Oil prices marginally down over strong dollar value

Oil Rises Nearly 1

Refinery utilization rates rose by 5.4 percentage points.

The EIA said last week that USA crude stocks jumped 4.6 million barrels as imports increased by 734,000 bpd and production rose 157,000 bpd to 9.51 million bpd, close to levels before Harvey hit Texas on August 25.

Wholesale U.S. gasoline prices were down 2.7% at $1.6538 per gallon.

Benchmark Brent rose above $59 a barrel this week, its highest level in more than two years and nearing the $60 mark.

"The market anticipates that OPEC and non-OPEC (exporters) are going to continue with their production cuts through 2018", president of Lipow Oil Associates, Andy Lipow, said.

Oil has gained about 10 per cent this month in NY and its global counterpart traded in London reached a two-year high on Monday amid forecasts for rising consumption in the face of output cuts by the Organisation of Petroleum Exporting Countries' and partners including Russian Federation.

U.S. imposes stiff tariffs on Canada's Bombardier
But the actual amount of money involved in the deal has not been made public, and Boeing has alleged that it is much less. The US Department of Commerce proposed the 220% import tax on the jets, which could hit Bombardier jobs in Belfast.

U.S. shale producers' ability to ramp up output as later-dated crude prices strengthen will keep price volatility low, said Jeffrey Currie, Goldman Sachs' head of global commodities research.

This potential loss, combined with 1.8 million bpd of output reductions by the Organization of the Petroleum Exporting Countries and non-OPEC producers, raised concerns of tighter supply.

Rising demand and geopolitical worries had fuelled the increase, along with indications that production cuts by Opec members are starting to bite. Meanwhile, OPEC and its partners implemented more than 100 percent of their agreed cuts last month, and the outlook for global demand has improved.

Oil prices languished Wednesday morning, as investors appeared to, at least momentarily, cap robust gains from earlier in the week.

Traders have also attributed the uptick to some demand from China's independent refineries keen to utilise their crude import quotas before they expire at the end of the year.

"The rise in U.S. oil production and exports were bearish news because it shows that United States crude has become highly competitive with the large price discount versus Brent and that could be an incentive for producers to ramp up output". Year-to-date, the average price of Brent, has risen around 15% compared to last year's average. The oil price squeeze has been orchestrated by the Opec oil producers' group but could be exacerbated if Turkey follows through on threats to block supplies from Kurdistan. The American Petroleum Institute reported late Tuesday (http://www.marketwatch.com/story/oil-prices-up-as-sources-say-api-data-show-us-crude-supply-fell-2017-09-26) a fall of 761,000 barrels, according to sources. The Department of Energy reported that over the last month product demand averaged 20.3 million barrels per day, up by 1.3% from the same period previous year. Saldanha Bay is one of the world's largest crude storage facilities, with the capacity to hold 45 million barrels.

Related News:

Most liked

Bombardier won't be shocked by another high CSeries duty next week
Boeing's complaint stems from a 2016 Delta Air Lines order for 75 firm and 50 optional C Series CS100 and CS300 aircraft. The Chicago-based aircraft manufacturer asked the Commerce Department and the U.S.

India vs Australia 4th ODI - AUS to Bat First
Kane Richardson then claimed three important wickets as India lost its way towards the end of the run chase. Their partnership threatened to take the match away from India as Warner went for clean hitting.

Adorable Father-Daughter Duo Steal The Show During 'Voice' Blind Auditions
First up was Keisha Renee , who has performed on tour with Nicki Minaj and previously competed in a season of American Idol . Blake, Adam and Jennifer turn around at the exact same time followed by Miley. "Little did they know", Simpson said.

Senator Luther Strange ousted in Republican runoff by former judge Roy Moore
The anti-establishment conservative could give Republican leaders plenty of headaches if he wins the general election in December. After all, despite the endorsements of figures like Bannon and Sarah Palin, not even Moore was a pure Trumpian populist.

Madrid and Barcelona clash over control of the Catalonia police force
Rajoy's government claims the referendum would violate the country's constitution. Rajoy's government says the referendum is illegal under the Spanish constitution.

Ireland's 2023 World Cup Hopes Have Received A Huge Boost
Tomorrow could prove to be a very big day in the history of Irish sport as a delegation from Ireland's bid for the 2023 Rugby World Cup head to London to make a final presentation to the World Rugby Council.

Treatment restores signs of awareness in brain-injured man
The team reports that the auto crash victim presented significant improvements in his brain activity , attention, and movements. As the BBC writes, within a month a man could respond to simple commands, turn his head and follow an object with his eyes.

Dyson confirms electric vehicle for 2020 launch
He was followed last month by Aston's long-serving director of purchasing David Wyer. It is understood that a designer from Tesla has also been wooed to Dyson .

Tech companies support Trump's STEM education plan
Monday's memoranda is focused on high-quality jobs in the STEM field that require specific knowledge and/or education. Representatives from Amazon, Facebook, Google, GM, and Quicken Loans will be in attendance, among others.

VERIFY: Did the NFL Players' Protest Cause Ratings to Drop?
The " matchup between the Washington and Oakland delivered a one-sided game for viewers and a weakened ratings return for NBC. At some games Sunday, players kneeled in large numbers during the anthem and were critical of Trump's comments.

It's Tillerson vs. Haley Over Iranian Nuclear Deal
Vice President Mike Pence during a high level Security Council meeting on United Nations peacekeeping operations. Haley turned down the top diplomatic job previously, weeks after Trump's surprise election victory past year .

AA:US urges 'unified Iraq' as country's Kurds vote
Tehran has also increased pressure, announcing on Sunday it had blocked all flights to and from the region at Baghdad's request. He again urged Iraqi Kurdish authorities to take a step back and appeared to threaten a possible cross-border operation.

United States has significant issues with Iran N-deal: Tillerson
The JCPOA, Rouhani said, is an worldwide agreement conducive to regional and global security and stability. Tillerson was asked later whether he could have a similar discussion with a North Korean representative.

What Happens If Trump Decertifies Iran Compliance With the Nuclear Deal?
He said, "No nation on Earth has an interest in seeing this band of criminals arm itself with nuclear weapons and missiles". Iran has increased trade with Asian and European countries since the agreement was signed, but not with the United States.

Sony Xperia XZ1 with Android 8.0 Oreo launched in India Rs. 44990
But with this generation's flagships costing over Rs 60,000, it is a relief to see Sony at a sub-Rs 50k price point. The smartphone has a 5.2-inch FullHD display with Gorilla Glass 5 on top for protection against nicks and scratches.