Oil prices recover on reports of fall in United States inventory

US Distillate Inventories Rose for the First Time in 5 Weeks

US Distillate Inventories Rose for the First Time in 5 Weeks

Oil CLN7, -0.04% was trading 1.6% higher at $49.12 a barrel on Thursday.

Brent for August settlement fell 13 cents to US$50.63 a barrel on the London-based ICE Futures Europe exchange.

Trump has said he will announce later on Thursday a decision on whether to keep the United States in the global pact to fight climate change.

Libya's oil production has risen to 827,000 bpd, above a three-year peak of 800,000 bpd reached earlier in May, the National Oil Corporation said.

"This could lead to a drilling free-for-all in the US and also see other signatories waver in their commitments", said Jeffrey Halley, senior market analyst, OANDA. In the past, it used to be OPEC member nations that set the tone, but USA shale and better and storage drilling methods have increased supply and lowered production costs.

Hamas Angry at President Trump for calling it a Terrorist Organization
It later annexed east Jerusalem in a move never recognised by the worldwide community and claims the entire city as its capital. He is slated to meet separately with Netanyahu in Jerusalem and Palestinian Authority President Mahmoud Abbas in Bethlehem.

The major issue for Oil markets is with USA shale's relentless output and resistance to low prices, OPEC are being forced into record levels of cooperation with partners and non-OPEC partners (such as Russia) to try and dent the seemingly endless supply of Oil that has crushed the price in recent times.

Surging U.S. production has put a strain on OPEC members' efforts to curb production to drain a global crude supply overhang.

Participants have reduced output by a combined 1.8 million barrels a day since January.

Both Moscow and Riyadh said cooperation would continue beyond the current agreement as both countries were still trying to find ways to co-exist with USA shale oil producers, which are not part of the global output reduction deal. USA production rose for the 14th time in 15 weeks, by 22,000 barrels a day to 9.34 million.

Earlier in the week, oil prices briefly rallied on a larger-than-expected fall in US stocks in weekly data published by the Energy Information Administration on Wednesday.

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Russia's Rosneft CEO Igor Sechin also said the market can not stabilize unless all producers cut output. As a result, the OPEC nine-month extension was necessary and appropriate, but probably not a radical step that could initiate a major fuel price rally in the short run.

Fracking has become more efficient and productive, and is responsible for virtually all the increase in oil and gas production in recent years.

Libya and Nigeria are the two OPEC nations exempted from the production cut deal.

But industry data on US oil inventories from the American Petroleum Institute (API) late on Wednesday helped the market to pare those losses.

American Petroleum Institute (API) reported that United States crude inventories in the week ending 26 May declined by 8.7 million barrels to 513.2 million against the expectation of a fall of 2.5 million barrels.

Apple iPhone 8 Dimensions Leaked and Compared with Samsung Galaxy S8
If we look at stock performance in last active day trading, we see that stock has moved went down -0.55% to end the day at $36.48. As per the report, Apple is said to be testing more than 10 prototype iPhone models , so we are not sure about the final product.

OPEC and Russian Federation initially agreed to production cuts in late 2016, but chose to extend those cuts another nine months at a meeting in Vienna last month.

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