Nigeria loses as USA oil attracts more buyers

In 2016, USA crude oil exports averaged 520,000 barrels per day (b/d), 55,000 b/d (12%) above the 2015 level, despite a year-over-year decline in domestic crude oil production.

Brent crude futures LCOc1 settled $1.09, or 2.1 percent, higher at $52.42 a barrel after hitting a session high of $52.46, the highest since March 16.

Brent crude oil futures gained 0.58 dollar or 1.14 percent to close at USD 51.33 a barrel at NYMEX.

Oil bulls were enthused Wednesday by a less-than-expected increase in US oil inventories and signs that conflict in Libya means there will be trouble getting exports back online. Refinery utilization rates rose by 1.9 percentage points.

Lower than expected USA inventory growth, declining supplies from Libya and hopes the Organisation of the Petroleum Exporting Countries (Opec) will extend output cuts have pushed oil prices to extend gains of more than one per cent yesterday.

After jumping 20 percent in the weeks following the decision by OPEC and 11 allies to curtail output to end a three-year surplus, prices have slipped as USA shale producers fill the gap.

Forsyth County ranked healthiest in Georgia for fifth consecutive year
Mendoza acknowledged that some of the health problems in Monroe County could be driven by poverty in the urban and rural areas. Drug overdose deaths are part of the challenge here, said Amy Westbrook, public health division director for the St.

Major oil traders gathered in Switzerland this week said they expected the output cuts to be extended, providing Russian Federation complies. Visit MarketWatch.com for more information on this news.

Still, the EIA data is bullish when compared with consensus estimates, which were calling for a 2 million barrel increase in crude inventories week-over-week, according to KLR Group analysts.

Oil has fallen sharply this month amid concern that the ongoing rebound in US shale production could derail efforts by other major producers to rebalance global oil supply and demand. However, the compliance level among the non-OPEC nations has been limited.

However, in the United States, shale oil drillers have seized the opportunity to ramp up output and exports.

Crude oil futures traded higher by Rs 27 at Rs 3,238 per barrel today as speculators created positions owing to a firm trend in Asian markets. Crude-oil stockpiles rose a less-than-expected 900,000 barrels last week by the government's count.

Recommended News

  • Ford Recalls Heavy Duty Trucks and Smaller Crossovers and Vans

    Ford Recalls Heavy Duty Trucks and Smaller Crossovers and Vans

    Around 208,000 affected vehicles are in the US and its territories, while nearly 22,000 are in Canada and 318 are in Mexico. Dealerships will replace the current two-piece driveshaft in favor of a three-piece unit with two center bearing brackets.
    Trump will argue he is immune from lawsuits until he leaves office

    Trump will argue he is immune from lawsuits until he leaves office

    She said Zervos 'seeks vindication of her rights and reputation, ' and that 'We look forward to arguing this issue in court'. She said at a later meeting at a California hotel he became sexually aggressive, kissing her and touching her breasts.
    Viral: Little girl thinks this water heater is a robot

    Viral: Little girl thinks this water heater is a robot

    ET on Monday. "I love you", she tells the robot as the short vision of our mechanically enhanced future draws to a close. Robots will probably kill us all one day, but a young girl's brilliant strategy may stall things for a while.
  • Emmy Rossum's Los Angeles Home Burglarized, Over $150K Worth of Jewelry Stolen

    Emmy Rossum's Los Angeles Home Burglarized, Over $150K Worth of Jewelry Stolen

    On Tuesday, the " Shameless " star tweeted out a thank you to the LAPD: "Thank you to the LAPD. Rossum has now taken to social media to confirm she was the person at the centre of the raid.
    2 killed, 17 injured in clashes near anti-militancy operation

    2 killed, 17 injured in clashes near anti-militancy operation

    On the other side, government forces razed the house where militants were holed up to ground by blasting it with IEDs. The official said that the search operation turned into a gunbattle after militants opened fire on security forces.
    Indian equities open on a higher note

    Indian equities open on a higher note

    The total turnover on BSE read Rs 8,810.20 crore, up from Rs 5,566.64 crore registered during the previous trading session. The Sensex has touched a high of 29,442.18 points and a low of 29,301.22 points during the intra-day trade.
  • Australia friendships over, says India captain Kohli

    Had any of their other batsmen been as solid as their skipper, Smith's three centuries and 499 runs would not have gone to waste. Jadeja's all-round consistency made him the third player ever to score over 500 runs and take over 50 wickets in a season.

    Syrian experts visit critical dam spillway near main IS base

    A media representative for the US -led coalition fighting Islamic State said it was looking into the Observatory's assertion. A Syrian Democratic Forces (SDF) fighter walks at the northern part of the Tabqa Dam on the Euphrates River .
    Saints coach Payton: Team not looking to bring in Manziel

    Saints coach Payton: Team not looking to bring in Manziel

    Payton told the Saints' website that the most important part of the recent visit was "getting to know this player a little bit". But the only way such a trade can happen is if Butler signs his RFA tender with the Patriots first.
  • Fiancee of former National Football League  star Aaron Hernandez testifies

    Fiancee of former National Football League star Aaron Hernandez testifies

    When approached by people, London said Hernandez would either say hi or brush them off, adding that he didn't allowed pictures. The prosecution said Hernandez placed a 17-second phone call to her 2.37 a.m on the night of the double murders.
    Lululemon Athletica reports fiscal Q4 numbers March 29

    Lululemon Athletica reports fiscal Q4 numbers March 29

    In 2017, Lululemon is calling for earnings in the range of $2.26 to $2.36 per share on revenue of $2.55 billion to $2.6 billion. Its 2017 revenue forecast of $2.550 to $2.600 billion would also fall short of analysts' $2.62 billion view. (NASDAQ:LULU).

    "Beauty and the Beast" makes epic $165M opening

    The star power Disney has attracted to the live-action revivals also broadens their appeal. "You don't get the same reaction". DIsney's live-action take on Cinderella opened in March 2015 to $2.3 million, and went on to earn $67.8 million in its debut.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.