LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Oil dips for third day after build in U.S. inventories

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Jan 31, 2018
10:04 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Oil prices fell on Wednesday for a third day, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months, though crude futures remained on track for the fifth straight month of gains.

U.S. oil inventories rose 6.8 million barrels in the week to Jan. 26, after 10 straight weeks of declines, which had dropped supply to its lowest levels since early 2015.

The increase far exceeded expectations for a rise of 126,000 barrels. Analysts noted that refiners have been cutting activity while U.S. crude production has kept rising.

Oil prices faded immediately after the news, then retraced some losses when the data showed a surprising 2 million-barrel drawdown in gasoline stocks, suggesting demand for products may be enough to limit seasonal inventory buildup.

U.S. crude futures were down 42 cents to $64.08 a barrel, a drop of 0.6 percent as of 11:13 a.m. EST (1613 GMT), after hitting a low of $63.92 shortly after the release. Brent crude dropped 39 cents to $68.63 a barrel, a 0.6 percent decline.

"Strong demand in the major refined products categories is supporting the entire petroleum complex after the data release," said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington.

March U.S. gasoline futures dipped 0.1 percent to $1.8828 a gallon.

"If this week`s drop is due to weather-related, unplanned incidents it may not yet herald the onset of turnaround season. However, those days are rapidly approaching," Thompson said.

The U.S. Energy Information Administration said production rose to 9.92 million bpd, close to the country`s record output of 10.04 mln bpd set in 1970.

Production is expected to hit 11 million bpd by 2019. This week ExxonMobil said it is wants to triple its production in Texas` Permian Basin to 600,000 bpd within seven years.

Encouraged by higher crude prices, energy companies added 12 oil rigs last week, the biggest weekly increase since March.

"The rig count will only continue to rise and the U.S. system will only become more efficient," said Matt Stanley, a fuel broker at Freight Services International in Dubai, adding this was likely to pressure crude prices.

"I see a correction on the horizon down towards $60 before the inevitable OPEC minister comes out and talks about new cuts," he said.

With U.S. shale producers pumping more barrels, the Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to cut their own output by 1.8 million barrels a day until the end of 2018.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

REVEALED: 'Laga bhi diya...' - What PM Narendra Modi told nurse P Niveda after COVID-19 vaccine shot

Jason Sudeikis wins his first-ever Golden Globe

Rakesh Jhunjhunwala stock: This Big Bull holding gets a target hike I Details here

Heranba IPO allotment status: Finalisation date, direct BSE link to check share subscription

Kiara Advani, Bani J feature in Raja Kumari's new track ''I'm a Rebel''

Kriti Sanon gets nostalgic as ''Luka Chuppi'' turns 2

Alia ''thrilled'' to produce Darlings along with Shah Rukh Khan

Centre gets more time to file report in WhatsApp privacy case

XLRI Placements 2020, 2021: 100% jobs! Check highest salary, average package and name of companies, top recruiters

LPG cylinder price today: Cooking gas gets costlier by Rs 25, second hike in four days—check new prices

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved