ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • 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
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • RBI extends implementation of card tokenisation norms by 3 months; deadline extended till 30 September
  • EXCLUSIVE: 'Noida International Airport at Jewar to be jewel in crown of Indian aviation sector' - Know what all is coming up at
  • D-Street Corner: Market gains 2.7% in highly volatile week, investors richer by 5.5 lakh cr; what should investors do on Monday?
  • Sebi allows UPI payment option to invest in public issues of REITs, InvITs with effect from 1 August
  • Netflix lays off 450 employees in two months—Here's what's bothering OTT giant
Read in App
Business News » World News

Oil prices fall as U.S. crude stocks climb to highest since Sept 2017

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Oil futures sank about 1% on Wednesday after U.S. crude inventories in the United States soared more than expected to their highest since September 2017 as production hit a record high of 12.3 million barrels per day.

The declines were somewhat tempered by the intensifying crisis in Venezuela and Washington`s stopping Iranian oil sanction waivers as of May 1, with the fall in the global Brent benchmark more muted.

Brent crude oil futures were down 35 cents, or 0.5%, at $71.71 a barrel by 1:01 p.m. p.m. EDT (1701 GMT). U.S. West Texas Intermediate crude futures (WTI) fell 67 cents, or 1.1%, to $63.24 a barrel.

U.S. crude inventories climbed last week 9.9 million barrels to 470.6 million barrels as imports grew to their highest since January and refining rates dropped below 90 percent of total capacity, the Energy Information Administration said.

The build far outstripped analysts` expectations of an increase of just 1.5 million barrels.

"A drop in refining activity and a rise in imports has helped propel crude inventories to another large build," said Matt Smith, director of commodity research at ClipperData. "The vast majority of the build was on the U.S. Gulf Coast - with refinery runs ticking lower and waterborne imports on the rise."

Markets also watched for developments in Venezuela, where opposition leader Juan Guaido called for a May 1 uprising against President Nicolas Maduro.

Many observers feared the rallying cry could lead to escalating violence and further disruptions to crude supply, though the OPEC-member nation`s oil-producing regions are far afield of the capital of Caracas.

The unrest adds to a range of fluid geopolitical factors which have roiled the oil market in recent months.

Oil prices have risen over 30% so far this year, and in April, Brent increased about 6.5% and WTI rose 6.3%, their fourth consecutive month of gains.

The market has tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) as well as the sanctions on Caracas and Tehran.

Washington last week said no waivers on the Iranian oil sanctions would be granted after Wednesday, but remains unclear whether Iran`s top oil customer China will comply.

OPEC meets in June to discuss production policy. While Washington has demanded the group increase output to make up for the shortfall from Iran, OPEC`s de facto leader Saudi Arabia said on Tuesday it had no immediate plan to do so.

"Recent comments from (Saudi Energy Minister Khalid) al-Falih confirm our view that the kingdom will respond cautiously with other oil producers and not pre-emptively ramp up production," said Giovanni Staunovo, analyst at UBS in Zurich.

(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
Updated: Wed, May 01, 2019
11:29 pm
Reuters
RELATED NEWS
India suffering from low labor participation rate, rupee depreciating in the world, says RBI Deputy Governor Michael Patra India suffering from low labor participation rate, rupee depreciating in the world, says RBI Deputy Governor Michael Patra
Investment through participatory notes declines to Rs 86,706-cr in May Investment through participatory notes declines to Rs 86,706-cr in May
India’s sports sector to be next hot investment destination - US$100bn industry by 2027 | Details of report India’s sports sector to be next hot investment destination - US$100bn industry by 2027 | Details of report
PM Narendra Modi to inaugurate Vanijya Bhawan and launch NIRYAT portal - Date, time and other details PM Narendra Modi to inaugurate Vanijya Bhawan and launch NIRYAT portal - Date, time and other details
Bank privatisation may gather pace as government plans to pass Banking Law Amendment Bill in upcoming Monsoon Session: Sources Bank privatisation may gather pace as government plans to pass Banking Law Amendment Bill in upcoming Monsoon Session: Sources

LATEST NEWS

RBI exploring options to ensure customer safety dealing with PPIs issued by non-bank entities

Infosys gives capital return of over Rs 24,100 cr in FY22: Co-founder and chairman Nandan Nilekani at 41st AGM

Government extends levy of GST compensation cess till March 2026, finance ministry issues notification

How has technology changed the face of investing and what lies ahead? Analyst decodes

Indian markets should start its journey upward by October – know why? Analyst lists out 4 reasons

iOS users can now securely save their passwords in Chrome

Two-thirds of MSME loan originations concentrated in Maharashtra, Tamil Nadu, and Delhi: Credit information company data

This Mukul Agrawal textile stock may grow over 52% on strong export outlook and government initiatives

Auto major Ford extends production at Tamil Nadu plant till July-end

BharatNCAP: Government proposes to implement vehicle safety rating, issues draft notification

  • 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
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV