U.S. House panel passes bill targeting OPEC oil supply cuts
U.S. House panel passes bill targeting OPEC oil supply cuts
US oil prices edge up as market eyes tighter supply
08 February, 2019, 02:41
Meanwhile, U.S. sanctions against Venezuela's oil industry are expected to knock out at least 500,000 bpd of crude exports.
Oil fell on Thursday after data showing a rise in USA inventories weighed on sentiment already rattled by the global economy, though prices were buoyed by the prospect that supply could fall short of global demand. Elsewhere, supplies from OPEC face heightened uncertainty after Libya's eastern leader Khalifa Haftar said his forces have taken control of the country's largest oil field.
A day after the American Petroleum Institute disappointed oil bulls by reporting an estimated inventory build across the board, the Energy Information Administration deepened the mood by saying USA crude oil inventories added 1.3 million barrels in the week to February 1.
Brent crude oil futures were last down $0.12 at $62.57 a barrel by 1022 GMT, while U.S. crude futures were down $0.07 at $53.94 a barrel.
Crude oil prices edged lower on Monday after sharp gains during the previous session but were supported by expectations of shrinking supply and signs that China-US trade tensions could ease.
US imports of Venezuelan crude fell 41 percent to 345,000 barrels a day last week, the least since August, according to preliminary EIA data.
The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran a year ago, experts said after examining details posted by the Treasury Department.
More Rain This Week, Icy Wednesday
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Distillate fuel inventories last week shed 2.3 million barrels and production averaged 5.1 million barrels per day.
USA gasoline production decreased last week, averaging 9.9 million barrels per day.
The Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, agreed to production cuts effective from last month to beat back supply growth.
That focuses yet more attention on the outcome of U.S. -China trade dispute have also weighed on the market. -China trade dispute. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January. A week earlier, gasoline inventories fell by 2.2 million barrels after four weekly builds, and hefty ones, at that, with production averaging 9.9 million bpd.
"The global oil supply/demand balance could shift from a current significant surplus to zero at the end of the year", Jean-Pierre Durante, an analyst at Pictet Wealth Management, wrote in a report, if producers comply with the decision and extend it until December.
US President Donald Trump last week said he would meet with Chinese President Xi Jinping, perhaps twice, in the coming weeks to try to seal a comprehensive trade deal with Beijing, but acknowledged it was not yet clear whether a deal could be reached.
The partial government shutdown began on December 21 because of disagreements over money to build a U.S. -Mexico border wall. The viral photo of a child in a cage did not come from Trump's immigration policy, however.
Immediately, the United States was the first to recognise Guaido as the President and also promised humanitarian aid to Venezuela. Russia , Belarus, Bolivia, Iran, China, Cuba, Nicaragua, El Salvador and Turkey stood up for Maduro's support.
Bowlen's Broncos have had as many Super Bowl appearances as losing seasons - seven - since Bowlen purchased the team in 1984. Law now becomes the first Patriots player from the early years of the Belichick-Brady dynasty to earn a bust in Canton.
In an interview that was taped Friday, Trump told CBS News that the USA would use a base in Iraq as a means to "watch" Iran . It's perfectly situated for looking at all over different parts of the troubled Middle East rather than pulling up.
A variety of Iraqi lawmakers used Trump's visit to the al-Asad base in December to call on USA forces to leave the country. And I think that they will- I think they're exhausted and, I think everybody's exhausted .
It is even more important if you smoke, as apart from lung cancer , it is also a reason for bladder cancer . While seeking new multidisciplinary treatments, we need to learn how to prevent and screen cancer .
We need to use all the players we can and we'll analyse if we need to make changes tomorrow or Sunday. Valverde admitted he might have to rotate his line-up given the number of important games coming up.
Over the weekend, he called on the army to allow in humanitarian aid from the United States via neighboring Colombia and Brazil. Most Lima Group members have said Maduro should quit in favour of Guaido and have called for a new election.
In case Washington decides to raid Iran or Syria from Iraq, the Kata'ib Hezbollah will "cut off its hands", the spokesman added. He appeared to be referring to the Al-Asad air base in western Iraq, where he paid a brief visit to USA forces in December.
After releasing her fifth studio album, " thank u, next ", Ariana Grande was reportedly supposed to perform at the 2019 GRAMMYs . Grande reportedly wanted to perform her latest single, " 7 Rings ", but an insider told Variety they initially balked at that.
Facebook has told The Verge that the new feature will be available today on the latest versions of Messenger for iOS and Android . As was first reported on Tuesday by The Verge , Facebook Messenger is introducing its official "unsend" feature .
Oscars show to go hostless for only second time
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Historic Australian flooding leaves 500 homes under water
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State of the Union 2019: What to expect
Despite the objections of some advisers, Mr Trump announced in December that he was withdrawing U.S. forces in Syria. The White House tonight announced several special guests attending the State of the Union at the Capitol tomorrow.
Showtime Venue Fortnite Season 7 Location
To commemorate this performance, there will be a Marshmello skin , a Marsh-Walk emote as well as a Marshmello-inspired glider. To make it easier, Epic Games will disable all other modes so that you can't jump into something else by mistake.