vegassports-odds.com
vegassports-odds.com May 28, 2018


Crude Prices Higher on US Stocks Draw

20 May 2017, 10:34 | Melvin Schneider

An oil derrick operated by Raven Drilling drills for oil in the Bakken shale formation outside Watford City North Dakota. Spencer Platt Getty Images

An oil derrick operated by Raven Drilling drills for oil in the Bakken shale formation outside Watford City North Dakota

Oil prices extended their gains after a report showed USA crude stockpiles fell by the biggest margin since December and were down for the fifth straight week. The API reported a draw of 5.789 million barrels during the week-ended May 5.

Production rose, however, and gasoline demand over the last four weeks was 2.5 percent lower than at the same time period a year ago.

Crude prices edged higher in Europe with WTI pushing towards $46.50 p/b where selling interest again emerged, although WTI did hold just above this level into the official inventories data with Brent trading close to $49.50.

U.S. West Texas Intermediate futures rocketed back above $47 a barrel and worldwide benchmark Brent topped $50 after the Energy Information Administration reported a much larger drop in the nation's crude stockpiles and a strong rebound in gasoline demand.

U.S. crude stockpiles posted their biggest weekly drawdown since December as imports dropped sharply, the U.S. Energy Department said Wednesday, while inventories of refined products also fell.

Brent futures LCOc1 were up 19 cents, or 0.4 percent, at $48.92 a barrel at 0612 GMT.

The Organisation of Petroleum Exporting Countries (OPEC) has called on United States shale oil drillers to cut output for the prosperity of global economy. The following month, 11 non-OPEC oil-producing countries pledged to cut an additional 558,000 barrels a day, reaching an overall reduction of 1.8 million.

USA military conducts airstrike on pro-government forces in Syria
Coalition warplanes targeted a convoy of Syrian government forces and Iranian-backed militia close to the Iraq border on Thursday.

Sean Spicer: Comey was putting 'unnecessary pressure' on Trump's relationship to Russian Federation
During his candidacy, Trump's spokeswoman declared that "there was no communication" with foreign entities during the campaign. Former FBI Director James Comey will testify before the Senate Intelligence Committee in public sometime after Memorial Day.

Ivanka Trump, Jared Kushner get rabbinical approval to fly on Jewish Sabbath
During the 2016 campaign, Kushner also broke Shabbat during the worst crisis to engulf Trump. And it appears Jared Kushner has the CEO's number.

The oil producers will meet on May 25 in Vienna to discuss possibility of extension.

On Monday, Saudi Arabia's oil minister Khalid al-Falih said he expected the output deal to be extended to the end of the year or possibly longer.

As oil dropped below $50 last week, analysts expect producers will be forced to continue the cuts.

Oil prices have increased after Saudi oil giant Aramco announced cuts in supplies to the Asia market.

"Chief among (the) oil market's worries is that the renewed rise in US oil production is reducing the speed at which the supply surplus is being eroded", Fawad Razaqzada, market analyst at Forex.com, said in a note.

Because of a lag between the deployment of drilling rigs and realized oil production, recent rig increases indicate that USA oil production will likely rise further in the coming months.

The cartel raised its estimate of total oil supply growth from non-OPEC producers this year to 950,000 bpd from a previous forecast of 580,000 bpd.



Other News

Trending Now

Sustained effort leads to Cleveland Cavaliers' postseason success
But with Kyle Lowry on the bench for a second straight game with a sprained ankle, the Raptors couldn't match the Cavs' firepower. Irving responded with a 3 and, following a missed shot by DeRozan, added a pair of free throws to put Cleveland up 97-92 at 5:54.

'Mamma Mia!' film sequel gets July 2018 release date
Benny Andersson and Björn Ulvaeus are aboard again to provide music and lyrics and serve as executive producers. Littlestar's Judy Craymer and Playtone's Gary Goetzman, who produced the original, will reteam for the sequel.

Trump told Russians firing 'nut job' Comey eased pressure on investigation
Trump has called the furore since he fired Comey a "witch hunt" and insisted there was no contact between his campaign and Russian Federation .

Oil market re-balancing is here and will continue, IEA says
West Texas Intermediate (WTI) crude was down 16 cents, or 0.3 percent, at $48.91. Energy Information Administration (EIA) on Wednesday.