Oil prices dip on bloated US market, mixed Saudi signals
"The battle between the "sheiks and the shale oil producers" is far from decided. with all attempts by OPEC to achieve a lasting production deficit on the oil market being torpedoed by non-OPEC producers - first and foremost the US", analysts at Commerzbank wrote.
OPEC members Saudi Arabia and Kuwait signalled that an effort by the Organization of the Petroleum Exporting Countries and other producers, including Russian Federation, to cut oil output was likely to be extended beyond June.
"Rising oil output in the USA remains the predominant bearish factor for prices despite growing anticipation that OPEC will extend a self-imposed cap on its oil production in the upcoming May meeting", Abhishek Kumar, senior energy analyst at Interfax Energy Global Gas Analytics said recently. US rig counts are up for 14 straight weeks returning output to levels not seen since April 2015. In order to stabilize oil markets, 10 out of 13 OPEC member states pledged in December 2016 to trim oil production for six months by 1.8 million barrels per day. Distillate stockpiles fell a bit more than expected-down 2 million barrels last week. "Refinery maintenance is finishing, which is leading to greater processing of crude, and the OPEC cuts are going to finally have an impact on US inventories". While the OPEC and other countries remain compliant with the deal, the production in the United States has increased by more than half a million barrels per day.
Fuel supplies are shrinking week after week at a time refineries are stepping up their crude processing ahead of the summer driving season. Stockpiles climbed to 535.5 million barrels at the end of March, the highest in weekly data compiled by Bloomberg since 1982. "The reasons are twofold".
The unexpected news sent WTI futures reeling; as of 17:50 GMT they were off by 1.5% to $54.08 a barrel on the ICE.
Oil-market news. Oil-exporting countries are moving closer toward ending a global glut and re-balancing the market, and OPEC will decide in May whether to extend production cuts, the group's Secretary-General Mohammad Barkindo said.
All oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry's five year average and restoring stability to the market.
Serge Ibaka added 16 points for Toronto, Cory Joseph had 11 and Jonas Valanciunas added 10 points and grabbed 10 rebounds. Butler contributed 22 points, eight rebounds and eight assists, while Rondo chipped in 11 points and 14 assists.
Morton stranded two baserunners in the first, left the bases loaded in the second and left runners on the corners in the third. Carlos Correa returns to the lineup after being hit by a pitch in the hand in the aforementioned game on Saturday in Oakland.
The morning of March 13, Cummins borrowed his wife's Nissan Rogue, the vehicle that eventually would lead to his capture. An attorney for the family later told PEOPLE that Cummins allegedly "groomed" Thomas before they both vanished.
Westbrook scored (18) or assisted (3) on the last 21 Thunder points, including scoring the last 15 points on his own. Forty-four years ago in the 1972-73 season, Tiny Archibald scored 34.0 points per game while averaging 11.4 assists.
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ET) when a vehicle stopped at 102 Champs-Elysees in front of a police van, Interior Ministry spokesman Pierre Henry Brandet said. Marine Le Pen, one of the candidates and leader of France's far-right National Front, tweeted her support of the officers.
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The bench said it would hear arguments on the plea challenging the government's move making Aadhaar mandatory for PAN cards on April 25.
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Bebe Is Closing All 175 of Its Stores
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Raptors vs. Bucks Game 2
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British parliament backs May's plan for June 8 snap election
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Trump Backs Baldwin's American-Made Construction Bill
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Juventus knock FC Barcelona out of Champions League
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Iran 'not living up to the spirit' of nuclear deal
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Trump calls Erdogan after referendum win
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