Oil Prices Nosedive On Rising US Crude Inventories

Oil Prices Nosedive On Rising US Crude Inventories

Oil Prices Nosedive On Rising US Crude Inventories

Its data suggested this ran counter to seasonal trends as trade patterns shift as a result of US trade disputes.

For the week, Brent was heading for a 1.3 percent loss, and US crude was down 2.5 percent.

Front-month Brent crude oil futures were at $72.14 per barrel down by 32 cents, or 0.4 percent, from their last close, while the U.S. West Texas Intermediate, WTI, crude futures were down 34 cents, or 0.5 per cent, at $66.70 per barrel.

Sentiment in oil markets was also cautious due to the rise in USA crude production and storage levels, as well as weakness in emerging market economies, particularly in Asia, that could limit demand growth.

"The unexpectedly sharp rise in U.S. crude oil stocks that was reported on Wednesday by the U.S. Department of Energy is continuing to pressure prices", wrote Eugen Weinberg, head of commodity research at Commerzbank, in a note.

US government data this week showed a large build in crude inventories C-OUT-T-EIA, with production C-OUT-T-EIA also increasing. WTI, meanwhile, is on track for a seventh week of losses with a fall of 3 percent. Oil recovered some lost ground in Thursday's session.

Mesut Ozil and Henrikh Mkhitaryan identified as weak links by Jamie Carragher
Mkhitaryan highlighted Arsenal's second goal against Chelsea as proof that Emery's style is starting to work. Arsenal will attempt to record their first win of the season when they host West Ham United this weekend.

Crude was also lower due to broader selling of industrial commodities, such as copper.

Oil also found support from a weak dollar, which has slipped this week in response to U.S. President Donald Trump's comment that he was "not thrilled" by the Federal Reserve's interest rate increases.

Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the United States and China, the world's two largest economies.

That's because a weakening domestic currency "spells trouble for major emerging-market growth countries like India where consumers are already paying near record levels for retail petrol". Nationwide stockpiles in the USA rose by 6.81 million barrels last week, despite expectations for a decline, while inventories at the key storage hub of Cushing in Oklahoma expanded for the first time since May. "If oil prices continue at these levels and the rupee stands at 70 a dollar, the retail rates could go up by 50-60 paisa a litre", the official added.Prices of petrol and diesel were on Thursday hiked by 6 paise a litre each, to '77.20 and '68.78 respectively, in Delhi. That said, experience in recent years suggests that repeated disruptions to Libyan oil supply should be expected.

Washington and Beijing have since been locked in a trade standoff as they slapped tariffs on billions of dollars of each other's goods. September natural gas NGU18, +1.00% was up 0.6% at $2.926 per million British thermal units.

Recommended News

  • US Market Indexes Close Higher on Tuesday

    US Market Indexes Close Higher on Tuesday

    The TSX's energy group rose 0.79 points, or 0.40 percent, while the financials sector slipped 1.12 points, or -0.36 percent. Toll Brothers shares jumped 13.8 percent after the homebuilder reported better-than-expected quarterly results.
    Danny Boyle Is No Longer Directing 'Bond 25'

    Danny Boyle Is No Longer Directing 'Bond 25'

    Boyle previously directed star Daniel Craig as Bond in a 007-themed segment for the opening of the 2012 London Olympics. Producers of the multi-million pound franchise and 007 actor Daniel Craig revealed the news in a tweet this afternoon.
    Trump complains about interest rate rises

    Trump complains about interest rate rises

    US stocks dipped after Trump's comments to Reuters and the dollar edged down against a basket of currencies. President Donald Trump leaves the Rose Garden with Jerome Powell, his nominee to become chairman of the U.S.
  • Man Charged With First-Degree Murder In Mollie Tibbetts Case

    Man Charged With First-Degree Murder In Mollie Tibbetts Case

    He said he came to, realized that he had killed her and put her body in the trunk of his vehicle , according to the documents. Microphones stand ready before the Mollie Tibbetts press conference located in Montezuma, Iowa on August 21, 2018 .
    Trump ex-lawyer Cohen pleads guilty - and implicates president

    Trump ex-lawyer Cohen pleads guilty - and implicates president

    Trump was aware of the 2016 Trump Tower meeting before it took place, although he has shown no evidence to support this claim. Manafort, 69, has been in jail since June after his bail was revoked following new charges of witness tampering against him.
    India beat England by 203 runs in third Test

    India beat England by 203 runs in third Test

    The four wickets came in splits of two wickets each with openers Alastair Cook and Keaton Jennings continuing to be in poor form. Among India bowlers, only Kapil Dev has dismissed an opponent more often: he got Pakistan's Mudassar Nazar 12 times.
  • Najam Sethi resigns as PCB chairman

    Najam Sethi resigns as PCB chairman

    He also vowed to "wipe out" nepotism from the cricket body, a promise in line with the new government's agenda. I wish PCB all the best and hope our cricket team goes from strength to strength.
    JPMorgan Is Launching New Brokerage App With Free Trades

    JPMorgan Is Launching New Brokerage App With Free Trades

    After that, trades are $2.95 each, still considerably cheaper than rivals such as E*Trade and TD Ameritrade. JPMorgan is hoping its reputation will give You Invest an advantage over competitors.
    Brazilians attack Venezuelan immigrants in border town

    Brazilians attack Venezuelan immigrants in border town

    There has been growing animosity towards the numbers of Venezuelan migrants entering Roraima state in recent months. But now, only Venezuelans who enter Peru by October 31 can apply - and they have until December 31 to do so.
  • Ronaldo says decision easy to join Juventus

    Ronaldo says decision easy to join Juventus

    Cristiano Ronaldo's arrival will not make Juventus certain to win the Serie A title, Napoli midfielder Allan has warned. But that is of course a dream, to see my boy a football player", he admitted.
    Winner Thierry Henry agrees to become Bordeaux coach

    Winner Thierry Henry agrees to become Bordeaux coach

    In July, Henry quit his role as a pundit on Sky Sports in order to achieve his ambitions of becoming manager. Thierry Henry became assistant manager of Belgium back in 2016, working alongside manager Roberto Martinez.
    LazyTown’s ‘Robbie Rotten’ actor Stefan Karl Stefansson dies from cancer

    LazyTown’s ‘Robbie Rotten’ actor Stefan Karl Stefansson dies from cancer

    It followed the adventures of Stephanie and her superhero friend Sportacus and their attempts to get the town's population active. He also revealed that should the cancer return, he would not be opting for further chemotherapy.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.