Crude oil futures slid for a second session on Thursday, moving away from a one-month high touched in the last session as rising USA inventories stoked worries about global oversupply.
The government's Energy Information Administration (EIA) said on Tuesday that U.S. 2018 crude output would rise to 9.9-million barrels per day, from 9.22-million barrels per day in 2017. The report also showed stockpiles at the USA crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week ended April 7th.
US crude inventories hit a record 535.5 million barrels this month.
World oil production fell in March thanks to a deal to cut output, OPEC said Wednesday, but the cartel's efforts to fight a global glut are threatened by American firms pumping oil with gusto.
OPEC reduced its output to around 1.2 million barrels per day from the beginning of January and for six months - the first curb in eight years - to get rid of excess supply.
Global demand for oil is finally close to outstripping supply after almost three years of surplus production, despite growth in the overhang of unused crude, the International Energy Agency said on Thursday.
Saudi Arabia, de-facto leader of the Organization of the Petroleum Exporting Countries, has told other producers that it wants to extend the coordinated production cut beyond the first half of the year, the Wall Street Journal reported. However, oil prices managed to continue trading above $55.
Trump, May speak about British election plans
A survey conducted after May's announcement put her Conservative Party 21 points ahead of the main opposition Labour Party. He said Labour would fight the election promising a fairer society and economy, and "a Brexit that works for all".
Prince William speaks with Lady Gaga on mental health
And he praised her bravery in revealing through an open letter a year ago that she lives with post-traumatic stress disorder. Prince William reassured Gaga that that it was important to "break open the fear and taboo" about speaking out.
Despite this output-cut initiative, the oil market remained largely oversupplied due to rising USA production and stockpiles.
To comply with the deal, Saudi Arabia has cut production of medium-heavy oil to keep its overall output lower.
As demand is expected to increase by 340,000bpd next year, the increase in production will swell USA inventory.
"With the pick-up in drilling activity, as well as increasing cashflows in the tight oil industry, USA tight crude output is expected to rise quickly and increase 335,000 bpd for the overall of 2017", OPEC said, using another term for shale.
During the period, United States crude oil imports averaged 7.9 million barrels per day, up by 28,000 barrels per day from the previous week.
Also, the 60- to 70-day lag between exports leaving the Arabian Gulf and arriving in major markets means the extent of OPEC supply cuts has yet to bite.
The revised projections for 2017 reflect improved momentum in global economic growth, OPEC said.
Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts. Trump however made clear he does not see a USA role in Libya, saying the country was over extended elsewhere.
The ride, " Guardians of the Galaxy - Mission: BREAKOUT!" opens on May 27, according to a press release from Disneyland Resorts . This time, the storyline will explore family values and also unravel many family truths and mysteries.
Nuttall added on Twitter that every vote for his party would be a reminder to the government that Britain wants a "clean" Brexit. Labour campaigned for Britain to remain in the European Union , but Corbyn says he will respect voters' decision to leave.
The state's finance minister Jayakumar said,"AIADMK will continue functioning without the family's (Sasikala's) dominance". He said they need not have gone public with their revolt against him and said " Had they asked me, I would have resigned".
Instead in recent times Microsoft has opted for a slightly different strategy, which is if you can't beat them, join them. If you are adding a new account on an Android phone, we'll automatically prompt you to set it up.
"The goal overall... is to reduce the number of smokers in this city by 160,000 by the year 2020", the mayor said . In addition, the increased prices on tobacco will increase the opportunity for black market cigarette dealers.
True to form, they declined to comment when we asked them to verify whether they were aware of " kompromat " on Chaffetz. While Chaffetz, R-Utah, said he is leaving Congress for the private sector, he did not rule out a future bid for office.
He said "I hope not" and "there's the 99 percent that are loyal, faithful fans that are going to ride with us wherever we're at". The Raiders did their share of that past year when they went 12-4 while putting up 26 points per game.
The prosecutors said the suspect bought most of the options online from his hotel on the day of the attack. Prosecutors said his aim was to send the club's shares plummeting and making a profit on an investment.
My coordination, my timing was all out and I thought: 'what's wrong with me?' "I chose not to compete when I was pregnant". The grand slam winning tennis player was ranked as the top paid female athlete in the world on a list in 2016.
Thousands of kids and their families took part in an Easter Egg Harvest at People's Church in northwest Fresno. But everything they're doing out here, I absolutely love, said local parent, Brittany Mallard.
Ofcom consults on opening up BT's infrastructure
Ofcom said its aim is to provide access to BT's ducts and poles on fair terms, with the cost shared across all users. Some providers now carry out their own work on the infrastructure, which has helped reduce delays.
Syria war: U.S. ground troops kill 'leading IS member'
John Thomas (USAF) said operative Abdurakhmon Uzbeki died in an airstrike near al Mayadin, Syria, during the first week of April. U.S. military forces said the militant was a close associate of ISIS leaderr Abu Bakr al-Baghdadi.
Here come initial jobless claims
The comparison suggests that we should a rebound in the April employment data, following the weak payroll print in March. The monthly average of jobless claims also decreased slightly by 4,250 from the previous week to 243,000.
Bebe expects to close all it stores by the end of May
Payless ShoeSource said earlier this month that it will close 400 of its 4,000-plus stores after filing for chapter 11 bankruptcy. Others such as BCBG Max Azria, Gordmans and Gander Mountain also have filed for bankruptcy and are closing some stores.
All Signs Are a Go for Meghan Markle's Royal Future
Instead of attending Easter services with the rest of his clan, he flew out to Toronto to spend the holiday with his lady love. On Sunday, the Suits star was spotted wearing a delicate gold ring with what appeared to be Prince Harry's initial on it.
Exxon seeks waiver from US sanctions on Russia
A Treasury representative said the department would not comment on individual licenses or waiver requests. Exxon was ordered to stop drilling in the Kara Sea off Russia's northern coast.