Crude Prices Mixed After Last Week's Drop

Hedge funds trimmed their net-long position—the difference between bets on a price increase and wagers on a drop—in Brent crude by the most in almost a year

What's going on in the global oil market to trigger this decline, which is welcomed the world over by energy consumers? "Our "low for longer" view is deferred, not refuted".

"The Joint Technical Committee determined that stockpiles held by developed nations dropped to about 20 million barrels below their five-year average, for a total decrease of about 360 million barrels since the start of 2017", three of the people told bloomberg.

Oil prices came under pressure last week after media reports that the Organization of the Petroleum Exporting Countries and Russian Federation are discussing plans to lift their production for the first time since 2016.

Oil traders were active on Monday despite the Memorial Day holiday and the closure of US stock and bond markets.

"The moment is coming when we should consider assessing ways to exit the deal very seriously and gradually ease quotas on output cuts", Novak said in televised comments.

The Conference Board said Tuesday its measure of U.S. consumer confidence increased to 128.0 in May from 125.6 in April.

The growing spreads now suggest that supply is pushing up against a different sort of bottleneck: A shortage of pipeline capacity between Midland and Cushing, and then a further shortage of pipeline and port capacity to get United States crude onto a hungry global market.

The company, after cutting Saudi imports, has bought a record 16 million barrels (533,000 bpd) of U.S. crude, to load in June, two sources with knowledge of the matter said.

The speculation of an output push by USA rivals may cool oil's recent run even further.

More news: Nipah virus claims one more life in Kerala

Venezuela could eclipse OPEC's efforts to ward off a market tightening.

Despite worries over Iranian and Venezuelan oil, there are many solutions for the global supply system to fill the gap and prevent any supply constraints. Subtropical Storm Alberto lost strength as it came ashore near Laguna Beach in Florida, bringing heavy rains that threaten the U.S. South with economic losses of $1 billion.

That said, emerging market risks are rising and the sentiment seems to be turning away from them. And hence unwinding of the agreement will be a gradual move rather than a one-off, he added.

Saudi minister Khalid Al-Falih, who's been organizing meetings with major customers and producers discussing the Saudi commitment to stabilizing oil markets, is reportedly meeting his Kuwaiti and Emirati counterparts. The rise of U.S.

Meanwhile, surging USA crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit. Domestic oil production is at an all-time high of 10.7 million bpd, not far from Russia's.

The increase in oil prices is not only affecting Zimbabwe, but all non-producing oil countries in the developing world.

Recently, a Libyan oil company has significantly reduced its output (close to 12,000 bpd) due to weather disruptions.

The global sulfur limit on fuel oil will be set at 0.5% m/m (mass/mass) in 2020 down from the 3.5% m/m current global limits.

Related News:

  • Nick Jonas and Priyanka Chopra are reportedly dating

    Nick Jonas and Priyanka Chopra are reportedly dating

    The man in question is hunky actor-singer Nick Jonas . "She's a lovely person and I'm dying now to go to India", he told IANS. The couple was first seen attending the Met Gala together previous year which sparked rumors of a potential relationship.
    Fourth line leads Golden Knights to thrilling Game 1 win over Capitals

    Fourth line leads Golden Knights to thrilling Game 1 win over Capitals

    No matter who wins this series, someone is getting their first Cup, with the Golden Knights taking the first step Monday night. Oh, and there's the hockey game itself. "Lot of up and down", Schmidt said. "It was a pretty emotional game for everybody".
    Euro rallies on developments in Italy

    Euro rallies on developments in Italy

    Di Maio called in to a late night talk show and said he would ask parliament to charge the president with high treason. Appoint a technocratic government to rule for the remainder of 2018, with elections delayed until early next year.
  • Mega Man 11 launches October 2

    Mega Man 11 launches October 2

    The proof is in the playing with twitch action games like Mega Man 11 , but the game is looking fairly solid so far. Double Gears need time to recharge after use, especially if Mega Man gets desperate and utilizes them both at once.
    Landfall expected today in Florida

    Landfall expected today in Florida

    Early forecasts from the Weather Prediction Center show an inch of rain falling over the next seven days across much of Upstate. Alberto is forecasted to make landfall as a strong tropical storm in Alabama or the panhandle late in the day on Monday.
    Pakistan fined for slow over-rate during Lords Test

    Pakistan fined for slow over-rate during Lords Test

    Buttler, who closed on 66 not out, shared an unbroken partnership of 125 with debutant Dom Bess . The innings ended when Amir knocked over Bess's off-stump as the batsman went to drive.
  • José Mourinho targets Porto full-back Diogo Dalot for Manchester United

    José Mourinho targets Porto full-back Diogo Dalot for Manchester United

    A naturally right-footed player, Dalot has shown his versatility by also playing on the left side throughout his Porto career. If he refuses to sign a new deal, United and Chelsea, who are also interested, could make a move in the coming weeks.
    Sleep deprivation impacts performance even if you don't feel it

    Sleep deprivation impacts performance even if you don't feel it

    The study found that for people 65 and under, weekend sleep could make up for deficits of sleep accrued during the week. It can give you heart problems or hurt your waistline , and it can leave you anxious and depressed .
    Warriors crush Rockets to force Game 7 in West

    Warriors crush Rockets to force Game 7 in West

    For the Warriors, Klay Thompson came up big once again in an elimination Game 6, dropping 35 points, including nine 3-pointers. Considering the ups and downs of this series and the mystique of the Warriors, it's about the best thing we can hope for.
  • South doused with heavy rains from remnants of Alberto

    South doused with heavy rains from remnants of Alberto

    Hermond was swept up as he tried to help a shop owner who had escaped flood waters with her cat, police said. Numerous outages were caused by trees rooted in soggy soil falling across utility lines.
    Indians killed, several missing after Cyclone Mekunu hits Oman and Yemen

    Indians killed, several missing after Cyclone Mekunu hits Oman and Yemen

    An Asian person died in a flooded valley and an Omani national in a 4x4 was killed when his vehicle was swept away, Shanfari said. The Port of Salalah - a key gateway for the country - also closed, its cranes secured against the pounding rain.
    Google tries to ease tensions on eve of new European Union  privacy law

    Google tries to ease tensions on eve of new European Union privacy law

    A grace period given for companies to adjust their practices in order to comply with the new rules ended on May 25. Google has assured that the company will potentially change some of its new GDPR-inspired policies.


Most liked

Duterte will go to war over South China Sea: Minister
He said the Philippines could seek the help of its ally countries to pressure China to stop its military activities. The operation also clearly angered many Chinese netizens, who took to the Internet to protest the provocation.

Service dog gives birth in Tampa airport
And even though they missed their flight, Van Atter is going hom e with some special souvenirs born in the Sunshine State. The dog and her owner were on the way to Philadelphia, but the puppies had other ideas.

Top Korean aide lands in Singapore as summit looms
Sung Kim is a former US ambassador to South Korea and was a top negotiator with North Korea in past nuclear talks. Since then, North Korea has rejected USA demands for it to unilaterally abandon its nuclear weapons programme.

Warriors Iguodala officially out for Game 7
During that time, he helped the Rockets win the NBA Finals in 1994 against the New York Knicks and in 1995 against Orlando Magic. On Monday morning, Warriors coach Steve Kerr said Iguodala was having a hard time being sidelined deep into the playoffs.

Ellicott City flooding prompts emergency rescues, state of emergency
The executive order allows the state of Maryland to coordinate support to local jurisdictions experiencing flooding conditions. The Patapsco River, located southeast of Ellicott City, experienced a 17-foot-climb in water levels over those two hours.

For 14th consecutive day, fuel prices increased across country
The rises are blamed on an increase in oil prices to above $80 (£60) a barrel, combined with a poor exchange rate for the pound. For three years, thanks to low worldwide prices, the government is reported to have gained over Rs two lakh crore annually.

Indy 500: Will Power, Wife Liz Freak Out After Thrilling Victory
It's both of them. "I had all my people around me, so I was in good spirits". "It just didn't come today". Kanaan's crash with 12 laps remaining set up a final restart with Oriol Servia out front.

Cuffed Weinstein taken to New York courthouse on rape charge
This is the first time Weinstein has been slapped with charges since the controversial accusations first surfaced last October. Federal prosecutors in New York City are also investigating sex crimes involving Weinstein , The Wall Street Journal reported.

Victoria Beckham praises "incredible" Royal Wedding
Speaking to The Evening Standard , the former Spice Girls star said, "It was such a lovely , incredible wedding". With the wedding over with, it's time for the newest member of the Royal family to get down to business.

LeBron goes off to set up a winner-take-all Game 7
The Boston Celtics entered Game 5 of their Eastern Conference Finals matchup with the Cleveland Cavaliers in need of a shake up. The Celtics shot just 36.5 percent from the floor in Game 5, but they fired off 85 shots - 11 more than the Cavaliers did.

Subtropical Storm Alberto forms; what does that mean?
Forecasters expect a subtropical or tropical depression to form by late Saturday over the southeastern Gulf of Mexico. Just a year ago , we had a named storm - Tropical Storm Arlene - east of Bermuda in April.

Hawaii volcano generates blue flames from burning methane
Hawaii's volcano emergency enters its fourth week on Thursday, and there's a possibility of a major eruption at any moment. The Kilauea volcano has opened more than 20 vents in the ground that have released lava , sulfur dioxide and steam.

Twitter Went Wild Over Rockets-Warriors Game 5
Houston has outscored the Warriors by 11 points in 47 minutes during the West finals with Harden on the floor and Paul resting. If there has been one consistent knock on this Warriors team throughout recent years, it is their looseness with the ball.

Trump can’t block critics on Twitter, says federal Judge
Judge Buchwald agrees, saying the platform is a " designated public forum " from which Mr Trump can't exclude individuals. She said she assumed Trump's social media director Dan Scavino would unblock the users in light of her decision.

Mixed reactions in Singapore to Trump-Kim summit cancellation
Women attend a protest against US President Donald Trump near US embassy in Seoul, South Korea , May 25, 2018. When Chien Cheng wrote: "Better for United States to pull the plug to see how honest North Korea is".