The Energy Information Administration said in its weekly report on Wednesday that USA crude inventories added 3 million barrels for the week ending February 23, compared with analyst expectations for a build of 2.1 million barrels.
The West Texas Intermediate (WTI) for April delivery decreased 1.37 USA dollar to settle at 61.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 0.85 dollar to close at 65.78 dollars a barrel on the London ICE Futures Exchange. Despite the drop in prices today, both benchmarks are trading up from this same time last week.
The Organization of Petroleum Exporting Countries produced 32.28 million barrels per day this month-netting a reduction of 70,000 barrels per day compared to the previous month.
While output curbs by OPEC, a supply disruption in Libya and turmoil in Venezuela have helped underpin prices, expanding USA shale production continues to haunt the market.
Once the world's largest importer of crude, the USA is passing Saudi Arabia and closing in on Russian Federation to become the world's largest producer. USA crude output is set for a record in February, with the monthly average hitting 10.072 MMbpd, a Genscape report said Monday.
Oil production in the U.A.E.
The United States will overtake Russian Federation as the world's biggest oil producer by 2019, International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday.
Manufacturing output up but rate of growth slows in February
The Investec Manufacturing PMI Ireland report recorded a headline figure of 56.2 last month, down from January's 57.6 reading. The sub-index for production fell sharply by 2.8 points to 52.2, and for new orders it was down to 51.0 from 52.6 in January.
Samsung Bixby Speakers Delayed, IFA Launch Tipped
Also recently shared by Koh: Samsung's smart speaker with Bixby inside will be released in the second half of 2018. It was back in October 2017 when we first heard that Samsung is prepping a huge new upgrade for its AI assistant.
Federal government plays it safe, proposes to maintain Canada Media Fund investment
It said it would also clarify the application of certain rules for limited partnerships to prevent unintended tax advantages. Despite being the most profitable companies in the country, Canadian banks pay 1/3 the tax rate of other large corporations.
USA crude output slipped in the last month of 2017, but in November hit an all-time high of 10.057 million barrels per day (bpd).
"We've got a lot more oil to produce and we'll be through that 11 million barrel-per-day threshold much sooner than expected", said Streible.
In broader economic terms, U.S. Federal Reserve Chairman Jerome Powell offered an upbeat forecast for the world's leading economy, allaying some early February concerns about overheating.
The entire energy complex was led lower by gasoline futures after a surprise build in US gasoline stocks, which rose by 2.5 million barrels, compared with expectations for a 190,000-barrel drawdown.
"Demand is anything but lackluster", Phil Flynn, the senior market analyst for the PRICE Futures Group in Chicago, said in market commentary emailed to UPI.
US oil prices were mixed on Friday, after three days of declines, but any gains were limited as Asian share markets extended a selloff on Wall Street after news of planned USA tariffs on steel and aluminium raised fears of a trade war. "That's enough to take us down a notch". The EIA's crude-oil production data includes lease condensate.
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