Oil prices resumed their slide yesterday, dragged down by a surprise gain in US inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with the Organization of the Petroleum Exporting Countries (OPEC), to withhold supplies.
A deal by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, to reduce output by 1.2 million barrels per day (bpd) runs out at the end of this month.
At 483.3 million barrels, the EIA said, crude oil inventories were some five per cent above the seasonal average.
WTI kept the composure today after Saudi Energy Minister said the oil cartel has already agreed on an extension of the ongoing deal to curb the oil production, although he talked down the likeliness of deeper cuts. Many oil pundits think the USA crude benchmark will be next to break crucial support, falling below $50 by this week.
The move sent WTI sharply falling 3.09 USA dollars, while Brent crude dropping 2.38 dollars the following day, as Mexico is a major supplier of crude oil for the United States with lucrative cross-border energy trade.
Signs of slowing global economic activity have increased in recent months, fueled by trade tensions between the USA and China, the world's two largest energy consumers.
Brent settled at $61.67 per barrel, gaining $1.04, while West Texas Intermediate settled at $52.59 per barrel, up 91 cents; both benchmarks rallied more than 2 percent in post-settlement trade. U.S. President Donald Trump said on Friday there was a "good chance" the United States would make a trade deal with Mexico, but that if the two countries failed to make an agreement a 5% tariff would be imposed on Mexican imports on Monday.
However, outside OPEC+ supply is increasing not only in the United States.
On Wednesday, WTI and Brent hit their lowest levels since mid-January at $50.60 and $59.45, respectively, after USA crude production hit a new record high and stockpiles hit their highest in almost two years.
"Worries about demand destruction are really driving prices lower", said Gene McGillian, vice president of market research at Tradition Energy.
"We see trade tensions spilling over via direct linkages such as trade, commodities and tourism, and indirect linkages such as tighter financial conditions weakening private sector sentiment and spending", Morgan Stanley said.
The group will set its policy when it meets later this month or in early July.
Though demand for oil is still up on a global level, economic concerns are also growing.
Xiaomi and Oppo both the Chinese electronics giant, have been in a fair share of buzz due to their new smartphones this week. Just hours after OPPO posted this update , Xiaomi posted a video of its own in-screen camera technology in a working handset.
In the paper, China said in order to reach a deal "the U.S. should remove all additional tariffs imposed on Chinese exports". Instead, the Chinese government issued the official document in preparation for potential talks to resume.
After this fond but fly-weight farewell to the FoX-Men years, it's hard to dispute the need for a fresh start. The leader of the X-Men at the mission level, she feels they are endangering their lives to prop up a cause.
Annika Smethurst's employer News Corp Australia had condemned the raids as 'outrageous and heavy-handed'. "That's inevitable. On Wednesday the ABC Sydney offices were raided by the AFP, sparking concerns over press freedom.
Senate - where two-thirds of members are required, in any event, to successfully convict upon the House's initial impeachment. Nadler, listening to his members' concerns, said he would take their views directly to Pelosi that night.
The Duchess of Cambridge didn't miss the event and arrived at the state banquet with her favorite go-to Lover's Knot tiara . This is the first time Kate has attended - her husband William took the salute past year and brother-in-law Harry in 2017.
Mariano Diaz is now Real Madrid's No.7 but it looks like Hazard will don the special number when he completes his move. Chelsea said the move is subject to Hazard passing a medical with Madrid but wished the forward well on his move.
He acknowledged that the number of migrants has gone up, and said it will be a subject discussed in the continuing talks Thursday. Trade negotiations between the United States and China stalled last month after a prospective deal fell through.
An MRI on Monday revealed Looney had fractured his ribs, ruling him out of the NBA Finals "indefinitely", the team announced . Those injuries, however, could take a toll and there's no guarantee Golden State will be able to cover the Warriors vs.
A lucky lottery player in California was the sole victor of the $530 million Mega Millions jackpot for the drawing held on June 7. The winning ticket was sold at Sorrento Deli Mart, located a short walk from the famous Torrey Pines Golf Course.
Google Stadia’s launch is shaping up to be a confusing mess
Google of course hyped its Stadia controller , but specified that it could be used with any controller or a mouse and keyboard. Google said some games would be free to paying subscribers while others would be sold at prices similar to existing retail.
Start your Pokémon Sword & Shield journey on November 15th
According to the reveal details, it sounds like certain Pokemon will only be able to be captured during these Max Raid Battles. But there is still plenty we don't know, which is why the live stream today is so exciting for Pokemon fans.