Oil prices slump as Saudi Arabia and Russia consider output boost
Meanwhile, oil prices began sliding down from four-year highs that were hit last week on indications that OPEC is considering an easing of its self-imposed production limits in response to the shrinking global overhang as well as a severe decline in Venezuela oil production and the possibility of a drop in Iranian oil exports resulting from the return of USA sanctions against the country.
U.S. West Texas Intermediate crude ended Wednesday's session down 36 cents, at $71.84 a barrel.
"The reality of the world price of crude oil is that we can produce as much as we want here, but as long as it's a globally traded commodity, we are going to feel it here", said Kevin Book, managing director at the research and analysis firm Clearview Energy Partners LLC in Washington. Currently, the price is sitting right on the neckline and a break under it could be the trigger that begins a drop down towards the main support line, currently at $76.45.
OPEC and top nonproducers like Russian Federation agreed in late 2016 to remove 1.8 million barrels of oil daily from the market to help stabilize oil prices.
OPEC leaders are expected to meet in Vienna on June 22 to discuss reversing an agreed-upon production decrease that removed 1.8 million barrels per day from the global market. Late Tuesday, the American Petroleum Institute, an industry group, reported a 1.3 million-barrel drop in crude supplies and a 980,000 barrel increase in gasoline stockpiles. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.123 million barrels.
Steam Link App Rejected By Apple For "Business Conflict"
While this might not be a massive loss for Valve, it does go to show how hard it is to get apps approved for the App Store. Valve appealed the decision, but the appeal was denied, and it now appears that Steam Link will never come to iOS devices.
Bystander shoots, kills Oklahoma restaurant shooter who injured 4 people
The suspected shooter was confronted outside the restaurant by a bystander with a pistol, Oklahoma City police said. Another man suffered an injury to his arm as he reportedly tried to run from the restaurant following the shooting.
Dutch, Australia name Russian Federation as behind MH17 downing
The US, the European Union and North Atlantic Treaty Organisation also urged Moscow to accept responsibility for the disaster. He told reporters gathered for a press conference in Utrecht that "the 53rd Brigade forms part of the Russian armed forces".
"The spectre of US oil sanctions on the embattled Latin American producer now looms large as Washington strives to tighten the financial noose", PVM Oil Associates strategist Stephen Brennock said in a note. Exports of refined products rose by 494,000 barrels a day last week to 5.13 million.
Gasoline demand this weekend should come in at or near records, The U.S. economy is soaring and consumer incomes are at the highest levels in years.
Exxon Mobil (XOM) rose 0.6% to 82.15 on the stock market today.
Talk that prices could top that barrier over the next 12 months is gaining traction.
The VanEck Vectors Oil Services ETF (NYSEAMERICAN: OIH) traded down about 1.9%, at $28.41 in a 52-week range of $21.70 to $29.87.
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