Oil set for second weekly fall as rising U.S. supply upsets bulls
03:31, Mar 9, 2018
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The EIA reported that crude inventories rose by 2.4 million barrels last week, although expectations were for a 2.6 million-barrel build.
The EIA said it expects USA crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.
Prices briefly pared losses after data from the Energy Information Administration said U.S. crude inventories rose by 2.4 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels.
Asian imports of 726,600 bpd of USA crude in November and January's 676,190 bpd were the strongest two months on record, showing that the region's traders were quick to take advantage of the weakening of WTI relative to Brent.
Oil has recently tended to move in tandem with the equity market.
This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share. Global demand will increase almost 7 million barrels per day by 2023 to 104.7 million barrels per day, the report said, with China the main proponent of growth in demand.
WTI traders should watch the price action at $61.20. The administration is considering clamping down on Chinese investments in the US and imposing tariffs on a broad range of imports to punish Beijing for its alleged theft of intellectual property, according to people familiar with the matter.
Gary Cohn, economic adviser to US President Donald Trump, seen as a bulwark against protectionist forces within the government, said on Tuesday he was resigning, triggering a more than 1% fall in S&P 500 futures on Wednesday.
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Former Los Angeles Mayor Antonio Villaraigosa, who is courting more moderate and even conservative voters, won just 9 percent. Feinstein, the oldest member of the Senate at 84, is seeking a sixth term.
Conte and Mourinho have traded poisonous barbs this season, culminating in the pair saying they felt "contempt" for each other. That gap can be trimmed to 13 with victory at Old Trafford on the same day City face Arsenal in the EFL Cup final.
If passed by the Senate, the House would then debate the legislation during the final week of the 2018 legislative session. The body then moved to other legislation on guns. "I'm going to fight for a voluntary program", said Galvano.
Despite having the power, authority and mandate to discipline Nassar, there was never any intervention by the U.S. Raisman continues to suffer from depression, anxiety and fear resulting from Nassar's sexual abuse .
The English FA had been tracking McTominay since he was playing for United's academy but the youngster has now made a decision. I think his own heart is more important than my advice, because my advice is purely from the career point of view.
In Paris, President Emmanuel Macron's office said the French leader was "being informed in real time" of the situation. Police also took up positions near the offices of the prime minister where gunfire was also reported.
Periods of heavy rain possible Sunday , with scattered showers throughout the day and highs in the mid to upper 70s. But, it is not looking like this next round of rain will bring severe weather, just heavy rainfall.
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