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 pares gains into settlement; U.S. fuel stockpiles rise

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Oct 19, 2017
05:07 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Oil prices settled slightly higher on Wednesday, with Brent touching three-week highs and then retreating after a surprising drop in U.S. refining rates and an unexpected build in fuel stocks signalled slower demand in the world`s top oil consumer.

Brent crude futures settled up 27 cents to $58.15 a barrel, off the three-week high of $58.54 a barrel hit earlier on worries about ongoing tensions around oil-rich Iraq and Iran.

U.S. West Texas Intermediate (WTI) crude futures settled 16 cents higher at $52.04 a barrel.

U.S. crude inventories fell 5.7 million barrels last week, the Energy Information Administration said, exceeding analysts` expectations. [EIA/S]

Refiners throttled down activity as the autumn maintenance season got underway, and refining rates fell 4.7 percentage points to 84.5 percent of total capacity, the seasonally slowest rate of output since 2011.

Inventories of gasoline and diesel rose, reviving concerns about elevated stockpiles during a time of slower demand.

"A setback in refinery utilization rates occurred as refiners undergo seasonal maintenance," said Anthony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota. "Builds in refined products and a setback in refined product demand provides weight to the energy complex."

Tensions in the Middle East supported oil prices. Iraq Kurdistan`s oil exports more than halved as Iraqi military retook some big fields from Kurdistan`s Peshmerga forces.

"It remains to be seen whether the Kurds, after withdrawing from the region they claim to be entitled to, will allow crude oil to be transported by pipeline across their territory to the Turkish Mediterranean port of Ceyhan," said analysts at Commerzbank.

Another notable Middle Eastern threat to oil supply is the ongoing dispute between the U.S. and Iran. U.S. President Donald Trump last week refused to certify Iran`s compliance over a nuclear deal, leaving Congress 60 days to decide further action.

During the previous round of sanctions against Iran, 1 million barrels per day of oil were cut from global markets.

Ahead of OPEC`s next official meeting, sources told Reuters its members were leaning toward extending an oil supply cut deal struck with Russia and other producers. Three OPEC sources said keeping curbs in place until the end of 2018 was likely; a fourth said an extension of six to nine months would be needed.

Executives in London noted the recent oil price rally has boosted hedging activity among U.S. shale producers, which could signal stepped-up production heading into 2018. This would further complicate OPEC`s designs on steadily higher prices.

"Our U.S. colleagues are hedging like mad at $56 a barrel so we will see another wave of investment in U.S. shale, no doubt about it," Patrick Pouyanne, CEO of oil major Total, said. U.S. small and midsised producers are ahead of the usual pace for hedging, which could imply more production, analysts said.

(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
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Home First Finance IPO opens today: Anand Rathi says Subscribe

Budget 2021 Markets Want More: How FM Sitharaman can make investments more attractive - Expert Deepak Jasani explains

Realme X7-series India launch: Realme X7, X7 Pro set to launch in early Feb with latest MediaTek chips

Sushant Singh Rajput birth anniversary: Tributes by ex-girlfriend Ankita Lokhande, Kangana Ranaut message for 'movie mafias'

Budget 2021 Stocks With Anil Singhvi – Repco Home Finance is a TOP stock from budget viewpoint; Market Guru calls it investment grade

Income Tax: Confirmed! Important ITR refund status message update from I-T department

CBSE exam 2021 date news: FAKE exposed! IMPORTANT message for Students, government issues alert, do not fall for this rumour - FACT CHECK

Sensex breaches 50,000-mark: Indía's economic revival to further propel indices, says Prabhudas Lilladher Joint MD Amisha Vora

Republic Day 2021: Proud moment! Women-led New India! Flight Lieutenant Bhawana Kanth all set to script history - Here is how

Over 1 million units of Poco C3 sold in India | Huge discount offer available on Flipkart

  • 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