Oil prices climbed up on June 16 but remained near six-month lows, held down by an ongoing supply overhang that persists despite an OPEC-led effort to cut production and prop up crude markets.
The U.S. oil boom will keep piling on the pain for OPEC well into next year.
"There may be a surprise to the upside again", the agency said in reference to Russia's oil output.
Reformulated blendstock gasoline futures 1RBc1 dropped 3.4 percent to $1.449 a gallon as of 10:59 a.m. EDT (1459 GMT). Adding to the glut is an ongoing rise in US production driven by shale drillers, which has pushed USA output up by 10 percent over the previous year to 9.3 million bpd, not far off top exporter Saudi Arabia.
Oil has declined nearly 8 percent this month amid speculation that rising U.S. supplies will offset output curbs by the Organization of Petroleum Exporting Countries and its allies, including Russian Federation.
Analysts said both benchmarks were dragged lower by a bigger than 4 percent drop in U.S. gasoline futures after the U.S. Energy Information Administration (EIA) reported a 2.1 million-barrel increase in gasoline inventories last week.
The International Energy Agency mirrored OPEC's sentiments in its own monthly report, saying stronger USA crude oil production, which could increase faster than expected, is offsetting OPEC's production aim.
The crude oil bulls had been waiting for the USA driving season to spur gasoline demand, which was expected to increase the drawdown in crude oil inventory.
Rising U.S. oil output, particularly from shale drillers, is contributing to the ineffectiveness of the OPEC-led cuts, according to Reuters. New non-OPEC output next year will be more than enough to meet demand growth, the International Energy Agency said Wednesday in its first forecast for 2018.
It is important to note that gasoline stockpiles rose by a surprising 2.1 million barrels (considering the decline), compared to an expectation of 457,000 gallon drawdown as, it seems, Americans are spending more time traveling to vacations within North America. Prices slid $1.72, or 3.5 percent, to $47 Wednesday. Brent traded at a premium of $2.35 to August WTI.
Western officials say most insider attacks stem from personal grudges and cultural misunderstandings rather than insurgent plots. Araam said the soldiers returned fire and killed the attacker. "US soldiers have been wounded".
The Japan coast guard dispatched five patrol ships and an aircraft carrying medics to the site for search and rescue operations. In the aftermath, however, the Navy said the Fitzgerald suffered damage on its starboard side, above and below the water line.
Walmart won't sell Bonobos apparel in its stores, but will continue to offer it on Bonobos.com and possibly on Jet.com. In this role, Dunn will create new products for consumers and discover new channels through which they can buy them.
However, Tata Steel rose by 3.48 per cent followed by Dr Reddy 3.15 per cent, HDFC 1.83 per cent and Sunpharma 1.58 per cent. The BSE Midcap and Smallcap indices outperformed benchmarks, up 0.2-0.3 percent despite the balanced market breadth.
This competition of managers started by Pep became even more interesting than the competition of their football teams. He believes that the tough competition will help him and his Manchester City team to go to the next higher level.
While Luke will probably have a key role to play in the new movies, it’s certain the new actors will dominate the storyline. He felt he needed to know what all those years have done to Luke even if the material doesn’t get told in the actual movie.
In addition, from the year 2018 GRC’s cryptocurrency rate is expected to grow due to its social usefulness and relevance. In order to do this, you need to have a considerable amount of money, a special financial education and a special license.
Spectacular dancers will complement the spectacular dance of any composition, leaving an unforgettable impression in your memory. A special chic to the club is given by colorful and incendiary performances, over which a professional choreographer works.
Officer Jeronimo Yanez was acquitted of one charge of second-degree manslaughter and two counts of risky discharge of a firearm. The dead man's mother, Valerie Castile, speaking to reporters outside the court afterwards, said: "I'm mad as hell right now".
The reputation of Macao as the place of the famous casinos, brothels and clans triads selling opium was born in the 18th century. And it lasted until the 60s of the 20th century, while a powerful businessman Stanley Ho became interested in the region.