Oil prices fall as United States fuel demand remains weak

Gloomy forecasts over economic impact of pandemic weighs on crude prices

Brent crude futures were up almost 1.7%, or 59 cents to $36.12, adding to a 1.1% gain on Monday in thin holiday trading. US West Texas Intermediate (WTI) crude rose 90 cents, or 2.7 per cent, to settle at US$33.71.

Refiners are buying on hopes of a fuel demand recovery as more countries ease coronavirus restrictions, and on anticipation that crude prices and freight rates may rise further, they said, although refining margins remained weak, limiting refiners' ability to raise output.

Data from the USA industry group API showed crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts' expectations for a draw of 1.9 million barrels.

With WTI holding above $30, OPEC+ will be closely watching to see whether the USA oil shale oil producers, who have breakeven prices in the high $20 and low $30 dollar range, step up production.

Oil prices fell on Wednesday after United States president Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong.

Lion attack in Australia leaves zookeeper badly injured
The woman suffered face and neck injuries on Tuesday at Shoalhaven Zoo, about 150km (90 miles) south of Sydney . In 2014, a crocodile dragged a male handler into the water during a school holiday feeding show.

Rising U.S. -China tensions, between the world's largest oil consumers, over moves by Beijing to impose security legislation on Hong Kong also fueled concerns about the outlook for demand.

"A surprise to consensus API (American Petroleum Institute) inventory build (data) and fear of Russian Federation turning up production weighs on oil prices, " said Stephen Innes, Chief Global Markets Strategist at AxiCorp.

Thursday's Energy Information Administration data, which showed USA crude oil and distillate inventories rose sharply last week, also provided signs of hope as the delivery hub for WTI futures contracts in Cushing, Oklahoma posted another large decline in storage.

The market was buoyed by comments from Russian Federation reporting its oil output had almost dropped to its target of 8.5 million barrels per day (bpd) for May and June under its supply cut deal with the Organization of the Petroleum Exporting Countries (OPEC) and other leading producers, a grouping known as OPEC+.

Related News:



Most liked

Furlough scheme end date confirmed as Rishi Sunak announces big changes
That's 23% of the gross employment costs the employer would have incurred had the employee not been furloughed. In October the government grant will be cut to 60% of wages up to a cap of £1,875.

Pablo Escobar’s Brother Sues Apple for $2.6 Billion
According to Roberto's "own investigation", he found his iPhone had been compromised due to a FaceTime vulnerability. Apart from the lawsuit, Escobar has now launched a limited edition gold-plated 256GB variant of the iPhone 11 Pro.

2.1 million Americans filed for unemployment last week
Some regions were hit harder than others, according to numbers released earlier this week by the NYS Department of Labor. The big picture: The number of weekly jobless claims during the coronavirus crisis peaked at 6.9 million in late March.

Astronauts arriving for NASA’s 1st home launch in decade
Kendra Horn, who chairs the House subcommittee that oversees NASA, said the resignation of Loverro was disconcerting. This Jan. 23, 2020 photo provided by NASA shows Douglas Loverro at NASA Headquarters in Washington.

Samsung’s health app slips into TVs in Korea, US, UK
You can find out more details about the Samsung Health platform for Samsung's Smart TVs over at their website at the link below. Choose from a range of workouts across our partners to unleash your inner yogi or burst into your best with a HIIT workout.

French carmaker Renault to cut 15,000 jobs worldwide
It's aimed at saving more than 2 billion euros, or about 2.2 billion dollars, over three years. Finance Minister Bruno Le Maire earlier this week that the group's survival is at stake.

Belgium, France: 26 arrests over ring linked with U.K. deaths
Several other people have also been arrested in connection to the deaths, including at least seven in Vietnam. Autopsy reports showed that the victims died from lack of oxygen and overheating while in the truck.

What time is Saturday’s launch — SpaceX/NASA launch
An estimated 1.7 million people from around the world tuned in to the launch from The Kennedy Space Centre in Florida. It's the first such launch on American soil in almost a decade - since NASA retired the Space Shuttle in 2011.

India’s Growth Slows to 3.1% as Virus Roils Economy
The eight core industries are coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. Why GDP number is important? "That means growth will contract sharply this fiscal year (April 2020 to March 2021)".

European Union unveils plan to borrow €750 billion to aid economic recovery
Renewable projects would also have access to a €10 billion loan pool administered by the European Investment Bank. The fund would increase the EU's budget to 1.85 trillion euros ($2.03 trillion) for the next seven years.

Google is helping you socially distance with Augmented Reality
Sodar isn't a standalone app and doesn't need to be installed to work - to use it, you simply have to visit its website . Governments all over the world and health agencies have recommended maintaining strict social distancing rules.

USA charges 33 for violating N.Korea sanctions
Nuclear negotiations between the United States and North Korea remain at a stalemate since a summit previous year between U.S. Banks were routinely tricked into processing transactions they wouldn't have ordinarily done, according to prosecutors.

Female keeper attacked by two lions at popular NSW zoo
Another zookeeper suffered a hand injury at the same zoo in 2014 when a crocodile dragged him into water during a feeding show. According to its Facebook page, the family-owned and operated zoo has been closed since March 25 due to Covid-19 restrictions.

HBO Max's DC Originals are Going to Have Feature-Film Budget
But subscribers of HBO through Comcast, Amazon and Roku are out of luck as WarnerMedia has yet to strike new agreements. In that case, the channel will remain available, but HBO Max content won't appear there.

Renault workers protest automaker's plan to axe almost 15,000 jobs
Overall, Renault's production capacity will shrink to 3.3 million vehicles over the next four years, from four million now . The carmaker will also abandon selling combustion engine cars in China, with Dongfeng buying out its joint-venture partner.