"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.
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.
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.
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.
While Nikki claimed that she "hadn't heard" what Cena said on the show and, when told about his comments, looked surprised. During an appearance on The Today Show , John Cena had a chat about his breakup with hosts Kathie Lee and Hoda.
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.
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.
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.
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.
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.
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.
BSNL rolls out Rs 118 prepaid plan to take on Reliance Jio
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.
NES and SNES Classic Editions to return
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.
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.