Oil prices fall on weak Asian industry data, rise in USA supply

Oil prices fall on weak Asian industry data, rise in USA supply

In matter of 11 months, crude oil production in the US increased by close to 14%.

"We need to add 15 million barrels daily by 2040 to meet demand", he added, putting the needed investment at $10.5 trillion.

A powerful 7.5-magnitude quake struck Papua New Guinea's Southern Highlands province early on Monday, the U.S. Geological Survey (USGS) said, prompting oil and gas companies to immediately suspend operations in the energy-rich interior.

Brent crude rose 20 cents to $67.51 per barrel and US West Texas Intermediate futures had climbed 41 cents as of 11:35 a.m. EST, with both contracts reaching their highest increase since February 7.

Oil prices steadied on Monday after hitting their highest level in almost three weeks, supported by comments from top oil exporter Saudi Arabia that it would continue to curb shipments in line with the OPEC-led effort to cut global supplies.

USA crude stockpiles climbed last week as imports increased, while gasoline inventories climbed and distillate stocks were drawn down, industry group the American Petroleum Institute said on Tuesday.

Brent crude rose 19 cents to settle at US$67.50 a barrel.

Analysts polled by Reuters expect data to show USA crude inventories rose 2.7 million barrels last week. urn:newsml:reuters.com:*:nL4N1QG55J Industry group the American Petroleum Institute releases its weekly figures on Tuesday at 4:30 p.m. EST.

USA oil production C-OUT-T-EIA could surpass 11 million barrels per day this year, with production already near a record above 10 million bpd.

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ESPN reported, via the Colorado State Patrol, that Fegan's vehicle was struck by a bus while attempting to merge onto the freeway. Smart, ' Cuban wrote in an email to the Aspen Times . "We ask for privacy at this hard time", the statement added.

Analysts said that without a smooth exit from the pact, global inventories may drop sharply and trigger a potentially damaging price rise.

Chinese oil imports from Russian Federation and Angola fell in December, by 61,000 and 178,000 barrels per day, respectively, while imports from Saudi Arabia increased by 53,000 barrels per day.

Gasoline futures lost 2.2 percent to $1.7636 a gallon.

The entire energy complex was led lower by gasoline futures after a surprise build in US gasoline stocks, which rose by 2.5 million barrels, compared with expectations for a 190,000-barrel drawdown.

The IEA stated in the OMR that, generally, the global oil demand growth for 2018 had been increased slightly to 1.4 mb/d, partly due to an optimistic GDP forecast from the International Monetary Fund.

If you look elsewhere-and disregard the Organization of the Petroleum Exporting Countries (OPEC)-there are a lot of oil supply stories emerging.

Still, OPEC and its allies seem unfazed by US shale and continue to send messages to the market that they will do "whatever it takes" to balance the oil inventories and that production cuts are here to stay until the end of 2018.

A Reuters survey on Wednesday found OPEC production fell in February to a 10-month low. FRX/ A strong dollar makes oil more expensive for buyers using other currencies.

Prices were pressured earlier after three of the world's top crude consumers- China, India and Japan - reported a slowdown in monthly factory activity.

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