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 up 1 percent on big U.S. crude draw; output growth seen slowing

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Mar 13, 2019
09:30 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 rose more than 1 percent on Wednesday, supported by an unexpected drop in U.S. crude inventory and a forecast of slower-than-expected supply from the world`s top crude producer.

A record power outage in Venezuela has stalled crude exports from the OPEC-member nation, which is already dealing with reduced shipments as a result of U.S. sanctions.

Brent rose 65 cents, or 1 percent, to $67.32 a barrel, at 10:59 a.m. EST (1459 GMT). U.S. West Texas Intermediate was up $1.12 to $57.99 a barrel, or 2 percent.

Both benchmarks have climbed for three straight days. WTI hit a four-month high, while Brent held near its highest in four months.

U.S. crude stocks fell last week as refineries hiked output, the Energy Information Administration (EIA) said.

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts` expectations for an increase of 2.7 million barrels.

"It`s a big crude oil draw for this time of year," said Bob Yawger," director of energy futures at Mizuho. "Usually you see builds as a function of the refinery utilization rate."

Other EIA data showed U.S. crude output edged down from a record high, dropping 100,000 barrels per day (bpd) to 12 million bpd last week.

On Tuesday, the EIA revised down its estimate for domestic crude production growth in 2019. The EIA also revised down its projected 2020 production figure.

"While the revision is small, the comforting part for bulls was that the direction of the revision was down rather than up," Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum.

Oil prices have been boosted by supply cuts led by the Organization of the Petroleum Exporting Countries and allies including Russia.

On Sunday, Saudi Arabia`s Energy Minister Khalid al-Falih said the production-curbing agreement would likely last until at least June. On Monday, the world`s top oil exporter indicated it would cut April exports.

U.S. sanctions against oil exports from OPEC members Iran and Venezuela also supported oil prices.

Exports from Venezuela`s main oil terminal have been stranded as its worst blackout on record has left most of the country without power for six days.

"Expectations are now rife that these blackouts are likely to sow the seeds for steeper production declines and even the potential for acute outages," said Stephen Brennock of oil broker PVM.

"All the while, the pressure to find alternative buyers for its crude will ramp up as a March 29 deadline approaches for US refiners to halt their imports," he 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
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

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

LIVE: IIT JEE Mains 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

Delhi to have its own school education board; Arvind Kejriwal says focus will be on providing jobs, proposes this unique exam pattern

REVEALED! What gave a massive 400% jump to FDI in computer software, hardware during Apr-Dec 2020

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

US continues to see drop in new Covid cases

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

  • 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