WTI, Brent crude oil futures settle higher

Oil prices edged down on Tuesday after OPEC reported an increase in its production for May despite a supply cut agreement and said the oil market was rebalancing more slowly than expected.

Brent crude, the global oil benchmark, fell 0.74% to $48.36 a barrel on London's ICE Futures exchange.

However, gasoline stocks rose 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 457,000-barrel drop.

The shipments for the first five months of this year are slightly higher than the 25.4 million bpd the producer group exported via tankers in the same period in 2016.

In November a year ago, when OPEC members agreed to cut production for the first time since the Great Recession, it was welcomed with great optimism and oil price jumped more than 20 percent, from $45 per barrel to as high as $55 per barrel (WTI).

Opec and 11 rival exporters including Russian Federation have agreed to extend a deal to limit supply by 1.8 million bpd to March 2018, in order to cut global inventory levels.

"Where oil prices go will be determined by the flow of inventory data", said Greg McKenna, chief market strategist at Australian futures brokerage AxiTrader.

However, rising US production has stymied OPEC's efforts to rebalance markets.

Winning Powerball Ticket Worth $447.8 Million Sold In Riverside County
Lottery officials say the earliest that the single winning ticket sold at Marietta Liquor & Deli can be redeemed is Monday. Alberre says the store just off a highway caters to retirees who live in Sun City and motorists who are passing through.

Puerto Rico casts symbolic vote for statehood
No clear majority emerged in the first three referendums, with voters nearly evenly divided between statehood and the status quo. Justice Department told The Associated Press that the agency has not reviewed or approved the ballot's revised language.

Out-of-nowhere Ostapenko to face Halep for French Open title
It was clear from the start that Ostapenko was going to be the aggressor and she edged a first set in which she hit 21 winners. Despite finishing the set strong and taking that momentum into the second set, Pliskova began to sputter in the third set.

"While the demand is robust, there is a serious likelihood that prices will sink next year to $30-$35 a barrel and will stay there for a while", Fesharaki added.

Meanwhile, the implied market deficit for 2Q2017 has narrowed from.7 mb/d to.5 mb/d due to reduced demand, primarily because of weaker Chinese and European data, and an increase in global supply, IEA stated.

The IEA report came a day after OPEC's monthly oil report (http://www.marketwatch.com/story/opec-oil-production-rose-in-may-owed-to-unexpected-boost-from-iraq-2017-06-13), which showed that the group's output rose 1% in May from April amid gains in Iraq, Nigeria and Libya.

Distillate inventories fell this week by 1.451 million barrels, while inventories at the Cushing, Oklahoma, site fell by 833,000 barrels after last week's dip of 1.56 million barrels.

In a report on Wednesday, the International Energy Agency said rising USA output will contribute to supply growth exceeding demand growth in 2018.

Crude oil futures fell Wednesday morning, after weekly industry data showed a surprise build in US stockpiles.

The U.S. alone will account for about half that increase in supply, the IEA said.

The Saudis are carrying the bulk of the output reductions among OPEC members, and the shipping data suggest they are doing their part by lowering exports as well.

Related News:

  • Rafael Nadal Wins Record 10th French Open

    In the 19 times that Nadal has now played Wawrinka , the Spaniard has won 16, winning the match every time he won the first set . And following an historic triumph, the 31-year-old said it was "impossible" to describe his emotions.

    Apple unveils 'HomePod' speaker, first new product in years

    Australia will be one of the first countries to receive the rollout of HomePod units, which will be available in December 2017 . Apple has always shot for the higher end of the market, while Google and Amazon have always shot for mass adoption.
    America's Cup challenger races postponed due to high wind

    America's Cup challenger races postponed due to high wind

    In the other semi-final, SoftBank Team Japan lead Sweden's Artemis Racing 3-1 ahead of their two races on Thursday. Three were thrown overboard but all of New Zealand's crew were accounted for.
  • Vladimir Putin critic reportedly detained before Moscow protest

    Vladimir Putin critic reportedly detained before Moscow protest

    For that reason, he said he was unilaterally switching the venue to Tverskaya Street, Moscow's main avenue near the Kremlin. An Associated Press reporter saw about 50 protesters seized by police in the gathering at Mars Field.

    $435M Powerball jackpot: Odds, deadline, what you need to know

    If someone hits the jackpot, it'll be the 8th largest Powerball prize and the 11th biggest in USA lottery history. Hughes also says she sees more people come in to get tickets 30 minutes before the drawing than any other time.

    Apple Announces watchOS 4 for Apple Watch with Siri Smart Watchface, More

    Apple also added a new blinking light, which you can activate via Control Centre, so that your night runs can be a bit safer. You will also be able to chose a playlist that automatically stats playing as soon as you start sweating it out in the gym.
  • DC, Maryland Attorneys General to File 'Major Lawsuit' Against Trump

    DC, Maryland Attorneys General to File 'Major Lawsuit' Against Trump

    The attorneys general of Maryland and D.C., both Democrats , have scheduled a news conference for noon ET in Washington . The first was filed in January by Citizens for Responsibility and Ethics in Washington , a D.C. -based watchdog group.

    Ruth Davidson dismisses Scottish Tories breakaway claim

    The DUP, who are based in Northern Ireland, take a conservative view of gay marriage and abortion. Davidson issued a strong rejection of the suggestion on social media.
    Bond hearing scheduled for Augusta woman accused of leaking classified documents

    Bond hearing scheduled for Augusta woman accused of leaking classified documents

    The 25-year-old federal contractor was arrested Saturday and stands charged with leaking classified information to a media outlet. Her mother has said victor was a specialist in Pashto, Farsi and Dari, languages spoken in Afghanistan, Iran and Pakistan.
  • 'Super Meat Boy' gets a surprise successor in 'The End is Nigh'

    'Super Meat Boy' gets a surprise successor in 'The End is Nigh'

    In the meantime, enjoy the trailer above, but be careful if you're at work - the language can be fierce . Does this seem like the flawless summer game for you?

    British Authorities Under Scrutiny as 2 London Bridge Attackers Named

    A property in Ilford, east London , was also searched by police at around 01:30 BST, but no arrests had been made, the Met said . As Khan spoke, police named two of the three attackers as Khuram Shazad Butt and Rachid Redouane .

    WWE Extreme Rules 2017 Match Predictions

    Maybe we'll get the start of a month's-long transition into WWE's version of "Broken Matt Hardy" and "Brother Nero". Two weeks later, Cesaro and Sheamus won a tag team match between several teams to become the number one contenders.


Most liked

Primary Tuesday - Polls Open at 6 AM
The attorney general race will have Democrat Mark Herring, the incumbent, facing Republican John Adams in the November 7 election. The race has been framed as a reboot of the Bernie Sanders-Hillary Clinton contest, but the comparison is not a flawless fit.

Israel approves largest West Bank settlements in 25 years
The plans are at various stages in the process and the units are located in a number of settlements across the West Bank . Almost 400,000 Jewish settlers are estimated to be living in the West Bank along with 2.8 million Palestinians.

OH triple homicide: 2 college students, mother found dead in bedroom
Wrote the 21-year-old in the bio on her Facebook page: 'Life's too short to sit and wait for luck to come your way '. The girls' stepmother, Sonya Pifer , described her stepdaughters as "great kids" and "great students".

Penguins will stick with Matt Murray for Game 5
Subban, who claimed Crosby was complaining about Subban's breath during a Game 3 run-in, just kind of sat there and took it. The Predators are 5-5 when forced to wear the road whites, including a Game 5 victory against Anaheim in the West finals.

Kane rescues draw for England against Scotland in qualifying
England vs Scotland went from a bang average game of football to absolute madness In the space of eight minutes. We had moments where we got into really good positions in the final third and you have got to take the finish.

Philippine marines killed in fighting with militants
The military earlier released a video of Hapilon and cohorts plotting attacks around Marawi City days before the siege began. President Rodrigo Duterte declared martial law on the entire island of Mindanao within hours of thefirst shots.

Alleged Russian Hack Reveals a Deeply Flawed Election System
Bladen, Brunswick, Columbus, New Hanover and Pender counties do not use VR Systems for their elections. The NSA report does not say whether the cyberattack effort had any effect on the election results.

Qatar FM rejects intervention in foreign policy
The emirate is also home to leaders of Egypt's Muslim Brotherhood, the Palestinian Hamas and the Afghan Taliban. Qatar relies heavily on food imports, especially those coming over its only land border with Saudi Arabia.

Alonso: No decision on McLaren future before September
Considering McLaren already is considering changing suppliers for 2018, Alonso's threat could provide the impetus to kick Honda to the curb.

Donald Trump pushes Gulf unity in call with Saudi king
On the day of the isolation from Qatar's neighboring countries and others, its main stock exchange dropped as much as 8 percent. Saudi Arabia's central bank advised banks in the kingdom not to trade with Qatari banks in Qatari riyals, banking sources said.

New smart speaker expected as Apple kicks off conference
But to what extent Apple can surpass market leaders Amazon and Google? With Siri, the HomePod doubles up as a home speaker . The free software update for mobile devices , iOS 11 , is expected in September, when Apple typically releases new iPhones.

Radeon Pro 500 Series for iMac: Powerful Performance for Breathtaking 5K Computing
Perhaps unexpectedly, the next most exciting unit on display was the new 10.5-inch iPad Pro, running iOS 11. It is also worth noting that the AiO desktop would support up to 128GB of ECC memory.

Hillary Clinton ridicules President Trump over 'covfefe' tweet
The tweet remained online for some 5½ hours, drawing worldwide ridicule. "But let me see what kind of plane she's taking", the aide responded .

White House: Trump won't seek to block Comey testimony
He reportedly has met with Comey to discuss the probe, and Comey reportedly sought his approval to testify before lawmakers. The Justice Department later appointed ex-FBI director Robert Mueller as the special counsel.

Ariana Grande critic Piers Morgan apologizes to singer
After all, the performance was being live-streamed across the world so will.i.am could have been addressing London. The pop singer visited young fans injured in the attack at the Royal Manchester Children's Hospital on Friday.