Oil Climbs as US Stockpiles Shrink

Nigeria to put off deciding whether to join OPEC cuts
by Reuters 3 hours ago 15 views0

Crude stocks at the Cushing, Oklahoma, delivery hub for USA crude futures fell by 1.9 million barrels to 57.6 million barrels, the lowest level since November 2015, EIA said. However, Saudi Arabia has claimed to have ramped up its oil production by a staggering 190,000 bpd in June, putting the country back above the 10-million-bpd mark at 10.07 million barrels per day, based on direct communication with the cartel's de facto leader.

FXTM analyst Lukman Otunuga was quoted by the news agency as saying: "While further upside could be expected in the short term amid the speculations of a cut in USA production, gains may be limited by the firm oversupply dynamics of the markets". The oil glut, of which the USA shale boom in the US has contributed to, reduced oil prices and the revenues of oil producing economies. The two countries were exempted from a deal struck with Russian Federation and 11 other producers a year ago that set to remove 1.8 million barrels from daily global supply.

Oil prices surged nearly 2 percent on Tuesday along with rising gasoline and heating oil futures after a report showed European product stockpiles fell despite an increase in refinery crude runs.

The current market downturn is lasting longer than previous slumps, due largely to 700,000 to 800,000 barrels a day of additional supply from the USA, he said.

Mithali Raj becomes highest run scorer in ODI
However, even against the formidable England line-up consisting Katherine Brunt and Isa Guha, she composed a redoubtable fifty. After hitting a six at Kristen Beams' ball, Raj scored 6028 runs, scoring 49 half centuries and 5 centuries in ODI matches.

NAIJ.com gathered that in the new report released on Wednesday, July 12, Nigeria continued to maintain its top position although there were indication that the renewed production in the country and Libya was affecting the supply and demand balance.

Output by Opec's 14 members surged by a combined total of almost 400,000 barrels per day last month, to 32.6 million bpd, with recovering Libyan and Nigerian production the main contributing factor.

Nigeria and Libya, whose output has been hit by political turmoil and attacks, are exempt from an OPEC deal aimed at cutting excess oil supplies.

USA crude briefly rallied to a session high of $46.48 a barrel after the data was released before paring gains.

Dollar stands tall after U.S. jobs report backs Fed tightening plans
Yellen confirms the bullish sentiment tomorrow, kiwi could quickly tumble through the.7200 support. That appeared to weigh on the company's shares, which slid 58 cents, or 0.5 percent, to $113.69.

OPEC needs to "sudden stunning exhibition" the oil advertise with more profound slices at costs to pick up, Goldman Sachs Group Inc. said in a July 10 report.

Saudi Arabia and Russia's oil ministers have tried to support prices by suggesting that they are ready to do whatever it takes to rebalance the market. Distillate product supplied averaged 4.1 million barrels a day over the past four weeks, up by 8.8% compared with the same period a year ago.

"The market right now is questioning the efficacy of OPEC's supply cuts", Tchilinguirian said. The average cost for 2018 is forecast to be $2.71 per gallon, down 3.5% from last month's forecast, but still 4.6% higher than 2017's anticipated average.

Hundreds gather at memorial for New York City police officer
Senate GOP officials on Monday said the funding would be used to retrofit 3,800 patrol cars and 72 command vehicles. Mourners will gather at World Changers Church at 2417 Grand Concourse in the Fordham Heights section of the Bronx.

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