Oil prices steady after overnight tumble on dollar strength, China concerns
Aug 16, 2017, 15:24
State-run refiner Indian Oil Corp. has for the first time bought 950,000 barrels of light sweet Eagle Ford shale oil from the U.S., company officials said Friday. However, WTI crude oil prices once again failed to sustain above the $50 per barrel levels.
The oil market will get its weekly data on US petroleum supplies from the American Petroleum Institute late Tuesday and from the EIA early Wednesday.
The latest American Petroleum Institute (API) inventory data for the week ending August 11th recorded a draw of 9.16 million barrels after the substantial draw of 7.84 million barrels last week.
West Texas Intermediate for September delivery was at $47.33 a barrel on the New York Mercantile Exchange, down 25 cents, at 8:32 a.m. local time.
"The market took this as a mildly bullish report", said William O'Loughlin, investment analyst at Rivkin Securities.
Last week, the EIA reported a draw in US commercial crude oil inventories of 6.5 million barrels for the week to August 4, but on a more troubling note, the EIA calculated gasoline inventories had gone up by 3.4 million barrels, with daily production averaging 10.3 million barrels, basically flat on the previous week, when refineries processed some 17.4 million barrels of crude daily.
The Organization of the Petroleum Exporting Countries together with non-OPEC producers such as Russian Federation have pledged to restrict output by 1.8 bpd between January this year and March 2018.
OPEC output rose by 173,000 bpd a day in July to nearly 32.9 m barrels, its highest level since the production agreement came into force in January. Even so, Citigroup Inc.'s Ed Morse says shale will win over OPEC on oil, as US drillers can survive due to hedging. Flynn also noted that "shale producers will continue to struggle" as oil stays below $50 a barrel. "We had seen in the past few weeks that demand growth was robust, and this turned that on its head".
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Once Layton moved into Graves's home, she drove her vehicle , used her cellphone and used her food card, according to Lantz. Despite all of this, Graves' family members say they refuse to give up hope for their missing loved one.
The first teaser of the film was about how a Muslim teenager from a conservative family harbours ambitions of becoming a rockstar. How the girl achieves stardom without openly defying her father forms the crux of the story.
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The $323 million Mega Millions puts Friday's jackpot in the top 10 list of all-time high jackpots for the game. Would-be millionaires now have two opportunities to try for jackpots of more than $300 million.
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Trump of a certain course of action typically requires advisers to make the argument repeatedly, officials have said". Zakharova said that the United States was not considering the full repercussions of an armed conflict in the region.
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Texans' Vince Wilfork announces retirement in Twitter video
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BCC comments on Bank of England's 'Super Thursday'
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Central Oklahoma quake leaves hundreds in the dark
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Hall of Fame Game
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