Oil Prices Fall On Concerns Over US Output

Oil price rises have made US shale oil production profitable

"Permian and Bakken shale basins still saw active oil rigs rising by 2 and 3 last week, respectively, and are likely to keep United States oil production on increasing trend", ING said.

Oil prices fell on Monday on expectations that US output will rise this year, erasing earlier gains buoyed by lower weekly USA rig counts and falling USA unemployment.

US West Texas Intermediate (WTI) crude futures were at $61.91 a barrel at 0755 GMT, down 13 cents, or 0.2 per cent. Gross short positions on the New York Mercantile Exchange climbed to their highest in almost a month.

Brent crude, which is the global benchmark of crude oil, had opened 2018 at $64.73. Both the Brent and WTI saw a massive decline as they enter the market this week with a solid 1% decline.

The report followed data from the EIA last week (http://www.marketwatch.com/story/oil-prices-under-pressure-ahead-of-us-supply-data-2018-03-07), which showed an increase of 86,000 barrels a day in total USA crude output for the week ending March 2.

US production is also expected to rise above 11 million bpd by late 2018, taking the top spot from Russian Federation, according to the International Energy Agency (EIA).

SBI slashes charges on minimum balance in accounts
However, it needs to be noted that, the customer can not have any other Savings Bank Account, if he/she has a BSBD Account. However, the minimum amount to be maintained in the account remains the same.

While the U.S.is now pumping more than 10 million barrels a day, surpassing a record set in 1970, that boom is being accompanied by a surge in overseas shipments, helping drain stockpiles at the nation's largest storage hub. "That figure was close to in line with the February average weekly increase of 91,000 [barrels a day] and is still more than four times greater than the pace of production growth in 2017", said Tyler Richey, co-editor of the Sevens Report.

That has undercut some of the enthusiasm for oil, as investors weigh increased U.S. supply against the likelihood that the Organisation of the Petroleum Exporting Countries and non-Opec producers will maintain supply cuts that have been in effect for more than a year.

ING's Patterson agrees that keeping a lid on price hikes is necessary; in an interview in Singapore he said, "We need to see prices in the short-term trade below $60 to reduce that incentive for USA producers".

Oil markets continued to flip back and forth over the past weeks due to excless supply, increasing USA production and soaring global demand.

Crude oil prices are lower today after falling yesterday.

Energy services firm Baker Hughes said on Friday that energy companies last week cut oil rigs for the first time in nearly two months. The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

Related News:



Most liked

Register for Early Access — Westworld Mobile Game
What's not clear is whether this game's content will be dulled down from the TV show. Order is maintained by optimizing the park and unlocking locations from the series.

Dick's Sporting Goods (DKS) Is Losing Ground After Q4 Sales Disappoint
About 7.14M shares traded or 137.01% up from the average. (NASDAQ:SIRI) has risen 25.58% since March 12, 2017 and is uptrending. Sl Green Rlty Corp (Call) was reduced too. (NYSE: DKS ) has "Neutral" rating given on Friday, November 10 by Susquehanna.

'The View' host Joy Behar apologizes for Christianity comment
As of Thursday, Behar had not publicly apologized to Pence on " The View ". Danhof asked . "Specifically, do you think, like Mrs. On an episode of " The View " last month, Ms.

The Crimes of Grindelwald
"I can't move against Grindelwald; it has to be you", Albus Dumbledore ( Jude Law ) tells Newt ( Eddie Redmayne ) ominously. Fantastic Beasts: The Crimes Of Grindelwald will be released on November 16, 2018 .

The Joules Group (JOUL) Stock Rating Reaffirmed by Peel Hunt
Cooper Creek Prtnrs Management holds 2.04% of its portfolio in Immersion Corporation (NASDAQ:IMMR) for 421,501 shares. The stock of Hunting plc (LON:HTG) has "Equal-Weight" rating given on Tuesday, February 2 by Barclays Capital.

Police investigate new suspicious package sent to MP at Westminster
Her staff said they were "thrown into a panic" by security after the incident, but the Home Secretary was out of the country. A Parliament spokesman told BI in a statement that police were investigating potential links between the packages.

Trump Bumps Pompeo Up To State, Picks New CIA Director — REXIT
Mike and Gina have worked together for more than a year, and have developed a great mutual respect. Tillerson had just returned from a shortened trip to Africa hours before Trump's announcement.

Paralympics start in PyeongChang
Google is celebrating the commencement of the Winter Paralympics in PyeongChang city of South Korea with a special doodle. The Neutral Paralympic Athlete delegation is also participating.

Will Katy Perry kiss again?
She took to Instagram to share a cute photo of her kissing her man and she shared a very specific message to Katy in the caption. His father was murdered when he was five, and he found himself on the wrong side of life until a guitar became his salvation.

Craig Mack, Former Bad Boy Artist, Dies At 46
The rapper died on Monday, March 12 of heart failure at a hospital near his home in SC , reported the New York Daily News . It was something I wanted people to enjoy, but it was cut short because he was very religious and wanted to go to church".

Mourinho mocks 'worst manager' De Boer over Rashford
But Mourinho has launched a scathing attack on De Boer and branded him a failure following his shambolic spell in charge of Palace.

Jose Mourinho Wants Three New Players At Manchester United
Carrick is unlikely to be in the starting line-up on Tuesday, while there are also big questions over Paul Pogba's availability. We're still talking about it, to be honest, so there's nothing totally confirmed as yet. "But, yeah, it's looking likely".

Guess Which Actor Is Guest Of Honour At St Patrick's Festival!
Patrick's Festival CEO said: "The role of International Guest of Honour is something we have been considering for a few years". While here Mark will be a special guest in the Presidential stand to view the National Festival Parade on March 17.

Rabada banned for two Tests after Smith contact
PUNISHMENT: Fined 50 per cent of match fee and given three demerit points (triggering a two-Test ban because of his poor record). The key seemed to be Mitchell Marsh, the last member of Australia's top six, who was unbeaten on 39 at the start of play.

Independent sex abuse inquiry will not fully investigate Telford scandal, MP fears
But their hell went on for decades as authorities repeatedly failed to stamp out a network of paedophiles in the town. According to The Mirror , the killings were used to threaten other victims and pressure them to keep quiet.