WTI light sweet crude oil rose 60 cents to $63.64 a barrel this morning, the highest in more than three years.
Weekly data from the US Energy Information Administration (EIA) showed crude stockpiles fell by 4.9m barrels, more than the 3.89m barrel draw analysts expected, according to Thomson Reuters.
USA production for 2017 averaged an estimated 9.3 million bpd, and is estimated to have averaged 9.9 million bpd in December, EIA said. Analysts said that could have been the result of extreme cold temperatures across the United States. But Opec secretary general Mohammed Barkindo said there was "no panic" about rising prices.
Investors have piled into commodities markets in the last month as the most bullish oil market structure in years is buttressed by OPEC-led production cuts, strong global economic growth and a softer US dollar.
OPEC crude oil production averaged 32.5 million barrels per day (MMBPD) in 2017, a decrease of 0.2 MMBPD from 2016, primarily due to the November 2016 OPEC production agreement created to limit OPEC crude oil output to 32.5 MMBPD. Brent touched $69.29 in late Tuesday trading, the highest since May 2015.
Relatively weak Chinese December oil data weighed on prices, traders and analysts said. Past year was the lowest annual average price since 2009 and still pales in comparison to the average of $3.37/gal that US consumers were paying as recently as 2014. With the typical inverse link between crude prices and the dollar taking hold once again in the second half of the year, oil got another shove. Also, the dollar fell in a broad sell-off after a report that China was ready to slow or halt its US treasury purchases.
"The decline comes in an environment of a falling USA dollar, which is an offsetting factor", he added.
USA production growth is estimated at 1.5 million bpd in 2018 and 1 million bpd in 2019, with Canada and Brazil expected to contribute combined growth in both years of some 400,000 bpd.
USA crude production is forecast to average 10.3 million bpd in 2018, which would be the highest annual average US production, surpassing a previous record of 9.6 million bpd in 1970.
USA energy companies added 10 oil rigs this week, the biggest increase since June, bringing the total rig count to 752, the most since September, General Electric Co's (GE.N) Baker Hughes energy services firm said.
An expected rise in US oil production C-OUT-T-EIA to above 10 million bpd from 9.5 million bpd now has also weighed.
Only Russia C-RU-OUT and Saudi Arabia PRODN-SA have produced more crude, hitting peak output of over 11 million bpd and about 10.7 million bpd respectively in recent years.
Cleveland , which lost its previous two games by a combined 62 points, was outscored 84-61 over the final three quarters. Golden State got 26 points from Kevin Durant in winning its 11th straight on the road to go 18-3 away from home overall.
The US president has come under attack after he was reported to have called some nations "shitholes" in a White House remark. Senator James Lankford, of Oklahoma, is speaking out about President Donald Trump's alleged vulgar comment.
Participants in the Lexington Martin Luther King Day parade march downtown on Monday, January 18, 2016 in Lexington, Ky. The city of Auburn Hills will be hosting a community-service focused event in celebration of Martin Luther King Jr .
Judge Loya was hearing the fake encounter case against Amit Shah, who also had to serve time in jail before being released. The Bench, before adjourning the matter, asked the counsel appearing for the state of Maharashtra to seek instructions.
Many of them reacted quickly in support of Farage's proposal, expressing confidence about winning the second time around. But he hit out at the "dishonesty of our political class" and said he feared a second referendum may well be inevitable.
It improved, as 51 investors sold SWN shares while 94 reduced holdings. 56 funds opened positions while 201 raised stakes. The energy company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01).
While an official Passport has a white cover and is issued to those representing the Indian government on official business. Apart from this, the ministry is also mulling changing colour of some passports of a specific category.
The stock has a market cap of $37,710.00, a price-to-earnings ratio of 45.02, a P/E/G ratio of 1.82 and a beta of 0.96. Zacks Investment Research downgraded Boston Scientific from a "hold" rating to a "sell" rating in a report on Tuesday.
The fire killed at least: Virginia Pesola, 70, of Santa Paula and Cory Iverson, 32, a firefighter from San Diego. Authorities determined the fire was completely contained after survey flights over the burn area Thursday.
Barty best of the Aussies in Sydney
Later in the day, former world number one Angelique Kerber also won her match and thus set up the title showdown with Barty. Gavrilova was playing her third successive Australian opponent in Sydney .
Tennessee Titans officials scouted by ESPN
Roethlisberger was intercepted five times in that game and the Steelers will look to establish running back Le'Veon Bell early. There's a reason I've been able to do what I've been able to do. "I'm just trying to play better every week", Henry said.
Monkeys in Florida Threatening to Spread Fatal Virus
There are about 175 of the monkeys in the Silver Springs State Park, but the population has spread elsewhere in Florida. The monkey population is growing steadily and one UF researcher says it's better to be safe than sorry.
Dale Steyn comes in from the cold
He couldn't complete his 18th over and was limping slightly as he headed to the dressing rooms at Newlands. During his 18th over, Steyn sustained a serious tissue damage in his heel when he landed.
Team Asia continues strong performance
Paul Casey and Tyrrell Hatton , both from England, put Team Europe ahead with a 2-1 victory over Thailand's Kiradech Aphibarnrat and South Korea's An Byeong-Hun.
Wisconsin police chase Greyhound bus into IL
Traffic was closed in both directiions on the interstate while police continue to investigate, the Daily Herald reported . WISN 12 News spotted officers pulling a backpack from the bus and searching it along the side of the interstate.
No One Is Coming to Save Us From Trump's Racism
Trump, who grew up in a Presbyterian family, shot back saying it was "disgraceful" for the pope to question his faith. President Donald Trump's reported comments about African countries and Haiti as "particularly harsh and offensive".
Google Assistant shouts down Alexa at CES
Amazon said Alexa on Toyota vehicles is a realization of the company's long-term vision for the intelligent voice assistant. Amazon's Alexa virtually dominates the voice-based AI space with a 82% market share with Google Home way behind at 18%.