect .
  • Expeditors International of Washington Inc

    Wells Fargo & Co started coverage on shares of Expeditors International of Washington in a research report on Monday, March 13th. Commonwealth Retail Bank Of Aus stated it has 1.86% of its portfolio in Expeditors International of Washington (NASDAQ:EXPD).
    Trump administration contradicts itself on Qatar allegations

    Trump administration contradicts itself on Qatar allegations

    Last week, Qatar's defense ministry announced that Doha signed an agreement with Washington to buy $12 billion worth of F-15 jets. Qatar Foreign Minister Mohammed Al Thani told reporters June 19 that his country has yet to receive any formal demands.
    Ken doll gets a makeover, new hair styles

    Ken doll gets a makeover, new hair styles

    Then there's Barbie : full afro Barbie , Latina Barbie , spent too much time on Instagram and now rocks turquoise hair Barbie . Ken used to be an afterthought and a man that was just the aforementioned "nice guy" to have alongside Barbie .


Most liked

Jones captain and Farrell at fly-half for Lions
Centre Ryan Crotty will miss the Crusaders' clash with the Lions due to a rib injury but has been named in the All Blacks squad. They will be a good side when the tests come around and that is all they care about anyway".

NHL is the big show in Vegas
The 91-year-old Lindsay was in attendance for the presentation, flanked by Mario Lemieux and Mark Messier. The heavily bearded big man with an aggressive offensive game scored 76 points to lead all defensemen .

Germany vs. Chile in Confederations Cup
Much had been made before kick-off of Germany bringing a young squad and their starting line-up had just 138 worldwide appearances between them.

Sheryl Sandberg has no plans to leave Facebook for Uber
The move comes as the world's largest ride-hailing company struggles to morph from a freewheeling start-up into a mature company. May 30: Uber fires Levandowski , stating that he didn't fully co-operate with the court or with helping Uber to prove its case.

State of Origin series goes to a decider
Leading them all was Josh Jackson with an influence on the match that was immeasurable, mainly because I couldn't find his stats. The decider is set to be held on Maroon home turf, at Brissy's Suncorp Stadium on July 12.

Marks and Spencer Group Plc (MKS) Given Sell Rating at Liberum Capital
Deutsche Bank AG reissued a "hold" rating on shares of Marks and Spencer Group Plc in a report on Wednesday, June 7th. Shares of Marks and Spencer Group Plc (LON:MKS) traded down 0.41% during trading on Wednesday, hitting GBX 340.20.

Di Maria fined for Spanish tax fraud
Manchester United have vowed to stand by their manager after he was accused of defrauding the taxman of €3.3m (£2.9m). Angel Di Maria will pay a fine of £1.76 million to avoid spending time in prison after admitting to tax fraud .

Uber is adding tipping in app after intense driver unrest
A rider boycott in late January knocked Uber ridership down to 52.7 percent, while Lyft grew to a 12.8 percent share. In early January, Uber accounted for 56.8 percent of all rides in the city, while Lyft had 9.5 percent.

Qatar Ties to Iran Terrorism
An agreement on a Turkish military base in Qatar was signed in 2014. "We have no clue about the real reasons". Analysts say Qatar Airways' position as a major transcontinental carrier is now threatened.

Portugal claims 1st win at Confederation Cup
World champions Germany play Chile at the Kazan Arena while Australia meet Cameroon at the Krestovsky Stadium in Saint Petersburg. Commenting on the match results , Akinfeev said "unfortunately we lost, but there were no apathetic players on the field".

Korea, terrorism expected to feature at US-China dialogue
In the meantime, the USA will continue to fly, sail and operate wherever the freedom of navigation allows, according to Mattis. Their meeting took place against a backdrop of high tensions on the divided Korean Peninsula.

Queen Elizabeth II To Address British Parliament Today
Buckingham Palace said Philip, 96, has been hospitalized as a precaution for treatment of an infection. The promise follows a snap election in which May lost her majority.

Me International plc (PHTM) Stock Rating Reaffirmed by FinnCap
Also Fool.Co.Uk published the news titled: "16% sales growth makes Joules Group plc my star retail buy" on December 07, 2016. Shore Capital restated a hold rating on shares of Serco Group plc in a research report on Wednesday, February 22nd.

Cosby trial alternate juror: I would have voted to convict
However, the six alternates listened to all of the testimony, in case a juror had to be excused for illness or another reason. The search for jurors without any feelings on the case will only be more hard given the intense coverage of the first trial.

Golden Knights Open Season In Dallas October 6
The Penguins made Fleury their No. 1 overall pick 14 years to the day he was the second to last selection for Las Vegas . What is being learned is that the Golden Knights have and will continue to be a very busy team over the next few days.