Prices of oil drop

Prices of oil drop

Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war.

According to Guardian, the Brent futures were down 11 cents, or 0.2%, at 64.14 dollars per barrel and West Texas Intermediate oil futures were 10 cents, or 0.2%, lower at 58.92 dollars a barrel.

"Despite the voluntary restraint from OPEC, world oil markets remain well supplied ... with non-OPEC output expected to rise by well over 2 million BPD next year, with big increases in the U.S., Brazil, and Norway", said Henning Gloystein, director of global energy and natural resources at Eurasia Group in a note.

US crude stocks clocked a surprise rise in the most recent week while gasoline and distillate inventories also rose, data from industry group the American Petroleum Institute shows. If the situation continues to deteriorate between the Americans and the Chinese, it's likely that the demand for crude oil will continue to deteriorate as well.

Rising rapper Juice Wrld dies at 21 after suffering seizure at airport
As of the time of writing, the exact cause of death and the cause of the reported seizure as not yet known. Juice Wrld's most popular song is " Lucid Dreams "- on its way to hitting half a billion youtube views.

"With the swathe of new tariffs due to kick in on 15 December, the market is watching negotiations closely", said ANZ.

Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

Still, U.S. production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices.

Elsewhere, Venezuela's crude output in November jumped more than 20 per cent from the prior month to the highest level since the United States tightened sanctions on state oil company PDVSA in August, two people with knowledge of PDVSA data said this week.

Related News:

  • Social Democrat Sanna Marin is latest woman to lead Finland

    Marin beat out Antti Rinne who resigned last week after losing confidence over his handling of a postal strike. Marin said recreating trust between the coalition partners was one of her first tasks.
    Navy: Flight training suspended for Saudi students

    Navy: Flight training suspended for Saudi students

    Doss said the stand-down is an effort to ensure the safety of the students, as they recover from the trauma of the shooting. The permission is usually good for at least 90 days, and must be routinely reviewed in order to be renewed.
    Is there progress in Ukraine-Russia peace talks?

    Is there progress in Ukraine-Russia peace talks?

    Macron has sought to reset relations with Putin after years of sanctions, but that warming has caused concern among the eastern European states of the EU.
  • Saudi Aramco shares gain 10% in pre-market auction

    Saudi Aramco shares gain 10% in pre-market auction

    After worldwide investors balked at Aramco's valuation expectations, the kingdom instead focused on raising money domestically. Saudi Arabia relied on mainly domestic and regional investors to buy Aramco shares after lukewarm interest from overseas .
    Google denies Fortnite exemption from Play Store's 30% cut

    Google denies Fortnite exemption from Play Store's 30% cut

    Citing Fortnite's success on iOS , which has a similar 70/30 revenue split, Google has flat out denied Epic's petition. Developer policies are regularly visited to cover various topics from malware to harassment to bullying and more.
    Public funding for the BBC should be questioned - UK PM Johnson

    Public funding for the BBC should be questioned - UK PM Johnson

    The other option being looked at is to make the viewers' contribution voluntary by decriminalising non-payment. A change could come in from 2027 when the BBC's current Royal Charter expires.
  • Earthquake Hits New Zealand In Wake Of Volcano Eruption

    Earthquake Hits New Zealand In Wake Of Volcano Eruption

    He said if Dallow had known there was a danger, he wouldn't have gone on to the island. "This is the worst". He confirmed that 47 people were on or near the island Monday when the volcano erupted at 2:11 p.m.
    UK PM Johnson criticised for response to photo of sick child

    UK PM Johnson criticised for response to photo of sick child

    This is what 10 years of Tory cuts have done to our NHS. "The NHS has to be properly funded and at the moment it isn't". When Pike challenged the prime minister about pocketing his phone, Johnson took it out and looked at the photograph.
    Richest Countries Need To Behave Like Adults In Climate Fight: John Kerry

    Richest Countries Need To Behave Like Adults In Climate Fight: John Kerry

    Elan Strait of the World Wildlife Fund told AFP that the world was "desperate to hear real American leadership on climate change". He said the absence of any representative from the White House at the talks "speaks for itself".
  • White Island volcano: New volcanic activity hampers recovery efforts

    White Island volcano: New volcanic activity hampers recovery efforts

    At least 47 visitors from around the world were on the volcano crater at the time of two explosions in quick succession. The other three victims include White Island tour guide New Zealander Hayden Marshall-Inman and a Malaysian national.

    Company Surprises Employees With $10 Million Holiday Bonus

    Employees at a U.S. real estate company were surprised with a collective US$10 million bonus. But others will receive US$250,000, as the bonuses are based on years of service.
    Calif. Church Protests Border Policy With Nativity Scene

    Calif. Church Protests Border Policy With Nativity Scene

    Inside the church, the Holy Family is reunited. "'God so loved the world...' Will we?" reads a sign above the scene. Francis of Assisi in the 13th century was itself a protest to bring attention to the plight of the poor.


Most liked

Lizzo's Controversial Lakers Outfit Was Inspired By This Rihanna Look
Excuse me while I go play that new " Good As Hell " video she just dropped for the umpteenth time. I'm surrounded by love, and I just want to spread that love - and also spread these cheeks.

Former WWE Star Brodus Clay Sued For Sexual Harassment
Her lawsuit says she's had fewer professional opportunities and been "effectively frozen out by Fox News management". The lawsuit names Fox News Network, Fox Entertainment Group, News Corp., Fox Corp. and Murdoch , among others.

NASA unveils 'the most powerful rocket ever built'
The tank withstood more than 260 percent of expected flight loads over the course of five hours. Engineers expected it would buckle and eventually rupture, it was just a matter of when.

Receiver Alshon Jeffery might be out for season
They have three receivers on their practice squad , including Marken Michel , who had a strong offseason for the Eagles. When requested if Jeffery's harm is season end, Pederson reacted:"I will wait until I comment on this".

Kiwi Singh in-line for Champions League debut
Ryan Sessegnon is expected to start, while Troy Parrott is likely to lead the line in place of Kane. I think the boys need me and my job is to help them".

Australia fear series loss to 'little brother' Black Caps, says former star
Williamson has also received numerous applauds regarding his captaincy and for his team, playing in the spirit of the game. Australia coach Justin Langer said there is no doubt players would be affected by the tragedy.

People rescued with ladders as Islamists hit Somali hotel
Then in August of the same year, a suicide vehicle bomb attack on the hotel killed 15 people and caused extensive damage. The group often strikes the most prominent hotels and restaurants, and has also staged attacks in neighboring Kenya.

Here's What Will Happen to Current Series
Marvel Television will no longer produce new shows aside from ones that are now in development. And like what the great Stan Lee used to say, stay tuned true believers.

As bushfire smoke blankets NSW, Sydneysiders rally to urge climate action
Six people have died and over 650 homes have been lost as fires ravaged the east coast of Australia; Benjamin Hall reports. Ambulances have been answering dozens of respiratory-related calls a day, said the head of NSW Ambulance, Brent Armitage.

Federal Bureau of Investigation informant Christopher Steele was friends with Ivanka Trump
On Monday , Barr concluded that the investigation was "intrusive" and was initiated based "on the thinnest of suspicions". President Donald Trump criticized FBI Director Christopher Wray on Tuesday, one day after the U.S.

No change in public opinion on Trump impeachment after public hearings
Both men have said that during the call Trump told Sondland he sought "no quid pro quo" and wanted "nothing" from Ukraine . Trump's disapproval rate also went from 57% to 54%. "It seems the Democrats are accusing me of being too soft on turkey".

Greenland ice loss will 'expose 400m people to flooding each year'
Satellites revealed new ponds of surface meltwater and bridges collapsed after the intense runoff swelled proglacial rivers. By studying how much of this ice is being lost scientists can begin to understand the effects and impact of climate change.

Tesla's Elon Musk runs over pylon while driving new Cybertruck
Cathie Wood, founder of Ark Invest, yesterday sat down with CNBC's SqawkTalk to talk about the Tesla Cybertruck . Musk also made it clear that there will be no Tesla road bikes paired with Cybertrucks due to safety concerns.

Le'Veon Bell: I bowled a 251 with the flu
While Bell was bowling, the Jets were making their final preparations for the game at the team hotel. Asked if he has been afforded the opportunity to thrive, Bell said, "Honestly, no".

Rapper Juice WRLD Flew on Jet With Drugs, Guns Before Death
Police said they found drugs and guns on the private plane the rapper had been in before he died on 8 December. Police said there were no signs of foul play and those aboard the aircraft were co-operating with authorities.