Here are the latest oil production numbers from the EIA. All data is in thousand barrels per day unless otherwise noted
06 August, 2018, 00:58
USA crude stocks rose last week as imports jumped, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.
United States crude oil supplies increased by around 3.8 million barrels last week.
"There's an expectation that the build from this week will be gone next week", said Phil Flynn, an analyst at Price Futures Group in Chicago.
Smith noted while it's highly unlikely India will absorb China's share of USA crude, "we could see other East Asian destinations, such as Taiwan and South Korea, also picking up some of the slack".
The price for Brent crude oil, the global benchmark for the price of oil, was down 1.75 per cent as of 9:20 a.m. EDT to $72.91 per barrel.
Low stocks were still providing a floor as overall USA crude inventories are below the 5-year average of around 420 million barrels.
Before the Genscape report sparked a rally, futures fell early on concerns about oversupply.
Saudi Arabia, Russia, Kuwait and the United Arab Emirates (UAE) have increased production to help compensate for an anticipated shortfall in Iranian crude supplies when planned U.S. sanctions take effect later this year.
At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance with oil output cuts that took effect in January 2017, after months of underproduction by countries including Venezuela and Angola.
"The increase in production is aimed at maintaining stability of the (global) oil market within the framework of joint actions of OPEC and non-OPEC countries", Novak said.
"Chinese demand from the independent refiners is also lower while the escalating trade war also doesn't help sentiment".
The speculator group cut its combined futures and options position in NY and London by 5,287 contracts to 407,001 during the week ending July 31, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
"There are a lot of escalation points that could occur very quickly and that worries me", Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney, said.
U.S. President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports. China has said it will retaliate.
USA crude oil exports averaged 1.31 million barrels per day last week, down by 1.37 million barrels per day from the previous week.
Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.
We'd be insane not to add another player or two to our ranks this week, and Sarri appears to hold the same belief. For example, two years ago when we switched to three at the back then from the first day we were very good.
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At the center of the latest flare between the Kochs and Trump is support for Kevin Cramer , a Republican running for the U.S. Koch told the media on Sunday that the tariffs were "ridiculous" and "unfair" to foreign countries and foreign workers.
Maduro accused current Colombian President Santos of being behind the assassination attack with others involved. He said the President is safe and meeting with the ministers and high commanders of the Venezuelan military.
The report says the death of the 10-year veteran highlights the need for better risk assessment, communication and supervision. Wind-driven flames roll over a hill towards homes during the River Fire (Mendocino Complex) near Lakeport, California, U.S.
An Indonesian official said at least three people were killed by the quake , which struck in the early evening after sunset. A tsunami warning was issued by Indonesia's Disaster Mitigation Agency , which said there was potential for a tsunami .
The 14-time Major champion feels he is in good shape and ready to win again after recovering from a long-term injury. Also playing in the morning session will be Shubhankar Sharma as two Indians will play the event for the first time.
Auto Trader's editorial director Erin Baker has teased this is a very telling move on Prince Harry's part. The luxury estate priced at £71,900 is listed as having one owner, with 4,464 miles on the clock.
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Nidwalden canton (state) police said that the aircraft went down near the town of Hergiswil today morning. JU-Air CEO Kurt Waldmeier told reporters that the plane had undergone maintenance inspection in July.
Israel PM defends law in face of Druze outrage
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Plane crashes minutes after take-off with 'at least 80 on board'
We are doing everything in our reach to assist them and their families", Andres Conesa, the chief executive of Aeromexico said. He said he didn't know if it was a lightning bolt or a mechanical problem and that they had just taken off when the plane fell.
Former Viking Randy Moss inducted into Hall of Fame
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