A market surplus previous year pushed crude oil prices to historic lows, slowed capital streams toward exploration and production and hurt the financial well-being of producers and producing states alike.
Prices, however, pared gains in post settlement trade and Brent crude turned negative as the market was disappointed by industry data from the American Petroleum Institute showing a crude stockpile decline largely in line with expectations and a surprise build in gasoline inventories.
US crude futures settled 98 cents lower at $47.43 a barrel and Brent crude ended down 53 cents a barrel, or 1 percent, at $52.04.
A tropical storm, Harvey, is now advancing towards the oil producing facilities in the Gulf of Mexico, which is anticipated to disrupt output and keep the market tightened for the next few days. The nearest contract in the $50s is September 2020 at $50.03.
A tropical depression is expected to form over the southwestern Gulf of Mexico on Wednesday or Thursday.
US West Texas Intermediate crude futures traded at $48.50 a barrel, down 1 cent.
Sharara recently reached output of 280,000 barrels per day (bpd), but closed earlier this week due to a pipeline blockade.
The Energy Information Administration reported crude stocks dropped by 3.3 million barrels during the week ended August 18, while gasoline stockpiles fell by an unexpected 1.2 million barrels.
Sentiment on oil futures soured, as traders anticipated a rise in supplies of crude oil, the primary input at refineries amid expectations of refinery outages along the U.S. Gulf Coast, after the U.S. National Hurricane Center forecasted Harvey was expected to be a major hurricane when it approaches the middle Texas coast on Friday.
Exports of oil and condensates would also be affected as NuStar Energy (NS.N) and Magellan Midstream Partners (MMP.N) were also shutting down their Corpus Christi terminals ahead of Harvey.
Meanwhile, U.S. crude production has broken through 9.5 million bpd, its highest since July 2015.
John Kilduff from Again Capital said that the danger of PDVSA defaulting on its debt is negligible: it still has US$10 billion in reserves and its debts are mostly to Russian Federation and China, who may be willing to continue supporting it.
The EU will not negotiate trade before a financial settlement, EU citizen's rights, and the Irish border issues are settled. The criticism contradicted Theresa May's claims that it was the United Kingdom providing clarity on Brexit .
The Council which is headed by Finance Minister along with other finance ministers of the states has chose to hike the cess. He said out of the total amount of the GST collected, the Centre got Rs 444 crore through various cesses .
Speaking with the Examiner, Arpaio, said, "All I'm saying is the door is open and we'll see what happens , he told the Examiner". And he lost in a fairly close election. "We just can't forget what they did here", Hannity concluded.
However, it was Khosrowshahi, the consensus candidate, who received unanimous votes during a board meeting on Sunday . The hiring of Khosrowshahi comes as Uber is hoping to move past a 2017 that has shellacked the company.
The Uber board of directors has been meeting daily and deliberated on its pick for CEO throughout the weekend. Though Uber's business has been unaffected by all this, Kalanick's style of management came under scrutiny.
Neither the Bob Bowers Civic Center nor the Carl Parker Center could be reached by phone in time for this report's publication. The National Hurricane Center described the flooding in southeastern Texas as "catastrophic" and "life-threatening".
It is capable of hauling up to 44,000 pounds of cargo, but even with the 140-kWh battery pack, it has a 100-mile range. That's one of the reasons why Tesla is already committed to entering the commercial vehicle space.
Against Sharapova , she took a set and change to steady herself mentally but charged back in the middle of the second set. Halep connected on 67 percent of her first serves, but not enough of them were effective enough to frustrate Sharapova .
In the remaining three days at SEA Games 29, Vietnam hopes to win more golds in Taekwondo, Pencak Silat, weightlifting and muay. The Malaysian team last won the gold medal in the 2011 Jakarta SEA Games, while Thailand are the defending champions.
Rs 1000 note to make a comeback in new avatar
Finance Minister Arun Jaitley on Wednesday said that the volume of cash in circulation had dropped by 17%, as per the RBI report. After the note ban, old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.
Crude Oil Extends Monthly Low Ahead Of Inventories
It would've been a much bigger issue a decade ago, when the Gulf accounted for almost 30% of the nation's oil production. Low oil prices made it more profitable for refiners to turn oil into gasoline, and they created even more than needed.
Biebs' testicles at centre of new lawsuit
A month later, hospital honchos summoned Lombardo , accused her of peeking at private records, and eventually fired her. An examination showed that Bieber's testicles were fine. 'They targeted her because of her gender, ' Rosenberg said.
Princes William and Harry visit Diana memorial garden
As the rain came steadily down, they looked at the flowers and posters on the palace gates as a small crowd watched silently... The White Garden now marks the fourth memorial in London that has been dedicated to The People's Princess .
NYC Mayor Signs Law That Will Raise Cigar Prices
The smoking rate in NYC has declined from 21.5% in 2002 to 14.3% in 2015, but that still means there are 900,000 smokers. No new tobacco retail dealer licenses will be issued in community districts until the total decreases to below the cap.
Volunteers from West Palm Salvation Army head to Texas
The Stillwater Corps isn't sure exactly what its people will be doing, but Flowers says there is a good chance they'll be cooking. Veronica Boyne, a Tulsa Salvation Army employee, volunteered to join the crew that deployed to south Texas on Monday morning.
(BBY) Scheduled to Post Quarterly Earnings on Tuesday
To assess the reasonability of BBY's earnings growth per share, we should look at its most recent growth rate delivered. Adjusted earnings per share were 69 USA cents in the quarter, well above the market consensus for 63 U.S. cents.
Tracking Signal Levels on Shares of Home Depot Inc (HD)
Currently, the 14-day Commodity Channel Index (CCI) for HSBC MSCI MEXICO CAPPED UCITS ETF (HMEX.L) is sitting at 118.98. We can also take a look at the Average Directional Index or ADX of iShares Core Total USD Bond Market ETF (IUSB).
Pet shelters, welfare groups step up to meet Harvey's threat
They said about 50 other volunteers are already waiting on standby. "As you can imagine, it's a rapidly changing situation". In addition to cash donations, the organization can also use in-kind donations like large plastic or metal bins with lids.
Giveaway: Win A Beta Code For Call of Duty: WWII on PS4
Esports - Ranked Play, Game Battles, and our suite of competitive features will be accessible when we release in November. Make sure you are signed up for the Call of Duty: WWII beta and use these tips to prepare for the beta .