Economy

Oil markets stumble on a surprise U.S. crude inventory build-up

Oil markets stumble on a surprise U.S. crude inventory build-up

Oil steadied near $57/bbl in NY as data showing US crude output at the highest in at least three decades countered concerns sparked by a political purge in top exporter Saudi Arabia.

-After Tuesday's settlement, the American Petroleum Institute's reading of US oil inventories showed a smaller decline last week than is expected from the government's reading on Wednesday.

As investors gear up for a crucial November 30 gathering of the Organization of Petroleum Exporting Countries, Citigroup Inc. warned that oil bulls expecting an extension of historic supply curbs might be disappointed.

Oil-market news. ConocoPhillips expects its capital spending to average about $5.5 billion a year in the next three years, it said Wednesday.

"The U.S. shale machine is poised to shift up a gear as producers make hay amid the healthier price backdrop", said Stephen Brennock, an analyst at PVM Oil Associates Ltd.

More news: Morgan Stanley Lowers Schlumberger NV (SLB) Price Target to $81.00

The West Texas Intermediate for December delivery was down 0.39 US dollar to settle at 56.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.20 dollar to close at 63.49 dollars a barrel on the London ICE Futures Exchange.

After the data was reported, at 14:45 London time, January Brent was at $63.12/bbl, down 57 cents/bbl, while December WTI was trading at $56.58/bbl, up 62 cents/bbl. The global benchmark crude was at a premium of $6.31 to January WTI.

Preliminary U.S. production figures showed weekly output rose 0.7% to an all-time high of 9.62 million barrels per day, the EIA said, that was the highest U.S. output since June 2015.

Gasoline stocks fell 3.3 million barrels to 209.5 million barrels, their lowest since November 2014.


  • Trump Claims Tougher Gun Laws Would Have Made Texas Shooting Worse

    Trump Claims Tougher Gun Laws Would Have Made Texas Shooting Worse

    In 2010, the high court followed up with a ruling that specifically nullified Chicago's ban. "Look at the city with the strongest gun laws in our nation - Chicago", Trump replied.
    1st Openly Trans Woman Elected To Major US City Council

    1st Openly Trans Woman Elected To Major US City Council

    Jenkins ran a campaign emphasizing affordable housing, raising the minimum wage and fair policing. . Jenkins won her seat convincingly, snagging a whopping 73.1% of first preference votes.

    You can now add way older photos to your Instagram story

    Instagram has announced that starting today you can add photos and videos to your story even if they are over 24 hours old. Once you pick what to post, Instagram will automatically place a sticker showing the date the photo or video was taken.
  • Kim Jong-nam murder: New North Korea suspects named

    Kim Jong-nam murder: New North Korea suspects named

    On Monday, Wan Azirul testified that the four men who fled Kuala Lumpur hours after the murder were Hong Song Hac (alias Mr. Both have pleaded not guilty, saying they were tricked into attacking Kim Jong Nam as part of a prank for a reality TV show.
    Some Pixel 2 XL Users Are Reporting An Unusual Screen Flashing Issue

    Some Pixel 2 XL Users Are Reporting An Unusual Screen Flashing Issue

    With the many problems being reported for the device, it can be assumed that a lot of customers have done the same recently. Unfortunately, there appears to be no permanent solution to this problem as of this writing.
    Frankie Edgar Out Of UFC 218 Fight With Max Holloway

    Frankie Edgar Out Of UFC 218 Fight With Max Holloway

    But with just a little under a month to go, it's entirely feasible for the UFC to find a fill-in opponent. Edgar is said to be dealing with a facial injury that will require surgery, Combate reports.
  • Mattis to Pentagon: Find Out Why Texas Shooter's Record Wasn't Reported

    Mattis to Pentagon: Find Out Why Texas Shooter's Record Wasn't Reported

    For unspecified reasons, the Air Force did not provide the information about Kelley as required. Defense Secretary James Mattis said Tuesday the Pentagon will be looking into what went wrong.
    Mariah Carey Accused Of Sexual Harassment & Racism By Former Employee

    Mariah Carey Accused Of Sexual Harassment & Racism By Former Employee

    According to TMZ , Carey's camp made contact with Anello and reportedly agreed to pay him for certain invoices. The singer is accused of behaving in a sexual way toward her former personal security, Michael Anello .

    AAP may nominate Raghuram Rajan for Rajya Sabha

    According to reports, Rajan's name was discussed in a meeting of top AAP leaders, including Delhi Chief Minister Arvind Kejriwal. It's different issue whether Rajan would like to get involved in politics, leaving his teaching job which is very dear to him.
  • Suarez reveals why Coutinho want to leave Liverpool

    Suarez reveals why Coutinho want to leave Liverpool

    That's what ESPN have reported as Spanish giants Barcelona are apparently getting ready to strike for the Brazilian in January. Sport reports the Blaugrana will make a new €120 million (£106m) offer for the Brazilian, who is now nursing a calf problem.
    Wilder willing to fight Joshua in UK

    Wilder willing to fight Joshua in UK

    And then you fight The Gypsy King in the fight of all fights, the Achilles and Hector fight, that's what it is. So if we offered Deontay his true value in the fight, negotiations would last about one minute", said Hearn.
    Federal Bureau of Investigation  again finds itself unable to unlock a gunman's cellphone

    Federal Bureau of Investigation again finds itself unable to unlock a gunman's cellphone

    The newest Apple phones are believed to be even tougher to crack, following a recent update included with this fall's iOS 11. Second, if the phone had been powered off and then restarted, the fingerprint method of unlocking would not have worked.