Oil rises 1 percent on signs of tightening global oil supply
Oil rises 1 percent on signs of tightening global oil supply
Oil Holds Gains on Signs of Shale Slowdown as OPEC Output FallsMore
07 February, 2019, 14:55
Another factor behind the oil market rally is the supply cuts imposed by the member-states of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers.
Oil prices fell on Thursday after US crude inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and Washington's sanctions against Venezuela supported markets.
Gasoline stocks, however, continue to climb higher on the East Coast amid strong imports, resulting in a build on the aggregate despite a drop on the Gulf Coast, while distillate stocks have also eased amid lower refinery activity and higher implied demand, he said.
Weighing on oil markets, US government data showed new orders for USA -made goods unexpectedly fell in November, with sharp declines in demand for machinery and electrical equipment.
The European Union is considering imposing more sanctions on the government of Venezuelan President Nicolas Maduro but has not discussed an oil embargo, Malta's foreign minister said on Monday.
Oil prices trade higher year to date, with WTI front-month contract prices up about 19%.
U.S. crude oil refinery inputs increased during the week ending February 1, the U.S. Energy Information Administration (EIA) said on Wednesday.
US West Texas Intermediate (WTI) futures were at $55.13 per barrel, down 13 cents, or 0.24 percent, from their last settlement.
International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 percent in the previous session. Brent reached $63.63 a barrel, the highest since December 7, while WTI climbed to $55.75 a barrel, the strongest since November 21.
"You have the sanctions on Venezuela, on top of the reduced supply from Saudi Arabia", Olivier Jakob, oil analyst at Petromatrix, said as cited by Reuters. "There's no sign of overhang in the crude oil markets".
A flotilla loaded with Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest US sanctions on Venezuela and others whose buyers are weighing who to pay.
USA energy firms last week cut the number of oil rigs operating to their lowest in eight months as some drillers followed through on plans to spend less on new wells this year.
According to latest OPEC forecasts, global oil demand will grow by 1.29mn bpd in 2019, the lowest rate of growth since 2013.
US President Donald Trump last week said he would meet with Chinese President Xi Jinping, perhaps twice, in the coming weeks to try to seal a comprehensive trade deal with Beijing, but acknowledged it was not yet clear whether a deal could be reached.
Republican National Committee spokesman Mike Reed accused Warren of apologizing at a time that was politically convenient. And for harm caused. "Nothing about my background ever had anything to do with any job I got in any place", she said .
The amount Spotify is looking to spend on podcast companies is greater than a year of for the entire podcasting market. During its last round of funding in 2017, Gimlet was valued at about $70 million.
But the truth is, even if I got the nomination, that should not give me any sense of whether I did my job or not. The 32-year-old entertainer is nominated for five awards, four of them for her A Star Is Born song " Shallow ".
She said that since coming home, Jayme has spent time with loved ones, and in therapy. "Were so blessed!" the photo caption reads. Patterson took her to a cabin and said no one could know she was there or "bad things could happen to her", the complaint said.
She was in the stands August 25 when a ball hit by a San Diego Padres player sailed over protected netting and struck Goldbloom. Goldbloom, a mother of three and grandmother of seven, was a "true fan" of the Dodgers , her daughter said.
Maddie , of North Carolina , US, who preferred not to reveal her surname, said she first heard a noise coming from the closet. The college student opened the door to the walk-in closet to find a man with long blonde hair inside, wearing her clothes.
Ryan bragged that the video cost $1 million to make. "The loving and caring man who created Laughing Man. Looking down the barrel of the camera, Jackman says: " Ryan Reynolds is a total fucking arsehole".
The actor conceded that, but said he did ask those other questions of his friend who he said has since died. Liam continued: "I went up and down areas with a cosh, hoping I'd be... approached by somebody".
But giving up an asset, especially one that could be used to land Anthony Davis or a strong shooter, doesn't make much sense. Also, Parker is still only 23 and perhaps the Lakers believe LA will be his first true National Basketball Association home.
Heat trade Johnson, Ellington to Suns for Anderson
Phoenix has the ability to swing another deal for Ellington but he can not be aggregated into a package deal. In an extremely interesting bit of news, it turns out Johnson isn't the only player heading to Phoenix.
Bulls Acquire Otto Porter From Wizards
The move cuts short Parker's well-publicized return to his hometown after being drafted second overall by Milwaukee in 2014. This is not the sort of move the Wizards hoped to have to make, but it's a pragmatic one in the wake of Wall's injury.
Rockets acquire Shumpert in 3-team trade
The Cleveland Cavaliers , Houston Rockets and Sacramento Kings have completed a three-team trade, according to multiple reports. Of course, since the deal isn't finalized, the Rockets could change their mind and seek to deal Knight to another team.
Nintendo reportedly working on a more compact Switch
Looking to the quality of Nintendo's past mobile efforts, this will likely be good news for players in the end. The upcoming title will be first time the Mario Kart series has been available on mobile phones.
She Thought a Ghost Was Stealing Her Clothes. Not Quite
Swofford was later booked at Guilford County Jail on 25 charges, including larceny, breaking or entering, and identity theft. Both Maddie and her roommate are terrified, and say that this is not the first time their apartment has been broken into.
Wizards' Wall to have surgery on ruptured left Achilles
Wall, a five-time all-star, averaged 20.7 points, 8.7 assists and 3.6 rebounds in 32 games for the Wizards this season. The 28-year-old elected to have a season-ending surgery in December with hopes of avoiding any additional damage.