Oil prices fall amid rising fuel inventories

World oil prices up

The oil prices were trading higher after a sluggish and a lackluster performance on the previous trading session.

Oil prices had been on a long rally for most of the latter half of the year in anticipation of a decision from the Organisation of Petroleum Exporting Countries on what to do with a production cut agreement aimed at draining the surplus in global oil inventories.

"But a weaker economic performance and a decline in refinery capacity utilization in the first quarter could be a drag on oil demand and dampen prices", said Georgi Slavov, the head of research at commodity broker Marex Spectron. The motor fuel inventories were also rising and were also pulling the prices up after succeeding lackluster performance. Prices rose 15 cents to $57.62 on Tuesday. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 1.1 per cent to $56.95 per barrel. The galloping gasoline stockpile gains managed to cripple yesterday's performance.

Marketmen said the fall in crude oil futures was mostly attributed to trimming of positions at futures trade in tandem with a weakening trend in Asian trade after official data confirmed a huge build in United States gasoline supplies, offsetting the data showing crude stockpiles fell for the third straight week.

On the other hand, the Brent crude futures were also up by incredible amounts; the worldwide benchmark for oil prices was tallied to be at $61.28 a barrel, climbing a total of 6 cents after its bearish run yesterday.

On the New York Mercantile Exchange crude futures for January delivery rose 0.39% to $56.18 a barrel, while on London's Intercontinental Exchange, edged up 0.36% to $61.48 a barrel. On the other hand, the total volume traded was tallied to be at 16% above the 100-day average. Tallying a total of 448.1 million barrels; the figures managed to level below the expected seasonal stocks from years 2015 and 2016.

One factor that could undermine OPEC's and Russia's effort to cut supplies and prop up prices is USA oil production, which has risen by 15% since mid-2016 to 9.68 million barrels per day, close to levels of top producers Russian Federation and Saudi Arabia.

Related News:

  • Democratic Women in Senate Call on Al Franken to Resign

    Democratic Women in Senate Call on Al Franken to Resign

    A group of Senate Democratic women came out almost simultaneously on Wednesday to call for the resignation of Minnesota Sen. For his part, Franken has apologized for the earlier incidents, but has shown no signs of plans to give up his seat.
    Yum's Beer Delivery Sinks Domino's and Papa John's Stock

    Yum's Beer Delivery Sinks Domino's and Papa John's Stock

    Pizza Hut's beer delivery menu in Phoenix includes six-packs of Budweiser, Bud Light, Shock Top and Kilt Lifter, a local brew. A spokeswoman told Fortune that 1,700 out of Pizza Hut's 6,300 USA locations already have liquor licenses.
    Donald Trump Endorses Roy Moore, Citing Dem. Obstruction on Tax Reform

    Donald Trump Endorses Roy Moore, Citing Dem. Obstruction on Tax Reform

    Trump's move runs counter to many other Republican leaders who have repudiated Moore and called on him to exit the race. She made her decision after hearing Moore categorically deny knowing any of his accusers, including herself.
  • US Special Counsel Robert Mueller has subpoenaed Donald Trump's Deutsche Bank records

    US Special Counsel Robert Mueller has subpoenaed Donald Trump's Deutsche Bank records

    After a string of bankruptcies and broken promises, pretty much every other major bank stopped lending Trump money some years ago. In June, the German bank rejected a demand by Democrats to provide details of the President's finances, citing privacy laws.
    Google Enrolls 10000 Employees to Combat Abusing Contents on YouTube

    Google Enrolls 10000 Employees to Combat Abusing Contents on YouTube

    The technology has reviewed and flagged content that would have taken 180,000 people working 40 hours a week to assess, according to Wojcicki.
    India squad for South Africa Test series announced

    India squad for South Africa Test series announced

    It was a unanimous choice and we had no doubts about that. "He has not played a lot of competitive cricket lately", Prasad said. Bhuvenshwar Kumar, Ishant Sharma, Mohammed Shami, Jasprit Bumrah and Umesh Yadav form the Indian pace battery.
  • Instagram Curating Private Archive For Your Instagram Stories

    Instagram Curating Private Archive For Your Instagram Stories

    The other significant update was Story Highlight , which allows the user to show their favorite archived stories on their profile. You can add up to 100 photos or videos to a Story Highlight , and there's no limit to how many Highlights you can create.
    IPL franchises allowed to retain up to five players

    IPL franchises allowed to retain up to five players

    The player auction is tentatively set for February. "Almost six out of eight teams wanted about 6 to 8 retentions. But if there is no retention before the player auction then the franchises can have up to three RTM.
    The world's biggest Starbucks just opened in China

    The world's biggest Starbucks just opened in China

    Starbucks furnishes the Shanghai Roastery with Chinese culture-rich decor, blended with the latest trend of augmented reality. Starbucks' same-store sales in China rose 8 per cent during the most recent quarter, beating its global 2 per cent growth.
  • Amazon Prime Video finally lands on the Apple TV

    Amazon Prime Video finally lands on the Apple TV

    A tit-for-tat move, as Amazon refuses to sell many of Google's products that compete with its own products on its retail website. And although Apple's services business is growing, it doesn't have much overlap with the core offerings of Google and Amazon.
    Ben Stokes out cheaply on debut for Canterbury

    Ben Stokes out cheaply on debut for Canterbury

    Doing anything else would have risked potentially prejudicing the outcome of the ongoing police investigation. The pair were suspended by the European Central Bank from worldwide cricket until further notice.
    McConnell eases stance on Moore, says voters should 'make the call'

    McConnell eases stance on Moore, says voters should 'make the call'

    The error margin is 3.5 points among the sample of 1,110 registered voters and 4.5 points among the sample of 739 likely voters. Moore has also said he first noticed his wife , who is 14 years his junior, when she was 15 years old.


Most liked

Expanding concealed gun law divides NY leaders
Both parties saw defections with 14 Republicans- including the head of the Congressional Second Amendment Caucus, U.S. According to NPR , the measure passed , 231-198, and is now headed for a stingy battle in the Senate.

Robert Mueller Crossed Donald Trump's Red Line and Subpoenaed His Bank Records
Deutsche Bank is not the only Trump-related business interest that is attracting the attention of investigators. Deutsche Bank countersued and the two sides eventually settled.

Sixers trade Okafor to Nets
Okafor has largely been considered a bust and he asked for a contract buyout once the Sixers declined to pick up his option. He's only played six games this season because of the depth the 76ers have at the guard position.

9 terror plots foiled by British security this year
He also said that the security services have foiled nine terrorist attacks on the United Kingdom in the past one year. Andrew Parker, director general of the MI5 security service, briefed cabinet ministers on the plot, Sky said.

Apple Pay Cash now allows United States users to send money with iMessages
If you're on iOS 11.2 and are living in a region where the service is available, you should see an Apple Pay Cash toggle. For bank transfers, users can transfer a minimum of $1 or up to $3,000 on a single bank transaction.

SMU's Chad Morris to be hired as Arkansas head coach
Morris emerged as Arkansas' pick to replace Bret Bielema after Auburn's Gus Malzahn turned down the Hogs last weekend. The Razorbacks finished the 2017 season with a disappointing 4-8 record and 1-7 mark in conference play.

Russian Federation banned from 2018 Winter Olympics
Some Russian officials have threatened to boycott if the International Olympic Committee delivered such a severe punishment. Evidence suggests that Russian Federation ran an orchestrated doping program at the 2014 Sochi Games.

Florida State set to hire Willie Taggart
He initially joined Taggart's staff in Eugene last January after previously serving as tight ends coach with Alabama. Willie Taggart as head coach of the Oregon Ducks during a game against Arizona State on September 23, 2017.

Rapper and retiree meet after bonding over Words with Friends
Spencer posted the photos on Twitter, writing: 'So last summer I randomly met this 80 y/o woman on Words With Friends . Amy Butler, a pastor at Riverside Church in Manhattan, arranged the trip for Sleyon and flew there with him.

Sub-zero weather bomb could bring snow storms
THE FROSTY WEATHER isn't going anywhere as sleet and snow are forecast for Thursday and Friday . From Friday it will feel bitterly cold with temperatures struggling to get above freezing.

Airlines Are Set to Make Even More Money Off Passengers in 2018
More cargo is being sent by air as people increasingly buy goods over the Internet - giving a particular lift to Asian exports. Chief marketing officer Kenny Jacobs said the increase in passenger numbers in November was due to lower fares.

Airliner Witnessed North Korean Missile Test
Crew onboard a Cathay Pacific flight last week said they witnessed North Korea's latest missile test . The North has launched its missiles without warning for years.

National Basketball Association suspends Shaun Livingston, disciplines referee Courtney Kirkland for on-court altercation
The punishment was more severe for Kirkland, who has been removed from the league's officiating rotation without pay for a week. The NBA determined Kirkland moved toward Livingston and shared responsibility for the contact made, the league announced.

Netflix are going ahead with the final season of House of Cards
He added that the agreement would benefit the 2,000 people in Baltimore who have worked on the show. Spacey said after the first allegation that he was "beyond horrified" by Rapp's claim of assault.

Irish foreign minister says Brexit border breakthrough possible today
He added: "The indications we have is that we are in a much better place now than we have been in the negotiations to date". Speaking at a joint press conference in Brussels with Mr Juncker, Mrs May said: "We have been negotiating hard".