US crude oil refinery inputs increase last week

Oil Slides on Disappointing U.S. Data After Hitting Two-Month High

Despite supportive weekly US energy data, worsening Venezuelan production and relentless supply OPEC cuts intermittently propping oil prices up this week, "there are still fears of slowing demand", said Phil Flynn, analyst at The Price Futures Group brokerage in Chicago.

Following a US decision to impose sanctions on Venezuela's oil industry last week, Guaido and the Trump administration have sought to appoint a new board of directors for Citgo.

The Energy Information Administration (EIA) wind of the Department of Energy (DoE) released an increase of 1.3 million barrels into the crude stocks than market consensus of 2.18 million barrels. Moreover, on-going sanctions on Venezuela by the U.S. and pipeline problems at Canada and Mexico offer background support to the upmove.

Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018.

US West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 0607 GMT, down 19 cents, or 0.4 per cent, from their last settlement. "Moreover, lower oil prices - prices were between 14% and 18% lower in January than their 2018 average - are likely to stimulate economic activity and oil demand, particularly in emerging markets", said Jean-Pierre Durante, Head of Applied Research at Pictet Wealth Management.

The producers known as OPEC+ began cutting production by 1.2 million barrels per day from last month to avert a new supply glut and OPEC has delivered nearly three-quarters of its pledged cutback already, according to a Reuters survey.

USA distillate stocks fell by 2.3 million barrels, while inventories of other refined fuels dropped by 2.9 million barrels.

Charlie Weis Says the Patriots Will Stomp the Rams
That is the first thing they have to do because the Rams run defense has basically been non-existent most of the year. According to the video, the Rams will overtake the Patriots with a score of 30-27.

Higher American output is threatening to offset cuts by the Organization of Petroleum Exporting Countries and its allies.

Venezuela, like other OPEC members Iran and Libya, was exempted from making voluntary curbs under the deal on expectations that its output faced involuntary downward pressure in 2019. USA crude was down 48 cents at $53.18. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

In addition to the above observations, the report included a discussion on US-China trade tensions and Russian and US crude oil production forecasts.

Providing global markets with price support are supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at tightening the market. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

In his State of the Union address, U.S. President Donald Trump said a trade deal was possible with China.

Senior US and Chinese officials are poised to start another round of trade talks next week.

Related news:

Hot News

isis-killer-beheading-video-story-top Another Democrat Just Made Fun of Ocasio-Cortez's Green Deal
Feb 08, 2019 - 00:42
Government can take an equity stake in Green New Deal projects "so the public gets a return on its investment", she said. House Speaker Nancy Pelosi wasn't quite as eager about the plan as the freshman representative.

isis-killer-beheading-video-story-top The Raptors And Grizzlies Have Reportedly Agreed To A Marc Gasol Trade
Feb 08, 2019 - 00:40
While everyone wondered what Ujiri would do after another embarrassing playoff exit, we now have our answer: He blew it up. Now, the Toronto Raptors have chose to get in on the fun, swinging for the fences on a move for a former All-Star.

isis-killer-beheading-video-story-top Pelicans’ Anthony Davis listed as questionable to play vs. Bulls
Feb 07, 2019 - 00:39
There's some urgency for the Lakers to try and get a deal done by Thursday. "They wanted more and more and more", one person said. With not much and/or nothing left in the clip, Los Angeles had to step back from trade talks.

isis-killer-beheading-video-story-top Texas Man Dies After Vape Pen Explosion Severs Artery To Brain
Feb 07, 2019 - 00:38
Brown's death appears to be the second death caused by vaping devices or e-cigarettes in the United States. According to his grandmother, the 24-year-old had only bought the e-cigarette moments before it exploded.

isis-killer-beheading-video-story-top Venezuela slams European Union countries for aligning with U.S.
Feb 07, 2019 - 00:38
This weekend he plans to oversee a deliberate provocation of the military by ordering in supplies of humanitarian aid. Guaido is "now the only legitimate representative of the Venezuelan state".

isis-killer-beheading-video-story-top Two found dead as waters grip Townsville
Feb 06, 2019 - 08:42
The town was forced to open the floodgates to the overflowing Ross River Dam on Sunday, leaving a wall water flowing into the community and the river itself.

Jennifer Lawrence is engaged to art gallery director
Feb 06, 2019 - 08:39
Lawrence has not publicly addressed her romance with Maroney, so it's no surprise she would keep her engagement hush-hush. She has previously dated Coldplay's lead singer Chris Martin , actor Nicholas Hoult and director Darren Aronofsky .

isis-killer-beheading-video-story-top Confirmed Liverpool team vs West Ham - Lallana one of three changes
Feb 05, 2019 - 01:02
However, they have shown the desire and determination to carve out results while not being at their fluent best. Liverpool lacked the urgency and creativity in the opening 45 minutes and allowed West Ham to attack.

isis-killer-beheading-video-story-top Marshmello makes history with first ever Fortnite in-game concert
Feb 05, 2019 - 00:59
At the time of writing, the venue is set up and ready for the in-game Marshmello concert that will take place Saturday. Not only did the event go smoothly, but the general consensus was that it was one of the game's best events yet.

isis-killer-beheading-video-story-top ‘Empire’ actor says account of attack has been consistent
Feb 04, 2019 - 00:48
Empire writer Lee Daniels , Congresswoman Maxine Waters , and Smollett's family were in attendance. Smollett closed the show by saying, "We are proud". "My body is strong and my soul is stronger".

isis-killer-beheading-video-story-top Liverpool Fans Rage After 2 Refereeing Decisions Contribute To Title Blow
Feb 02, 2019 - 00:32
Responding to Walker's tweet, Pep Guardiola said: "The players tweeting or social media, Instagram, I can not control it". The Reds return to Premier League action with a hard trip to West Ham United on Monday night.

isis-killer-beheading-video-story-top Mario Kart Tour Delayed, Nintendo Confirms
Feb 01, 2019 - 00:15
Nintendo announced today via its official Twitter account that its upcoming mobile game Mario Kart Tour has been delayed. It's also worth noting that the Switch saw a massive quarter in software sales with 53.51 million units total.

isis-killer-beheading-video-story-top Huawei executive Meng attends bail hearing at Canadian court
Feb 01, 2019 - 00:10
Last week, Vodafone, one of the world's biggest mobile phone companies, said it would stop using Huawei gear in its core networks. Neither Mr Lametti nor Foreign Minister Chrystia Freeland gave any hints on whether Canada would back the extradition request.

isis-killer-beheading-video-story-top Digital traffic boards mock New England Patriots during Super Bowl week
Jan 31, 2019 - 06:17
In New York, Brown made an immediate impact on the field and in the locker room. "He has such a special soul", he explained. And then the one against Pittsburgh later, we were down 10 at halftime, took the lead with two minutes to go in the game.

isis-killer-beheading-video-story-top Roger Stone is expected to plead not guilty in court appearance
Jan 30, 2019 - 00:28
Last year, Mueller charged 12 Russians accused in the hacking as part of his investigation of Russia's role in the 2016 election. Former FBI Director Robert Mueller has been leading the special counsel investigation since it was launched May 2017.