In November a year ago, when OPEC members agreed to cut production for the first time since the Great Recession, it was welcomed with great optimism and oil price jumped more than 20 percent, from $45 per barrel to as high as $55 per barrel (WTI).
Crude output from OPEC nations rose by 290,000 bpd in May to a 2017 high of 32.08 million barrels per day, according to the EIA.
Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around $46.90 by 1345 GMT.
It seems that oil inventories are particularly unpredictable as of late, with last week, the API and EIA reporting remarkably disparate figures in the amount of crude oil inventory movement-a 7.9-million-barrel discrepancy between the two that fanned the flames of an already shaky market.
As such, OPEC said, in its monthly report, "Although oil prices rebounded from five-month lows in (mid-May), following positive United States jobs data and assurances by Saudi Arabia that Russian Federation is ready to join OPEC in extending production adjustments to reduce a persistent supply glut".
Jeff Immelt stepping down as CEO of GE
Since Immelt became CEO in 2001, GE shares have fallen 29 percent, while its S&P 500 index has more than doubled. GE on Monday reaffirmed its 2017 outlook while omitting mention of next year's profit target of $2 a share.
North Korea expecting visit from former NBAer Dennis Rodman
During the 2014 visit he led a team of retired American players in a basketball game to celebrate Kim Jong Un's birthday. The trip comes at a time of heightened tension between Washington and Pyongyang , which has detained four Americans.
New smart speaker expected as Apple kicks off conference
The only way to interact with HomePod directly is to use Siri. "There's a lot of things that Siri knows how to do from the phone". On the other hand, Google Home works with Chromecast-compatible speakers, while the Echos will soon work with Sonos speakers .
Opec and other exporters such as Russian Federation have agreed to keep production nearly 1.8 million barrels per day (bpd) below the levels pumped at the end of previous year and not to increase output until the end of the first quarter of 2018. Prices are down 1.6 percent this week.
Under the deal to support the market, OPEC is curbing output by about 1.2 million bbl/d and Russian Federation and other non-OPEC producers are cutting by half as much.
OPEC members Nigeria and Libyaare exempted from the oil curb deal, and have raised their production, which largely undermined the oil cartel's efforts to rebalance the market.
That means an entrenched market glut that has kept a firm lid on oil prices is likely to persist, despite disciplined efforts by most OPEC producers to rein in their own output.
China, the world's second-largest crude importer, reported industrial production for May rose a faster-than-expected 6.5% on year, and retail sales also gained a clip quicker at 10.7%, while fixed-asset investment came in at a less-than-seen 8.6%.
However, he said he was skeptical to conclude that "Britons' sovereign decision on Brexit has been cast into doubt in any way". The 1998 Good Friday agreement set up power sharing in Northern Ireland, largely ending years of sectarian violence.
Hamilton had a near miss early into Q2 when his vehicle wobbled at the Massenet turn and he complained of a lack of grip. And Raikkonen , a distant fourth in the championship, cut a disconsolate figure during the podium celebrations.
Executive privilege can not be used to "cover up government misconduct", said Andrew Wright, a professor at Savannah Law School. Executive privilege is a legal doctrine that allows the president to withhold information from other government branches.
No civilians were reported killed in the USA drone attack, and the Pentagon described the operation as a success. Eastern Daylight Time, the Department of Defense conducted a strike operation against al-Shabaab in Somalia.
They also indicated that she called lawyers specializing in civil litigation before reporting the alleged assault to police. About half an hour later, Constand said, she had trouble talking and difficulty moving and was suffering double vision.
Earlier in the day, Raju said he would get the entire incident "enquired into" and would ensure that "lawful outcomes" follow. The airliner finally let him aboard the flight but soon banned him from all future flights; Air India soon followed suit.
Forty-four per cent elders say they have been abused in the public space at some time or the other, as per the recent report. According the Illinois Department of Aging, almost 15,000 cases of elder abuse were reported over the previous year .
Michael Flynn , then - President-elect Donald Trump's nominee for National Security Adviser arrives at Trump Tower in NY . On these issues, as well as further windfalls for the rich, there is little that separates the two big-business parties.
Padmarajan from Salem in Tamil Nadu, who has earned the moniker of "Election King" by contesting more than 150 elections. Scrutiny of nomination will be held on June 29 and the last date for withdrawal of nomination is July 1.
Nintendo have announced that Metroid: Samus Returns will coming to Nintendo's 3DS family of systems on the 15th September. Nintendo's E3 2017 online press conference has announced that Metroid Prime 4 is now in development for Nintendo Switch .
During the presidential campaign Trump said the U.S. might not come to the defence of nations that hadn't yet met that goal. Tillerson had called on the Arab nations to immediately ease their blockade on Qatar.
Iran has 'proof' of Saudi support for Daesh attacks in Tehran
His comments come after a top Iranian general claimed the Islamic Republic had evidence the USA was directly supporting the group. Iran's Zarif says Tehran has intelligence that Riyadh supports terrorist groups operating on the eastern side of Iran .
Rodman's N. Korea Trip off to Uncharacteristic Low-Key Start
Tillerson consulted with Trump and arrangements were made for Yun and a medical team to travel to Pyongyang, the official said . A 2009 visit by former President Bill Clinton, a Democrat, secured the freedom of American journalists Euna Lee and Laura Ling.
Ralph Northam wins Democratic nomination for governor
The Virginia race, one of the few elections for governor in 2017, is shaping up to reveal the internal divisions of both parties. A recent Washington Post poll showed Perriello just barely leading and many undecided voters still making up their minds.
Smarter Siri, More Updates Arriving with iOS 11
Other than that, if the iPhone's system detects the car's moving speed using the Wi-Fi antenna, the feature will be switched on. The new "Do Not Disturb" feature will come to the iPhone when iOS 11 arrives this fall, but it can be disabled if users prefer.