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Oil rises on U.S. crude stock draw, supply concerns

24 September, 2018, 02:28 | Author: Lawrence Cooper
  • Oil prices fall amid surprise growth in U.S. crude stocks

Speaking of oil, recently oil prices were increased by 1.6% in the USA, as the US stocks fell by 5.3 Million barrels.

West Texas Intermediate (WTI) for October delivery price settled 1.8 percent higher with the support of high USA crude oil exports information released by EIA. Gasoline stocks fell 1.7 million barrels versus forecasts for a 100,000-barrel drop.

OPEC members will meet this weekend with non-OPEC producers such as Russian Federation to discuss production levels.

In the range-bound market, Trump's tweets may drive prices down slightly, said Tyche's Zahir, predicting such tweets would probably continue with US midterm elections approaching, Reuters reported.

Decisions are only binding when they are made by all OPEC member states, Zanganeh said, adding that he "will block any decision posing threats to Iran".

As the Brent-WTI spread started widening to average $5 a barrel in the first half of 2018, East Coast refineries again increased their purchases of domestic crude oil, but this time in far lower quantities than in 2015, the EIA noted.

Meanwhile, American Petroleum Institute data showed that crude stockpiles increased last week, while those in the storage hub at Cushing in Oklahoma fell.

May says European Union response to UK Brexit plan 'unacceptable'
May will face tough questions at her Conservative Party's annual conference, which begins September 30. To deny its legitimacy or frustrate its result threatens public trust in our democracy.

Shark horror: Child bitten in second horrific attack
On Wednesday, Tasmanian woman Justine Barwick was flown to Mackay Base Hospital after she was mauled on the leg by a shark. She is in hospital in a stable but critical condition.

No Ronaldo? No Problem For Madrid In Champions League vs Roma
Back in Lisbon on Wednesday, Sanches scored Bayern's second goal in a 2-0 win after Robert Lewandowski got Bayern's early opener. Ronaldo is the Champions League all-time leading scorer with 120 goals and led Madrid to the title the past three years in a row.

The Lone Star state no the U.S. has climbed up the rankings in terms of energy security because it w produces so much oil that it would be ranked third in the world on its own if it were a country, outstripping the likes of Iraq and Iran.

US President Donald Trump took to Twitter on Thursday in an effort to persuade OPEC to increase production and ease prices.

The OPEC slam sent oil prices down slightly, however prices have enjoyed a robust rally this year as production wanes.

Falih met with Russian counterpart Alexander Novak last weekend to align their positions, with the two ministers saying in a joint statement that they remained committed to "ensuring the adequacy of oil supplies, especially considering market uncertainties on the horizon". But it is unclear how easily other producers can compensate for any lost supply.

Weekly crude production inched back to 11 million bpd, the record high it has been hovering around this summer. Perry credits the two countries with averting a "spike in oil price".

US President Trump had some choice of words for the Organization of the Petroleum Exporting Countries (OPEC) members Thursday (September 20) morning ahead of the group's meeting in Algeria on Sunday (September 23).

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