Crude oil just hit $50 for the first time in 5 weeks

Crude oil just hit $50 for the first time in 5 weeks

WTI light sweet crude oil was up 40 cents at $49.84 a barrel, the highest in about a month.

Crude oil fell in Asia on Friday after tested an intermediate range ballistic missile over the Japanese island of Hokkaido and into the Pacific Ocean in the latest tit-for-tat with the USA and its allies for pushing United Nations economic sanctions, with investors looking ahead to the latest weekly US data.

The U.S. dollar index.DXY was down 0.2 percent against a basket of currencies, making oil cheaper for holders of other currencies.

This is published unedited from the PTI feed.

Chinese refineries processed 6.5% more crude oil in August than a year earlier at 47.12 million metric tons as domestic crude oil output fell 3.1% to 15.96 million metric tons, highlighting the role of imported crude oil.

"We don't expect a spike up in prices nor do we expect a big drop in prices".

"Outright benchmark crude prices gained in August, reflecting higher demand in the northern hemisphere and tight physical markets for oil products", the IEA said.

Haryana minister withdraws Rs 51 lakh assistance to Dera
The case, filed in 2002, accuses Ram Rahim of sexually exploiting two women followers at his ashram; he has denied any wrongdoing. Five police personnel, three from Haryana, one from Punjab and one from Rajasthan were already nabbed in the case.

"However, we believe that the news is largely backward-looking and mainly confirms what the timely and accurate official USA statistics had been revealing throughout the summer: strong fuel demand and declining crude oil storage".

Countries like France, China, India and Britain have disclosed plans to phase out petrol and diesel cars, which raised fears about the future of crude oil.

An Energy Information Administration report Wednesday showed USA gasoline stockpiles slid to 218.3 million barrels last week.

Geoffrey Craig, the oil futures editor for Platts, said markets will be tested by what could be a steady buildup in USA crude oil inventories.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast.

The agency said global oil supply dropped 720,000 barrels a day last month from July, to 97.7 million barrels a day, largely due to those disruptions to U.S. production due to Hurricane Harvey and supply disruptions in Libya. If global supply is taken into account, global supply of oil fell in August by 720, 000 barrels per day.

Related Articles

  • Trump Berated Sessions After Mueller Was Named Special Counsel

    Trump Berated Sessions After Mueller Was Named Special Counsel

    The president's comment reportedly came after he learned that Robert Mueller had been named special counsel of the probe. However, Trump "relented", the Times reported , "and eventually returned the resignation letter to Mr.
    SpaceX releases blooper reel of Falcon 9

    SpaceX releases blooper reel of Falcon 9 "landings"

    In a 2005 interview, Musk said, " Failure is an option here", and, "If things are not failing, you are not innovating enough". While you might think that SpaceX would want to hide its failed landings, Elon Musk's firm has done the opposite.
    Trump to visit Florida on Thursday to survey Irma damage

    Trump to visit Florida on Thursday to survey Irma damage

    She added that Federal Emergency Management Agency Administrator Brock Long was visiting affected areas Tuesday. Trump seems to be backpedaling on comments Wednesday, when he suggested rates could go higher for rich people.
  • 'How to burn Jews' Facebook group suggested to advertisers by algorithm

    'How to burn Jews' Facebook group suggested to advertisers by algorithm

    After ProPublica informed Facebook about their system, the company then pulled out several anti-Semitic ad categories. Both the social network and the advertising platform will have to deal with this more head-on going forward.
    Former women employees sue Google for alleged gender bias

    Former women employees sue Google for alleged gender bias

    The complaint closely follows Google's refusal to cooperate with the Department of Labour's requests for historical salary data. Google responded by denying the allegations and saying it has "extensive systems in place to ensure that we pay fairly".
    19 dead as overcrowded boat capsizes in Yamuna river

    19 dead as overcrowded boat capsizes in Yamuna river

    The officials said that the boat had a capacity of 20 people but there were more than 60 people on it. June 2011: almost 40 people drowned when a boat carrying about 50 people capsized in the river Ganga.
  • Stockman Wealth Management Inc. Boosts Stake in Oracle Corporation (NYSE:ORCL)

    Stockman Wealth Management Inc. Boosts Stake in Oracle Corporation (NYSE:ORCL)

    Its shares have gained 37.3% in 2017 through Thursday's close, while the S&P 500 index has gained 11.6% in that same time frame. Clifford Swan Inv Counsel Ltd Liability Corp owns 1.26% invested in Oracle Corporation (NYSE: ORCL ) for 490,313 shares.
    Paris to host 2024 Olympics, Los Angeles to follow in 2028

    Paris to host 2024 Olympics, Los Angeles to follow in 2028

    The report follows the IOC Evaluation Commission's comprehensive inspection visit to Los Angeles in May. A few weeks ago, it was revealed that the cities would be hosts but a few hours ago, it was confirmed.
    Play abandoned at Evian Championship

    Play abandoned at Evian Championship

    Scores from all golfers who made it on course are wiped from the leaderboard, with play beginning anew on Friday. In Gee Chun won this title a year ago at 21 under par , a record-low total for any major anywhere.
  • Google could invest $1 billion in Lyft

    Google could invest $1 billion in Lyft

    The investment looks set to be a total of $1bn, with the capital coming from Google or Alphabet's private equity firm CapitalG. In San Francisco, the company has expanded its shuttle service with a total eight routes, and it has six sroutes in Chicago.
    White House Suggests Jemele Hill Should Be Fired For Trump Comments

    White House Suggests Jemele Hill Should Be Fired For Trump Comments

    His rise is a direct result of white supremacy, period. "Well, it's a threat to me", she typed. Hill has not apologized for her comments on Twitter nor has she deleted them.
    Maybe Saints can replace Brandin Cooks, but can they stop him?

    Maybe Saints can replace Brandin Cooks, but can they stop him?

    The Patriots will hope to get a better performance from Rob Gronkowski , who looked sluggish in last week's loss to Kansas City. Early, it certainly seemed as if Brady had more than enough targets, starting with two of his newcomers, Cooks and Burkhead.