Fresh US drilling capping crude oil price: OPEC
More signs of recovery in US shale oil basins and indications of a build in inventories sent crude oil prices lower early Wednesday.
In response, at 3:50pm GMT, the Brent front month futures contract was up 0.39% or 22 cents to $56.19 per barrel, while the West Texas Intermediate was 0.47% or 25 cents higher at $53.45 per barrel.
Crude stocks at the Cushing, Oklahoma, delivery hub for USA crude futures fell by 702,000 barrels and US crude imports by 1.34 million barrels per day, the EIA said.
Distillate inventories fell by 700,000 barrels last week and remain above the upper limit of the average range for this time of year.
Since Adam was a boy, Opec and (some) member country ministers have conjured up the bogeyman of speculators and money managers to explain away uncomfortable prices - high or low.
In all, the 10 OPEC members covered by the agreement achieved 1.14 million b/d in cuts in January, according to the Platts analysis - taking just more than a North-Dakota's worth of production off the market, though increases by the exempt countries have blunted some of the impact. On a yearly basis, however, it will grow by only 24,000 BPD, to average 6.80 MMBPD compared with a year earlier when it totaled 6.78 MMBPD. Will production in the USA ramp up in response? Supplies in the USA have steadily increased this year - potentially undermining efforts by the Organization of the Petroleum Exporting Countries and other producers like Russian Federation to boost prices by cutting production. "A floor is being formed by the production reduction agreed by OPEC and several non-OPEC oil producers".
NASA scientist detained at the border, forced to unlock secured phone
He had not visited any of the seven countries on Trump's travel ban, and neither did he indulge in any suspicious activities. After showing an " Inspection of Electronic Devices " form, the CBP agent asked to look at the US citizen's phone.
Credit Suisse Net Loss Narrows
Credit Suisse said in a statement that its net loss was narrower than a year-earlier figure of 2.9 million Swiss francs. The news comes just one month after Credit Suisse's CEO Tidjane Thiam had championed a comeback for banks in 2017.
7 killed in gunfight between Indian army and militants in Kashmir
The four terrorists who were killed by security forces in the Kulgam district of Jammu and Kashmir on Sunday were local residents. The killing of the civilians conjured a mixed response with the separatist leaders calling for a valley-wide strike.
That's a "record initial compliance rate of 90%", the IEA said, adding that some producers, notably Saudi Arabia, appeared to have cut by more than required.
"Improve on compliance, cut production further and extend the deal for the second half of the year if you want to avoid yet another year of global oil inventory builds".
Bears continue to point to increased U.S. oil rig activity, and uncertainty surrounding policies of U.S. President Donald Trump, said Stuart Ive, a private client advisor at OM Financial. Demand for gasoline in the US sits at 8.43 million barrels per day.
The United States Oil Fund (USO) is down fractionally today, and is off by 1% this week. Also, Russia has cut production by only 100,000 bpd, as opposed to the promised 300,000 bpd.
Some analysts say oil producers will have to reduce production more quickly to drain the global oversupply this year.
Many market players have taken a wait-and-see stance.
Sen. Schumer calls for investigation into the former National Security Adivser
Although Congress is investigating Russian interference in the USA election, the committees do not have "prosecutorial authority", Schumer said.
WPI inflation shot up to 5.25% in Jan
Food prices decreased two-tenths of a percent over the year mainly due to lower grocery store prices, which were down 1.6 percent. Companies passed on some of their higher costs and output price inflation rose to 3.5%, the highest for five years.
Carli Lloyd to leave NWSL on deal with Manchester City
Houston Dash coach Randy Waldrum said that Lloyd informed him at the weekend about the opportunity to play for Man City. Manchester City is the defending champion of the FA Women's Super League.
Verizon and Yahoo! Reportedly Nearing an Agreement on Price Cut for Deal
The country's largest wireless carrier announced a year ago it planned to acquire Yahoo's core business for $4.83 billion. Verizon's purchase of Yahoo's core internet arm was put in doubt previous year after disclosure of two cyber attacks.
What The NCAA's Longest Win Streak Looks Like
Along with Cuevas-Moore they could play a major role in whether SC can end the longest winning streak in NCAA basketball history. There is no doubt that a potential fifth straight national title, and 12th overall, is more appealing to Auriemma.
Nintendo Switch Footage Of FIFA And Dragon Quest Heroes
This brings a bit of concern to the owners of the Wii U as the company has announced the cease for its production previous year . Nintendo will take its next stab at becoming number one in the industry when the Nintendo Switch launches on March 3 for $299.
Senators grill Janet Yellen on Republican plans to neuter Dodd-Frank Act
That's about double the average growth rate of C&I loans since the FDIC first began collecting the data back in the mid-1980s. She still expected USA and global monetary policy to remain accommodative and that the economic outlook is uncertain.
Valentine's Day Treats and Sales
Carl Cassidy, owner of Lola's Gifts and Flowers in Sheffield, placed orders to vendors almost a month ahead of time. "I saw the idea on Facebook and thought such a gift was very unique", she said.
George and Amal Clooney 'casually mentioned' their baby news to Julie Chen
There were many morphed photos all around the internet after the announcement of Amal's pregnancy. Don't you know the 12-week rule?' Like of course he doesn't.
Harward emerges as front-runner to replace Flynn following talks
Former CIA director David Petraeus speaks to the media after a meeting with Donald Trump at Trump Tower on November 28, 2016. Bush's National Security Council with experience in several Middle Eastern countries as well as Somalia and Bosnia.