Brent crude futures were down 21 cents at $84.79 a barrel by 0434 GMT after a 1.3 percent gain on Tuesday
13 October, 2018, 22:54
Analysts argued that the continued drawdowns in oil stockpiles, even though we are past the summer driving season, are a result of increased USA crude oil exports, which have been supported by the widening differential between USA benchmark WTI prices and the global benchmark, Brent crude.
Brent crude futures fell $1.91, or 2.3%, to settle at $83.09 a barrel.
US West Texas Intermediate crude futures fell $US2.20 to settle at $US70.97 a barrel, a 3.01 per cent loss.
"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data", said the IEA, which advises industrialised countries on energy policy.
Bob Dudley, CEO at BP, said, "I think it's going to be 45 days of extreme volatility, it could spike up, it could also go the other way", the latter scenario occurring "if waivers [from the U.S.] were granted to others, to big oil consuming countries" that would allow them to import Iranian crude.
United States crude inventories rose six million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase.
OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and USA shale output growth.
#MeToo: This is what Bipasha Basu said about Sajid Khan This led to Askahy Kumar issuing a strong statement , asking the producer of Housefull 4 to cancel the film's shooting. He even tweeted about it saying how he has made a decision to step down as a director till he can prove the truth.
"We still estimate oil demand growing at 1.2 million to 1.5 million barrels per day for this year, and see the risk of a slowdown in 2019 if trade tension escalates", ANZ Research analysts said in a report.
Companies turned off daily production of 718,877 barrels of oil and 812 million cubic feet of natural gas by midday on Wednesday, according to the federal offshore regulator, the Bureau of Safety and Environmental Enforcement (BSEE). Moreover, presently, the Indian federal government is struggling with higher oil prices and a weakening Rupee (domestic currency) against the USA currency that also weighs on its oil import bill. U.S. sanction go into place on November 4th. The fears are growing that the US demands for an Iran oil embargo could cause a significant supply shortfall.
Southern Co kept the two reactors at its 1,751-megawatt Farley nuclear power plant in Alabama reduced at around 30 percent early Thursday.
US light crude was up 40 cents at $74.69.
The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT (1430 GMT).
The cartel also downgraded its global demand forecast for a third straight month amid concerns about the prospect of slowing economic activity around the world.
Messi scored just one goal and has captained his country since 2011, but Maradona is not happy with the Barca talisman. "It's useless to try and make a leader out of someone that goes to the bathroom 20 times before a game".
Detroit police will search the entire building to make sure no additional bodies are hidden inside, according to WDIV . The bodies were found hidden in a drop-down ceiling at the former Cantrell Funeral Home about 5.30pm on Friday.
It was the first time that Lara Alqasem has appeared in public since she was stopped at Israel's Ben Gurion Airport on October 2. Jerusalem's Hebrew University has thrown its support behind Alqasem, announcing Monday it would join her appeal.
In Cameroon, HRW said government forces and armed separatists had committed "grave abuses" in the country's Anglophone region. India on Friday won the seat to Human Rights Council at United Nations with the highest votes among all candidates.
However, the grand jury documented other cases where accused priests in Pittsburgh were allowed to return to parish work. In accepting his resignation now, Francis asked that Wuerl remain as the apostolic administrator of the archdiocese.
The deadline of 18 October, when the future EU-UK trade deal must be submitted to all remaining 27 EU members, is nearing. Blasting the proposed deal, she said: "Trade from Great Britain into Northern Ireland would be in danger of restriction".
Met Eireann announced that weather warnings for the west and northwest coast would remain in place today until 5pm. Around 100 customers in Donegal are without power this morning following strong winds overnight.
Wedding watchers thought Princess Eugenie would wear the tiara that her mum wore for her wedding to Prince Andrew. Eugenie looked stunning in a custom Peter Pilotto wedding gown with an open back and a long train.
Armenia Hosts Summit Of Francophone 'Family'
Thus with apparently limited worldwide support and somewhat lukewarm Canadian support, Jean's re-election chances had been slim. Leblanc said on the weekend that Jean had no intention of dropping out.
Yorkshire Mum Campaigns For Mental Health Awareness
Theresa May has announced eight thousand more mental health workers in schools to offer mental health checks to pupils. One of these is the pressing question of mental health and how our population is coping with it.
Monaco appoint former Arsenal striker Henry as head coach
Having started my footballing career with this great club, it seems like fate that I will now begin my managerial career here too. Portuguese boss Jardim was appointed in 2014 and led the club to the French title in 2017, their first since 2000.
Nine climbers feared dead in Himalayas
Mount Gurja sits in Nepal's Annapurna region, next to avalanche-prone Dhaulagiri, the world's seventh highest mountain. The climbers were attempting to scale the 7,193-metre (23,590-foot) peak during the autumn climbing season.
Virus-afflicted Del Potro taking it 'hour by hour'
Since Djokovic lost that French Open match to Cecchinato, he's won 28 of his 30 matches. "I was aggressive when I needed to be". The 20-time grand slam champion will stay second in the rankings if he wins the title and Djokovic fails to reach the final.
Quake near Bali, Indonesia, kills at least 3
An official search and rescue effort following the devastating natural disaster and tsunami in Indonesia has been called off. Zainurrohman, a 21-year-old from the district told AFP . "What can we do?" We just have to accept it, ' he said.
CVS $69B merger deal with Aetna gets go-ahead
The companies maintain a prior view that the transaction will close in the early part of the fourth quarter of 2018. Together Aetna and CVS have 6.8 million members in standalone Medicare drug plans, the Justice Department said.
Israeli forces kill six Palestinians during Gaza protests
In response, the IDF said, soldiers used riot dispersal means and live fire in accordance with standard operating procedures. That's according to the spokesman for Gaza's Health Ministry who say there are around 140 people injured.
Conway tells Hillary Clinton to 'tamp down the rhetoric'
Clinton, meanwhile, has been striking a more partisan tone, blaming Republicans for the chaos that has engulfed American politics. That's when civility can start again, but until then the only thing the Republicans seem to recognize and respect is strength.