Oil slide stops at $48 as US stocks drop again

Crude Oil

US crude inventories dropped for a seventh consecutive week, falling 8.95 million barrels last week to 466.5 million barrels to their lowest since January 2016, the Energy Information Administration said.

At 10.71 million bpd, China's crude refineries saw in July their lowest daily throughput rate since September past year amid oversupply of fuels on the domestic market. OPEC last week reported a 172,600-barrel-per-day increase in oil production in July for the cartel.

Crude oil prices suffered a dual blow Monday from steady, though at times shaky, production recovery in Libya and from a report of an expected increase in USA shale oil activity. "This is not the report that [the Organization of the Petroleum Exporting Countries] wanted to see", said James Williams, energy economist at WTRG Economics.

Aside from supply and demand, investors also closely followed developments in the U.S. On the other hand, the Brent Crude's deliveries for October stumbled at the $50.73 a barrel price shedding a total of $1.37 or 2.6% on the ICE Futures Europe; the prices signal lows from nearly three weeks or so since July. US light crude settled down 4 cents at $47.55, off a session low of $47.02, the lowest since July 25.

"It is a strong dollar, concern about China demand, and weak volumes", said Phil Flynn, an analyst with Price Futures Group in Chicago.

"This bullish print is being tempered somewhat by unchanged gasoline inventories versus the expectation of a draw", said Matt Smith, director of commodity research at ClipperData.

The authority calculated commercial inventories of crude oil had gone down by 8.9 million barrels in the week to August 11, after a draw of 6.5 million barrels a week earlier. Worse still, this momentum is not expected to change into the first quarter of 2018 when the current OPEC deal where oil output will be cut by 1.8m bpd will have run out. The compliance outside the OPEC is even worse at just 67 percent.

OPEC member Angola released a loading plan showing October exports were planned at a 13-month high.

On the demand side, analysts see a gradual slowdown in consumption growth.

Official U.S. data is released late Wednesday morning. China's annual oil demand will peak at 690 million tons by 2030, or about 12% of the global total, according to China National Petroleum Corp.

Related News:

  • Air Berlin files for insolvency but flights continue

    Air Berlin files for insolvency but flights continue

    The loan cash is expected to last for three months, the government said, after which the airline's future is uncertain. It added that two members of the board of directors, who joined after being nominated by Etihad, had resigned.
    NCP boycotts Opposition meeting called by Sonia Gandhi

    NCP boycotts Opposition meeting called by Sonia Gandhi

    His turnaround comes after Mrs Gandhi's party, the Congress, suggested that he had betrayed it in the recent Rajya Sabha election in Gujarat.
    Former Bear Jay Cutler will play football again

    Former Bear Jay Cutler will play football again

    It also questions Cutler's $10 million base salary that could have gone toward extending contracts of players now on the roster. Cutler and journeyman backup Matt Moore will battle it out for the starting snaps as long as Tannehill's unavailable.
  • Triple H Downplays Rumors Of Ronda Rousey's Involvement With WWE

    Triple H Downplays Rumors Of Ronda Rousey's Involvement With WWE

    Ronda had this aura of invincibility that we've never seen before". "It was the most fantastic stuff she had felt and heard". I know she was there to support her friend Shayna Baszler , who did phenomenal in the tournament and is very skilled.
    Lassa Fever: Ogun places patient under watch

    Lassa Fever: Ogun places patient under watch

    Two persons infected with the disease have died at the Lagos University Teaching Hospital (LUTH ), Idi-Araba. This is coming barely four months after the state government declared the entire state Lassa fever free.

    Disney severs ties with Netflix to set up online offering

    The new streaming services are a way to connect directly with consumers and take advantage of new viewing habits. Walt Disney aims to take a slice of the video streaming market with the launch of its very own service.
  • Alleged Charlottesville attacker previously accused of beating wheelchair-bound mom

    Alleged Charlottesville attacker previously accused of beating wheelchair-bound mom

    Fields was not physically present in the courtroom but appeared via a video monitor. Cooper high school in Union, Kentucky, in Fields' junior and senior years.
    Spelunky and Downwell creators team up for 50-game collection UFO 50

    Spelunky and Downwell creators team up for 50-game collection UFO 50

    Putting that into context, it also says that "Completing the entire collection could easily take over a hundred hours". These games were all created in the 1980s by this fictional, obscure, and "ahead of its time" company.
    Jaguars retain rights to Branden Albert should he play again

    Jaguars retain rights to Branden Albert should he play again

    It appears Albert has changed his mind once again in a rollercoaster of an offseason that has to leave the Jags wondering. Albert hasn't played a full season since 2011 when he was with Kansas City, who selected him 15th overall in 2008.
  • Benchmark explains why they're suing Uber's Travis Kalanick

    Benchmark explains why they're suing Uber's Travis Kalanick

    Other Uber shareholders led by Shervin Pishevar of Sherpa Capital have vehemently opposed Benchmark's lawsuit . Nevertheless, he doesn't think Uber's recent board troubles will be the company's downfall.
    Pentagon denies civilians killed in Afghanistan airstrike

    Pentagon denies civilians killed in Afghanistan airstrike

    The previous attack targeted a prayer ceremony, and the US similarly claimed that the praying civilians were "ISIS members". Officials added that because the vehicles were in the middle of nowhere "there was zero chance of civilian casualties".
    UNESCO World Heritage Site in China hit by an quake

    UNESCO World Heritage Site in China hit by an quake

    Among the dead are six tourists and two local residents while the rest have yet to be identified. According to local officials, 45 people have sustained grave and 56 - moderately grave injuries.


Most liked

Serena Williams: 'If anything, this pregnancy has given me a new power'
I told Alexis it has to be a girl because there I was playing in 100-degree weather, and that baby never gave me any trouble. Well now, in a tell-all interview to Vogue , Serena has finally opened up about the entire episode and it is a must read.

A rare and elusive white moose has finally been captured on video
In July, Jessica Hemlin photographed a white moose that regularly visits her garden in Munkeda, which is also in western Sweden. He has the aura of someone wearing a flower crown... without being someone who wears a flower crown.

Will N. Korea's Kim Pull the Trigger? Possible Signs to Watch
And he warned that 'if they fire at the United States, it could escalate into war very quickly'. China, North Korea's only major ally, has urged restraint.

Donald Trump finally condemns 'evil' racism after Charlottesville
It also could refer to the B-1B bombers that the USA has occasionally flown over the Korean Peninsula as a show of force. That would bring relations with the US back to the status quo, but not change things much on the ground in North Korea.

Ant McPartlin reveals how painkiller addiction 'nearly killed him'
The fracture then turned into a 2cm hole in the bone, which meant he was in constant pain while his leg was in a brace. That's what they tell you, 'You're still in recovery'. "I'm still in pain but managing it a lot better".

'Deadpool 2' Stunt Driver Dead After Accident On Vancouver Set
The 2016 Marvel superhero adaptation tells the story of Wade Wilson, a man seeking treatment for his terminal cancer. A crumpled motorcycle was seen laying on its side at the location of the accident near Vancouver's waterfront.

Team for ODI series and T20 announced, Yuvraj Singh axed
Veteran all-rounder Yuvraj Singh has been dropped from the team, while youngster Shardul Thakur has been included in the team. Pandey was originally a part of the Champions Trophy squad but had to take a break due to an injury sustained during the IPL.

Man held over jogging push on Putney Bridge eliminated as suspect
The victim attempted to speak to him but he did not acknowledge her and continued running, the Met said. The private-equity specialist was out of the country when the assault occurred, his lawyer said.

Trump White House to look into China's trade practices
Pyongyang this week threatened to fire missiles near the US territory of Guam during an exchange of bellicose rhetoric with Trump. Trade Representative to consider investigating China for the theft of U.S. technology and intellectual property.

36 killed, dozens injured as trains collide in Alexandria, Egypt
Dr Abu Homs, head of the city's ambulance services, said he fears the death toll and number of injured could rise further. The statement did not say what caused the accident, saying only that the authority's experts would be investigating.

Israeli Retaliatory Airstrikes on Hamas Positions in Gaza Injure 4 Palestinians
According to the IDF, the rocket was launched from Gaza and landed in an open area, causing no injuries or damage. From the Gaza strip into Israel a rocket was sacked , reports the Times of Israel, citing the Israeli military.

Beijing taking charge in debate on South China Sea
Previous year his confrontation with a Canadian reporter over China's human-rights record generated Internet memes at home. The two participated in other multilateral meetings in Manila, including one between China and the 10 ASEAN ministers.

PAN Card Validity Check
In that case, you will have to additionally provide your father's name and other identification details. The mobile number that you enter on this page needs to be the same one that you had for your PAN card.

Trump savages Richard Blumenthal on Twitter
Blumenthal is now serving his second term as a USA senator from CT , first elected in 2010 and then re-elected in 2016. After The New York Times exposed the mistruths in 2010, he apologized at a press conference flanked by veterans.

Israel Moves to Close Al Jazeera, Revoke Credentials of Its Journalists
Netanyahu had said on July 27 that he wanted Al-Jazeera expelled amid tensions over a sensitive Jerusalem holy site. He has frequently criticised the news media, accusing outlets of seeking to undermine his government.