Oil Prices On Track For Solid Weekly Gains

SPY China and US Inventories Moved Crude Oil Futures Last Week

SPY China and US Inventories Moved Crude Oil Futures Last Week

Brent and WTI prices were roughly 5% above the week's lows, aided by reports of accelerating demand growth from the IEA, crude oil import growth in China and falling crude stocks in the US.

Brent crude futures, the worldwide benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 per cent, from their last close. It rose modestly the following Monday but rising drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook.

"The slowing pace of increases combined with massive drawdowns last week on both official crude inventory numbers from the USA probably explains the positive sentiment in general at the moment", said Jeffrey Halley of futures brokerage OANDA.

Bharat Petroleum Corporation Ltd could buy USA light crude in a tender on Friday as they are priced competitively against African oil, the company's head of refineries Ramachandran said.

Traders and analysts said the rising prices were a result of strong demand as well as signs that a relentless climb in USA oil production was slowing down.

Health care bill threatens 410726 Virginians
Doug Ducey and other leaders across our state about the bill's impact on Arizona's Medicaid system". Price defended the health-care bill on Sunday, saying it will be part of a longer reform effort.

Six ministers from OPEC and non-OPEC nations, including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman, will meet on July 24 in St. Petersburg, Russia, to discuss the current situation in the oil market. U.S. West Texas Intermediate crude futures were at $46.45/bbl, up 37 cents. They have risen about 3.5 percent so far this week.

"We are definitely seeing robust demand growth" in China, said Neil Beveridge, senior oil analyst at Sanford C. Bernstein.

The report also said oil demand grew in Iran, Iraq, UAE and Qatar, with transportation fuels, notably jet fuel and gasoline, dominating the increase in all countries.

"OPEC compliance with production cuts slipped to 98 percent in June, but more importantly output from exempt (from cutting) members Libya and Nigeria is now about 700,000 bpd higher than at the time of the November OPEC agreement, offsetting about 60 percent of the OPEC cuts".

Total OPEC crude oil production averaged 32.61 million bpd in June, an increase of 393,000 bpd over the previous month.

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It turned out that many diet foods and drinks containing sugar substitutes, on the contrary, provoke weight gain, not loss. At her lab, Azad is now studying what happens when people are given artificially sweetened beverages for several weeks.

"All this talk about putting a production cap on Libya and Nigeria is premature", Al-Ghais said.

Still, oil stocks remained comfortably above the five-year average, and prices are more than 16% below their 2017 highs, despite an extension to March 2018 of output cuts of 1.8 million bbl/d coordinated by OPEC.

The cuts were envisaged for six months and extended for another three.

Prices responded only minimally to data Wednesday showing that USA crude oil inventories dropped last week by the most in 10 months.

USA oil production has also risen by more than 10% over the past year to 9.4 million bbl/d.

Food cops reverse denial of Israeli wine to Canadian buyers
Wine products labelled with "Israel" as their origin "would not be acceptable and would be considered misleading", the LCBO stated.

"The market is having difficulty picking its head up", said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

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