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.
Ajay takes a dig at Tabu with throwback pic
Ajay Devgn and Tabu have worked in quite a handful of movies in the past and the two happen to be our favourite 90s pair. De De Pyaar De is a romantic comedy revolving around a man who is caught between two women, from different generations.
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.
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.
It was the seventh wicket stand of 74 between Brathwaite and Sunil Ambris (37) that ensured a decent total for the Caribbeans. The batsman may not have been expecting the smattering of applause that greeted his run-a-ball half-century.
All three episodes, which promise Black Mirror's signature sense of dread and foreboding, will be released on Netflix on June 5th. The show focuses on how technology has transformed our lives and the potential repercussions in suspenseful standalone episodes.
The friends, who were both aged 22, were found shot dead in different parts of north Dublin within 18 hours of each other. Two men, both in their 20s, were shot dead in separate attacks in Darndale and Balbriggan in the space of 24 hours.
Voir Matthias et Maxime figurer en compétition n'est donc ni une surprise ni un événement suscitant une folle excitation. Donovan , le prodige québécois a opté pour un film plus intimiste, ancré au Québec, sur un groupe d'amis.
The move could severely dent the company's business, as the USA is home to one in four of Huawei's suppliers. This has led to United States tech giants including Google, Qualcomm, and Broadcom cutting ties with Huawei.
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.
We also produced the parts ordered from us on time. "What more can we do as a partner?" "We are extremely negative about it". In trying to persuade Turkey to give up the Russian missiles, the United States has offered to sell its rival Raytheon Co.
A baby that was cut from his mother's womb by attackers who killed the pregnant woman is clinging to life and has opened his eyes. Police eventually managed to run a DNA test on the baby to confirm that the child, a baby boy, was not Clarisa's.
What draws him to Biden is the candidate's "broader appeal" and moderate politics, Lester, 61, said. "He's always been. On Monday, Friedenberg held a "Love Trumps Hate" rally at his campaign headquarters in Williamsport.
Former Red Sox pitcher Uehara announces retirement
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 .
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.
Weir, Todd among 10 qualifiers for U.S. Open
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.
Chelsea blow as Conte wins compo battle
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.