Oil futures tumbled more than 2% on Wednesday as an unexpected build in USA crude stockpiles compounded investor worries that a prolonged trade fight between Washington and Beijing could dent crude demand. "At the same time, downside risk to supply is materialising in key countries (adding to OPEC's production cuts)", the USA bank said.
"It's at the extreme end of the range of possibilities for a bearish report", said Bob Yawger, director of futures at Mizuho in NY.
U.S. West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 percent, at $61.11 per barrel.
Brent crude futures, the global benchmark for oil prices, were at $69.77 per barrel at 1016 GMT, down $1.22 from their last close.
"Buying pressures are sandwiched between mounting geopolitical disruption risks in the Middle East and jitters over the fallout from the intensifying US-China trade dispute", PVM's Stephen Brennock said in a note. "Even a modest bout of profit-taking could quickly cascade into a selling frenzy".
US crude oil inventories rose last week, hitting their highest levels since July 2017, the government's Energy Information Administration said on Wednesday. No further talks between top officials have been scheduled since the last round ended in a stalemate on May 10.
World shares made it four days in the red in the last five as concerns grew the China-U.S. trade conflict was fast turning into a technology cold war between the world's two largest economies. Analysts polled by S&P Global Platts expected a fall of 2 million barrels, on average.
Because of the cuts, Bank of America Merrill Lynch said crude output by OPEC and its allies fell by 2.3 million barrels per day (bpd) between November 2018 and April 2019.
Illinois DE Roundtree injures spine in swimming accident
Several coaches - including IL head coach Lovie Smith - family members and friends gathered at the hospital to support him. IL defensive end Bobby Roundtree has severely injured his spine in a weekend swimming accident near his Florida home.
U.S. Treasury Secretary Steven Mnuchin said Washington is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on consumers.
Oil prices have declined due to a projected increase in United States crude stockpiles and as Saudi Arabia committed to keep markets balanced.
Beyond market fundamentals, oil traders are looking to the tensions between the United States and Iran.
Saudi Arabia is the de-facto leader of OPEC.
Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories as low refinery runs and ongoing trade tensions weighed on the demand outlook.
The physical oil market is also showing signs of tightness.
Qatar Petroleum has sold al-Shaheen July delivery crude at the highest average premium since 2013 on robust demand for medium-heavy grades in Asia, trade sources said.
We've texted for 2, 3 hours straight about life, basketball, media, faith. "It would be hypocritical of us not to take it". Broussard responded, "IG DM, Twitter DM, text - it's all the same thing nowadays, dude.
Uehara, 44, has spent the past two seasons with the Yomiuri Giants, which is the where he began his career way back in 1998. Uehara started with the Yomiuri Giants in 1999 and pitched for 10 seasons in Japan before moving to Major League Baseball .
Nommé le 20 octobre 2016 à la tête de la formation olympienne, Rudi Garcia vit ses derniers jours en tant qu'entraineur de l'OM. Le coach marseillais avait notamment réalisé un joli parcours en Europa League la saison passée.
Todd continued his resurgence with rounds of 65-66 at Northwood Club and Bent Tree to share medallisthonours with Taylor. Taylor and Weir were two of 10 players who advanced Monday from the first of 12 sectional qualifiers.
Une des choses qui a constitué le succès de Game of Thrones est le fait que nous nous entendions comme une véritable famille. Pour son discours final, elle a choisi l'inspiration dans le passé, en fouillant dans les archives du Troisième Reich.
The Times says Chelsea have been ordered to pay Conte £9m in compensation with the Blues not planning to appeal the verdict. The 49-year-old will return to the Italian game at San Siro, though, after agreeing to replace Luciano Spalletti.
The state has 14 Lok Sabha constituencies in total that went for polling during three phases on April 11, April 18 and April 23. Congress, on the other hand, may manage to win only 12 seats, a drop of four seats less than what it had won in the 2014 polls.
Federal judge rules Qualcomm violated antitrust rules
District Judge Lucy Koh in San Jose, California, is siding with the Federal Trade Commission in the antitrust case. Assume that Intel also sells a modem chip for $20 plus a modest FRAND fee of $1.50 payable to Qualcomm.