UPDATE 7-Oil backs away from $70 per barrel on surprise US crude build
US crude oil production hit a record, at 10.43 million barrels per day (bpd).
Brent crude futures for June delivery were last down 33 cents on the day at $69.13 US a barrel, while the May contract, which expires on Thursday, was down 11 cents at $70. At the same time, geopolitical tensions eased and the dollar rose, making dollar-denominated crude oil a less-desirable asset. That may suggest future demand for crude oil from refineries ahead of the summer driving season.
Brent crude futures were at $69.76 per barrel, up 23 cents, or 0.3 percent.
Goldman Sachs said in a note to clients that there was "finally, an exchange traded price for Chinese crude oil". Only Russia pumps out more, at 11 million bpd.
The U.S. bank said Shanghai crude futures represented 3 percent of combined WTI and Brent trading volumes since its launch on March 26.
U.S. crude production also inched up last week to fresh record high at 10.433 million bpd. Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 1.6-million-barrel drop.
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Macquarie restated a "buy" rating and set a $40.00 price target on shares of Comcast in a research note on Thursday, December 7th. They expect $0.61 EPS, up 15.09 % or $0.08 from last year's $0.53 per share. 278,892 were reported by Oppenheimer & Incorporated.
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It said SCL India also carried out a psephological study and opinion polling for a "national party to identify swing voters". During the 2009 Lok Sabha elections, SCL India managed the campaign of a number of Lok Sabha candidates.
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West Texas Intermediate (WTI) crude futures for May delivery fell 87 cents to $64.38 a barrel, a 1.3%loss.
With the inventories data out of the way, investors will continue to focus on potentially bullish factors such as the extension of the program to cut production although OPEC doesn't seem to be in any hurry to re-evaluate the strategy at its June meeting, and may wait until its meeting in November to make a decision.
Keeping a lid on prices will be concerns over increasing US production.
In China, Shanghai crude oil futures opened Thursday's morning session down almost 2 percent, pushing the new market near to parity with US prices, before closing at 409.7 yuan ($65.18) per barrel at 0700 GMT.
Wednesday's price falls came despite Saudi Arabia saying it was working with Russian Federation on a long-term pact that could extend controls over world crude supplies by major exporters for many years.
The nearest support for WTI crude is $63.37.
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