Oil prices wavered between small losses and gains Thursday, buffeted by continued concerns about growing USA crude production that were offset by signals that other major producers remain in favor of extending their output-cut agreement into the second half of the year. John Saucer, vice president of research and analytics at Mobius Risk Group in Houston, said the market was not jittery, pointing to relatively subdued fixed-price activity and stable options premiums. Stocks have dropped sharply in the last several weeks and have fallen below levels seen at this time a year ago, but are still higher than where inventories have been in this decade.
Global fuel stocks are well above the five-year average, and Saudi Energy Minister Khalid al-Falih was quoted on Thursday as saying inventories remained elevated in part because traders were selling supplies out of tanker storage.
Oil fell to a two-week low on Wednesday, after a surprising build in US gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut. Brent, the global benchmark, gained 26 cents, or 0.5%, to $53.19 a barrel on ICE Futures Europe.
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"I think most polar scientists have considered water moving across the surface of Antarctica to be extremely rare". If the ice sheet melts, it will raise sea levels by tens of feet, flooding coastal cities around the globe.
The continued growth in USA production and the rise in stockpiles forced the market to respond bearishly based on the increased inventory outlook.
U.S. Oil prices were down almost 4% through the afternoon on Wednesday and now hover just above the $50 a barrel mark.
"They drop production, we add production, and so at end of the day it's ugly", said Robert Yawger, energy futures strategist at Mizuho Americas.U.S. production rose to 9.252 million barrels a day in the latest week, highest since August 2015.
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Moreover, the position of prime minister will be abolished and the president will be allowed to serve as a political party member. The "no" campaign said it faced intimidation and threats of violence, while opposition figures and journalists were jailed.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 1 million barrels from the previous week, the Energy Information Administration (EIA) said in its Weekly Petroleum Status Report. "Compliance among Opec member countries has been very high to cut output to rebalance oil markets in the first three months of the deal", said Mohammad Barkindo.
"At 532.3 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year".
Patrick Pouyanne, chief executive of French oil and gas giant Total, said on Thursday prices could fall again by the end of the year, citing USA shale production.
BP working to control damaged oil in Alaska
Fortunately, there were no reports on the matter of injuries or any kind of unintended harm towards the wildlife of Alaska. A spokesman for Alaska's local authorities said the clean-up would only begin after the leak from the oil well had stopped.
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