Iraq, Algeria support extension of oil production cuts

In the oil markets, the price of crude rose to $50 a barrel on Wednesday, following the biggest one-week drop in United States inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension of supply cuts by the Organisation of Petroleum Exporting Countries (OPEC).

Crude inventories fell 5.2 million barrels in the week to May 5, the US Energy Information Administration said.

OPEC meets on May 25 to decide whether to extend the cuts.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $47.46 per barrel, up 13 cents, or 0.3 percent from the last settlement.

Here's hoping Rockets advance in fascinating series with Spurs
Game 5 was back and forth all night long and was, by far, the closest game between these two teams this series. The Spurs will have to win in Houston for the second time this series to avoid a Game 7 in San Antonio .

State-owned Saudi Aramco will reportedly reduce oil supplies to Asian customers by about seven million barrels in June, as part of the Organization of the Petroleum Exporting Countries' agreement to reduce production.

"That's making it hard to drive the stockpiles down to a level OPEC thinks will see prices rise sustainably", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The EIA raised its US oil production forecast to an average of 9.3 million barrels per a day (bpd) in 2017 and 10 million bpd in 2018 while it lowered its projection for average oil prices in 2017 to $52.60 a barrel for Brent and $50.68 for WTI.

Meanwhile, gasoline inventories dropped by only 0.150 million against expectations for a draw of 0.538 million barrels while distillate stockpiles fell by 1.6 million barrels, compared to expectations of a 1 million decline.

United Nations welcomes release of Nigerian girls by Boko Haram
"We want to assure Nigerians that the army and the Nigerian government won't relent until this battle is won", Usman said. Buhari said last month that the government was in talks to secure the release of the remaining captives.

Saudi Arabia told Asian refiners of its first cuts in crude allocations since OPEC's output reduction took effect in January.

OPEC monthly report also found that world oil supply growth for the year was increased by 37,000 barrels per day with supply to now average 58.3 million barrels per day.

The bullish inventories report, came a day after crude prices dropped 1%, after EIA raised its near-term outlook for US oil production and revised down its projections for oil prices.

USA crude production has risen by over 10 percent since mid-2016 to 9.3 million bpd, close to the output of top producers Russian Federation and Saudi Arabia.

2nd of 4 Confederate monuments removed
New Orleans Mayor Mitch Landrieu took photographs of the Jefferson Davis statue being removed from its pedestal overnight. They say documents show the statue belongs to a state agency that oversees the park where the statue is located.

Share

Related News

  • BMW set to show off new 8-Series coupe

    BMW set to show off new 8-Series coupe

    One new leather upholstery variant and two new cloth upholstery variants are available throughout the lineup as options. When the first 6-Series was discontinued in 1989, it was replaced by the ultra high-tech, wedge-shaped 8-Series.
    Jon Stewart addresses #FireColbert controversy:

    Jon Stewart addresses #FireColbert controversy: "I don't feel comfortable".

    Colbert was joined by former " Daily Show " host Jon Stewart . Now this is a family reunion we'd actually like to attend. I enjoyed it and would try and heighten it", Stewart said.
    Senator Larissa Waters breastfeeds in parliament in Australian milestone moment

    Senator Larissa Waters breastfeeds in parliament in Australian milestone moment

    Ms Waters took to social media to highlight her achievement and called for more women and parents in Australia's Parliament. Alia came with her and became the first baby to be breastfed on the floor of the senate chamber.
  • Xi congratulates Moon, says he values ties between their countries

    North Korea is likely to welcome Moon's election but its state media made no mention of his victory on Wednesday. Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe both congratulated Moon on Wednesday.
    Wizards' Oubre suspended for Game 4 for knocking over Olynyk

    Wizards' Oubre suspended for Game 4 for knocking over Olynyk

    Wizards fans made certain Olynyk heard their thoughts, booing him throughout the Wizards victory and chanting " Kelly Oubre! ". Washington coach Scott Brooks was asked Tuesday about what advice he had for Oubre. "You can't worry about who's not playing".

    Is Google replacing Android with a new OS?

    The OS is tightly integrated with Google's Flutter SDK , which produces cross-platform code for Android and iOS. In the video posted by Bradshaw, we can see that Fuchsia OS is well suited for smartphones and tablets.
  • Anya Taylor-Joy And Maisie Williams Confirmed For New Mutants

    Anya Taylor-Joy And Maisie Williams Confirmed For New Mutants

    Her small-screen sis, Sophie Turner , starred in X-Men: Apocalypse last year and is set to return for Dark Phoenix next year. New Mutants is due out on April 13, 2018 , so we can expect the rest of that cast to come together very soon.
    Dozens hurt, 1 dead in violent day of protests in Venezuela

    Dozens hurt, 1 dead in violent day of protests in Venezuela

    Dozens of people have been injured and a 27-year-old man was killed during another day of violent clashes in Venezuela's capital. The new tactic has been dubbed the "Poopootov" in a play on the Molotov cocktails often seen at streets protests in Venezuela.
    Capitals overwhelm Penguins 5-2 to force Game 7

    Capitals overwhelm Penguins 5-2 to force Game 7

    Puck possession and skating hadn't been the issues, and once he got the first playoff goal Saturday, the others came more easily. In beating the New York Rangers' Henrik Lundqvist to put Ottawa up 3-2 in the series, Turris joined Devin Setoguchi, Martin St.
  • Jennifer Hudson joins 'The Voice' as coach for Season 13

    Jennifer Hudson joins 'The Voice' as coach for Season 13

    She'll be lending her expertise to a host of aspiring musicians - and no one's more excited about the news than me. Along with her successful career, she is also known for her weight loss journey and advocacy for healthy living.

    Celtics put together strong team effort to win again at home

    Thomas wanted to make sure everyone knew that this was not about individuals. "We want Oubre!" at times during the first quarter. Oubre will receive a much warmer welcome when the Wizards return to the friendly confines of Verizon Center for Friday's Game 6.
    Eurovision: Pop, politics and a dancing ape _ but no Russia

    Eurovision: Pop, politics and a dancing ape _ but no Russia

    Sundnes was later removed from his spot on the official Norwegian jury for the Eurovision Song Contest . The first ten finalists will join the so-called Big Five and hosts Ukraine in the Grand Final.