"For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market", the agency stated.
The difference between the two benchmarks briefly widened to more than $8 a barrel, the widest gap since April 2015, reflecting surging US crude supplies and a greater geopolitical risk to Brent-based crudes.
World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production. "The spread between the two contracts is basically Europe and Asia screaming for more oil from the United States to fill the potential void and feed their ravenous oil demand", he said.
"The API inventory data in the USA fits with. a topping pattern - or at least a decent pause - for oil prices at the moment", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.
"The Saudi's are signaling that they would be relaxed with the scenario in which they temporarily over tighten the market", said Paul Horsnell, the head of commodity research at Standard Chartered.
Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned USA sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East. Brent crude oil LCOc1 reached $79.22 a barrel, up 99 cents and its highest since November 2014. Crude oil production in March was around 3.76 million bpd, flat compared with the average levels in January and February. Concerns over the impact of USA re-sanctioning on Iran apart from other factors like economic crisis in Venezuela are keeping the oil prices high.
USA shale oil production, meanwhile, is forecast to continue its climb.
The bottleneck in North America likely contributed to a 4.9 million barrel rise in USA crude oil inventories, to 435.6 million barrels, that the private American Petroleum Institute reported on Tuesday. The U.S. crude contract fell as much as 0.6 percent to $70.95 a barrel on Wednesday.
Kings bowled out for 88 as RCB thrash KXIP by 10 wickets Barring his match-winning knock against Royal Challengers Bangalore , Rohit has failed to live up to the expectations this season. In order to seal qualification, they will hope Kings XI Punjab lose to both Mumbai Indians and Chennai Super Kings.
Police have banned celebrations and bursting of crackers around 38 counting centres; additional forces have been deployed. It was 65 percent in 2008 and 2004, 69 percent in 1989 and 1994, and 69 percent in the 1990 Assembly election.
Microsoft released today three additional Windows update packages -Microsoft Releases KB4100347, KB4134660, and KB4134661. Windows 10 Nearby Share uses Bluetooth to detect nearby devices and shares content using WiFi or Bluetooth.
Schneiderman resigned last week following a report by The New Yorker magazine that he physically abused four women he had dated. Schneiderman himself won over the office in 2010 only when Andrew Cuomo left to run for governor.
As a result, the competition is expected to take away the existing tournaments: the Club World Cup and the Confederations Cup. Liverpool could be set for a £100m boost after the new Club World Cup deal was put on the table.
Pre-orders sold out in advance of the launch and those hoping to buy one in-store were met with long lines and empty shelves . There will be no increase in the NES Classic Edition price for its return, as it will still be sold at $59.99.
Wish you could listen to in-flight TV with your AirPods? We'll be testing AirFly ourselves and will let you know how it performs. AirFly is a tiny gadget from Twelve South that changes that by making any device with a 3.5mm headphone jack AirPods-compatible.
Telecom operators in the country have kept on refreshing their prepaid plans since the entry of Reliance Jio to the Indian market. The state-run telecom operator, BSNL, recently launched Rs 39 prepaid plan that offers unlimited voice calls to the subscribers.
The project has also been opposed by the United States, which seeks to export its own liquefied natural gas (LNG) to Europe. Finland approved the pipeline last month and the pipeline's operator started preparatory work shortly after that.
The two wrestlers will be facing each other in a singles match for the Raw's Women's Championship on June 17 Rosemont, Illinois. The 31-year-old WWE superstar has been talking about babies for a while - first bringing up the topic on "Ellen" back in 2016.
Strong winds and dust storm, followed by light showers were witnessed across the national capital, as reported by ANI. The police received almost 60 calls related to fallen trees, electricity polls and wall collapses across the region.
But Israel's Prime Minister Benjamin Netanyahu said his troops was acting in self-defence against Hamas, Islamist rulers in Gaza. No Israeli soldier or civilian was killed or wounded in Monday's clashes, according to Vox .
Pope calls for end to Holy Land violence (3)
During the cathechesis, the pope explained the significance of the white garment worn when receiving the sacrament. Israel claims that Hamas is spurring the violence and using it for cover for attacks.
C's Dominate 2nd Half, Take 2-0 Series Lead
It wasn't about how LeBron James would respond after a quiet 15-point effort as the Boston Celtics rolled in the opener. Who is most likely to win the 2018 NBA Championship? They're gooning the game up, and we've got to do the same thing.
"Jai Hind" replaces "Yes, ma'am" or "Yes, Sir" in MP
According to reports, the state education board said that this change will instill a sense of patriotism among the students. The opposition Congress was quick to react over the new school education department order.
Here's A Tesla Towing A Qantas Dreamliner
The achievement was announced after the ModelX P100D pulled a Boeing 787-9 Dreamliner on the tarmac for 300 metres. Although it's rated to tow 2500kg, the Model X managed to pull the 130,000 kg airplane almost 300 meters.
Trailer : Mission : Impossible - Fallout
Anyway, the sixth film is called Mission: Impossible - Fallout , and it'll be in cinemas in about two months. However, Ethan hunt from the " Mission impossible " could compete with Clint Barton or Natasha Romanoff.