Oil extends losses as markets fall, inventories climb

Oil extends losses as markets fall, inventories climb

Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by USA government data that showed domestic crude inventories rose more than expected last week.

Oil prices fell on Tuesday [October 10, 2018] following the IMF's downward review of the global economic growth forecasts.

Again, U.S. West Texas Intermediate (WTI) crude was down by 41 cents, also about half a percent, to 74.55 dollars a barrel, after rising almost 1 percent in the previous session. They dropped 2.4 percent in the previous session. -China tensions. Japan's Nikkei 225 was down more than 4 percent on Thursday.

Barkindo, speaking at the Oil and Money conference in London, also said he wanted to ensure there is no shortage of crude in the market.

The prices are being driven up in part because crude oil inventories continue to rise, meaning there's a plentiful supply.

Earlier, Trump had also said that India will soon find out about his decision on CAATSA sanctions after India had gone against U.S. warning and signed $5 billion deal to purchase the S-400 air defence system from Russian Federation.

In A First, Healthy Mice Born From Same-sex Parents
Ilic warns that it will be a long time before similar methods could be used to produce human babies from two mums or two dads. Based at the Chinese Academy of Sciences, they wanted to understand why animals of the same sex can't have babies together.

Jimmy Butler has heated practice with Timberwolves
Richardson amassed 12.9 points, 2.9 assists and 3.5 rebounds per game previous year , and his contract is extremely team-friendly. It is unclear if Butler made his full-time return to the Timberwolves season or just proved a point of some kind in the practice.

‘Avengers 4’ set five years after ‘Infinity War’
The movie ended with this heartbreaking cliffhanger and a ray of hope in the form of Captain Marvel's eventual arrival. Writer Daniel R shared his thoughts on the same and later confirmed that the franchise would jump five years.

US crude inventories USOILC=ECI rose 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said.

The facility is the only U.S. port able to fully load and unload tankers with a capacity of 2 million barrels of oil.

In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement (BSEE), even as some operators began returning crews to offshore platforms.

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

This story has been published from a wire agency feed without modifications to the text.

Related Articles

  • Video Shows Hurricane Michael Ripping Apart Buildings in Florida

    Video Shows Hurricane Michael Ripping Apart Buildings in Florida

    It was centred about 88.5km west northwest of Tallahassee. "A turn toward the northeast is expected this evening or tonight". CNN's John Berman and Dianne Gallagher report from Panama City Beach, Florida , as Hurricane Michael approaches landfall.
    Channing Tatum And Jessie J Spotted On Minigolf Date

    Channing Tatum And Jessie J Spotted On Minigolf Date

    The Resident actress said it's all been " a journey", and a "transformation" of herself. "She's in a really great place". An employee of the golf course recounted the events from Jessie and Channing's date on Twitter .
    Magnitude-7 quake  strikes Papua New Guinea

    Magnitude-7 quake strikes Papua New Guinea

    Some tourists and residents ducked outdoors as a precaution but then went back to sleep when there was no tsunami warning. The International Monetary Fund and its sister lending organisation, the World Bank, are holding annual meetings on Bali.
  • BLACK WIDOW Earns $15 Million Payday for SCARLETT JOHANSSON

    BLACK WIDOW Earns $15 Million Payday for SCARLETT JOHANSSON

    Both Chris Evans and Chris Hemsworth were paid the same amount for their roles in Avengers: Infinity War . She shared a tweet referencing the report and responded "Counterpoint: this is not true".
    Melania Trump Says #MeToo Accusers ‘Need to Have Really Hard Evidence’

    Melania Trump Says #MeToo Accusers ‘Need to Have Really Hard Evidence’

    US First Lady Melania Trump says she supports women who came forward with sexual assault claims. The FLOTUS also tacitly endorsed her husband and stepsons' call to support accused men as well.
    Hurricane Michael damage pictures: Horrifying scenes as Hurricane FLATTENS Florida homes

    Hurricane Michael damage pictures: Horrifying scenes as Hurricane FLATTENS Florida homes

    It appeared to be so powerful that it was expected to remain a hurricane as it moves into Alabama and Georgia early Thursday. The National Hurricane Center said Michael would pass through the Carolinas, dumping as much as 20cm of rain in some areas.
  • Stock markets fall as IMF pleads US-China trade war truce

    Stock markets fall as IMF pleads US-China trade war truce

    According to estimates, since 2007, China contributed nearly 60 percent to the world's accumulation of non financial private debt. It said that the composition of spending and revenues should be growth friendly and protect the most vulnerable.
    Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow

    Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow

    Investors see many of these countries as being vulnerable to higher USA interest rates, which can pull away investment dollars. Some market watchers had predicted a bounce on Thursday after Wednesday's pullback, Wall Street's worst day since February.
    Surprise 'South Park' Ending Is A Massive Troll Of 'The Simpsons'

    Surprise 'South Park' Ending Is A Massive Troll Of 'The Simpsons'

    Hankey had been fired from directing the annual holiday pageant after a series of "offensive tweets" from his past resurfaced. The documentary that really brought the issues with The Simpsons' portrayal of Apu was aptly titled " The Problem With Apu ".
  • Centra Supports Breast Cancer Awareness Month

    Centra Supports Breast Cancer Awareness Month

    Published in Breast Cancer Research , the Markey study determined the role collagen XIII plays in breast cancer progression. According to the American Cancer Society , breast cancer starts when cells within the body begin to grow out of control.
    Kylie Jenner Gets Lip Filler Again After Having Them Dissolved

    Kylie Jenner Gets Lip Filler Again After Having Them Dissolved

    Weeks later, the mother of Stormi was seen in Paris after she had her lip fillers dissolved sporting a much thinner pout. Of course, Kylie's pixie cut is a wig and isn't her real hair.

    Church Leaders Must Face Truth of Abuse, Cardinal DiNardo Says

    This isn't the first time the Pope has mentioned the scandal within the Church. It was the first time a cardinal has resigned in nearly a century.