Crude oil slides below US$40 a barrel

Crude oil slides below US$40 a barrel

Crude oil slides below US$40 a barrel

Oil prices posted solid gains Wednesday as official data from the country showed a larger-than-expected gasoline inventory drawdown.

The American Petroleum Institute (API), an industry trade group, said yesterday that USA crude oil inventories fell by 1.3 million barrels in the week ended July 30.

On Wednesday morning ET, the Energy Information Administration (EIA) will release official USA crude oil inventory data.

Some analysts said that it would take time for the supply in crude oil to dissipate, allowing prices to recover.

Mark Cuban uses football analogy to roil Donald Trump
Asked about the deferment at a rally last July, Trump told reporters he could not recall which of his feet was affected. Trump set aside a few minutes to talk one-on-one with the Local 8 News DC Bureau in an exclusive interview.

Oil prices edged up early on Wednesday, supported by a weaker dollar, but U.S. crude futures remained below $40 (Sh4,058) per barrel and Brent was below $42 as ongoing fuel oversupply and stuttering economic growth weighed on markets.

But US crude stocks were up 0.3 percent and 14.8 percent above the same point previous year at 522.5 million barrels.

The repercussions of falling oil prices were felt on the Toronto Stock Exchange's S&P/TSX composite index, which was down by 117.01 points to 14,465.73, less than an hour before markets were to close.

"The price will probably head toward $45 a barrel for West Texas and hold around that level", said Evan Lucas, a market strategist at IG Ltd.in Melbourne. Prices climbed 3.3 percent on Wednesday, the most in three weeks. Oil rose as United States gasoline inventories fell the most since April and refineries increased rates.

Rainbow flag and more gender-diverse emoji coming to Apple's iOS10
Apple has also introduced two male options for previously female-only emoji , including a haircut and scalp massage emoji . The effort to redesign emoji to better represent the smartphone-using population has been underway for quite some time.

Global oil prices may continue to slide in the second half of this year as crude entered a bearish phase again amid continuing oversupply worries, a South Korean brokerage firm NH Investment & Securities said on August 3.

At about 0300 GMT, US benchmark West Texas Intermediate was up 27 cents to Dollars 41.10 a barrel while North Sea Brent was gained 21 cents to USD 43.31.

However, crude inventories increased by 1.4 million barrels against analysts' expectations for a decrease. "These increase the chances of a production ramp near-term, from 300,000 barrels per day (bpd) to 600,000 bpd", Morgan Stanley said on Wednesday, although it added that "longer-term (production) growth still looks challenging".

Despite the price gains, traders said that overall market conditions remained weak, with a production overhang in both crude and refined products weighing on markets.

Jose Mourinho believes Eric Bailly can be like Varane
But new United boss Mourinho saw enough to be impressed and has vowed to make the Ivory Coast global the complete defender . We are all as a group of players excited by it and I think the signings that we have made have been fantastic.

Data on Friday also showed the USA added 44 new oil drilling rigs in July, the most for a month in two years, intensifying concerns that global production could once again get to unmanageable levels like in 2014-2015.

Related news