Here's Why Oil Prices Dipped to almost $50 Today
USA crude stocks fell last week as refineries hiked output, but gasoline supplies, which are already seasonally high, surprisingly increased, the Energy Information Administration said on Wednesday.
"It seems that the optimism in the oil market we have seen since the last few days of March is running out of steam", wrote Tamas Varga, PVM Oil Associates analyst, noting concerns about the "ever-increasing rise" in USA shale output.
Oil edged lower on Wednesday, after United States data showed a smaller-than-expected decline in overall crude inventories coupled with another rise in production, hindering OPEC's efforts to reduce a global surplus of crude.
USA crude futures settled down US$1.97 to US$50.44 a barrel, a 3.8 per cent drop, the worst-one day decline since March 8, as investors bailed out of long positions in response to the bearish inventory figures.
Gasoline stockpiles climbed 1.54 million bbl last week, surprising analysts surveyed by Bloomberg who projected the Energy Information Administration data would show a 2-million-bbl decrease.
Steve Stephens | The final moments unfold
Facebook has released a statement condemning the killing of a Cleveland man that police say was posted on the social media site. Police had searched for Stephens since Sunday, when they say he randomly killed a 74-year-old retired OH man and recorded it.
Refinery crude runs rose by 241,000 barrels per day, EIA data showed, with a sharp increase in Gulf Coast refining activity.
OPEC and a group of 11 other oil producing countries agreed late last year to cut their collective production by 1.2 million barrels per day through the first six months of this year, hoping that their market intervention might eat away at the global glut of crude and push prices upwards. It was the lowest close since March 31.
"There's been a lot of attention paid to OPEC production cuts, while nearly nobody has focused on the gains elsewhere", Stephen Schork, president of Schork Group Inc., a consulting company in Villanova, Pennsylvania, said by phone. "Production is up nine straight weeks here to the highest level since August 2015. The U.S. has increased production by about 600,000 barrels a day since the OPEC agreement, mitigating their cuts". American refiners typically boost operating rates at this time of year as they prepare for the summer surge in gasoline demand.
The declines are welcome news after steady gains earlier this year that pushed petroleum inventories to record levels.
Jimmy Kimmel pays tribute to the late Don Rickles
Rickles' fellow comedians and peers are clearly taking the loss hard , many of them mourning the comedy legend via social media. Rickles said he then came home and wanted to be an actor, and that's when he went to the American Academy of Dramatic Arts.
North Korean mock-up birthday video shows missiles blowing up US
China may be getting fed up with continued nuclear bluster from long-time ally North Korea and tilting toward the United States. During Saturday's military parade it displayed what appeared to be new intercontinental ballistic missiles.
Leonard's 37 points lead Spurs by Grizzlies 96-82
That's unprofessional. "It's right back to the drawing boards and to zero, pretty much, on how we attack them in tonight's game". Fizdale is an emotional guy, a Los Angeles native whose passion was profiled well by The Undefeated upon his hiring .
United Kingdom prime minister defends decision to seek snap election
With Conservatives leading the polls, the election's undercurrent will be all about what kind of Brexit Britain will live with. The prime minister was speaking after her call for an early election on 8 June was overwhelmingly backed by MPs.
Brighton promoted to Premier League as Huddersfield fail to beat Derby County
I went up with Newcastle as a team that just came down, and although we'd lost players, I had a very strong team. Do you ever have any question about anything you wish to ask and get answer?
Samsung heir accused of bribery, perjury as trial opens
The mobile business is expected to turn out strong figures from the second quarter upon the release of Galaxy S8 series. The jump in operating profits came despite Samsung sales only increasing by 0.44 percent to 50 trillion won on-year.
Crosby, Penguins edge Blue Jackets 4-1 for 2-0 series lead
Play continued as Werenski lay on the ice, his cheek bloodied, and the Penguins capitalized by scoring a controversial goal. In Game 2, three of the four Blue Jackets' lines played well. "Desperate", Dubinsky said. "We have no other choice".
Sharks come home to face Oilers for Game 3
The only time the Sharks held a lead in the series was when Karlsson scored in overtime for the Sharks in their 3-2 win in Game 1. In fact, they did it quite handily as the Oilers doubled up the Sharks in shots 36-16 in their complete game effort on Friday.
Here Are The New Gaming Features In The Windows 10 Creators Update
The Creators Update has added support for AR and VR headsets, giving developers a platform for virtual and augmented reality. Well, this nifty Windows 10 addition is created to balance the emissions of blue light, depending on the time of the day.
April The Giraffe Finally Gives Birth In New York Zoo
The YouTube video is four hours long and is set to fast forward and begins playing once active labor and calf's hooves are seen. Congratulations to April the Giraffe! A logo on the feed quickly changed from ToysRUs to BabiesRUs following the birth.