Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

Oil falls for third day as doubts over OPEC cuts linger

SHARE:

TOKYO  - Crude futures fell for a third day on Wednesday despite a bigger than expected drop in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC's ability to restrain supply as promised.

Benchmark Brent crude was down 27 cents, or 0.5 percent, at $51.87 a barrel at 0233 GMT. In the previous session, it settled down 0.4 percent.

U.S. West Texas Intermediate (WTI) crude was down 21 cents, or 0.4 percent, at $48.96 a barrel, after falling 0.4 percent on Tuesday.

Crude stockpiles in the U.S. dropped more than expected last week as imports declined and refinery runs increased, while gasoline inventories grew unexpectedly, the American Petroleum Institute said late on Tuesday.

Crude inventories declined by 7.8 million barrels in the week to 478.4 million, compared with analyst expectations for a decrease of 2.7 million barrels.

The U.S. Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. ET (1430 GMT) on Wednesday.

On Tuesday, it trimmed its forecast for gains in U.S. oil production for 2018, though it increased its outlook for output growth this year.

"Oil is stuck in a range of $45-$50 for WTI and a bit more for Brent for now," said Bob Takai, president at Sumitomo Corp Global Research in Tokyo.

"That said, U.S. shale production is slowing down a bit, looking at the rig count, as drillers cannot make money when WTI is under $50, so a push higher above $50 is possible."

The market seems immune to bullish signs of falling stockpiles as the Organization of the Petroleum Exporting Countries (OPEC) and other major producers struggle to maintain compliance with a deal to cut output.

A recovery in Libya's oil output and higher production in Nigeria have complicated OPEC's efforts to curb supply, while U.S. shale oil drillers have ramped up production.

Libya and Nigeria are OPEC countries that are exempt from the agreement to limit production through March 2018.

Officials from a joint OPEC and non-OPEC technical committee said on Tuesday that they expect greater adherence to the pact to cut 1.8 million barrels per day in production.

Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday.

"With only a few weeks left of the U.S. summer driving season, investors are starting to debate whether the current OPEC production cuts will offset the subsequent falls in demand in North America," ANZ Research said in a note.

COMMENTS

Name

Ads,5,Afghanistan,74,Africa,20,Americas,4,Animals,36,Asia,210,Australia,9,Austria,4,Bahrain,2,Bangladesh,17,Barcelona,1,Belgium,3,Brunei,1,Business,1250,Canada,2,Catalan,80,China,114,Cuba,3,Czech Republic,3,Egypt,21,Europe,220,Fitness,14,France,23,Germany,35,Headlines,11,Health,168,Hillary Clinton,199,Hong Kong,1,Hungary,1,Iceland,1,India,103,Indonesia,9,International,75,Iran,76,Iraq,73,Ireland,2,Islamophobia,19,Israel,10,Italy,3,Japan,32,Jordan,1,Kenya,5,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,302,Lithuania,1,Malawi,1,Malaysia,13,Malta,1,Maxico,3,Middle East,118,Muslim World,582,Myanmar,33,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,9,Niger,1,Nigeria,1,Nobel Prize,81,North Korea,50,Norway,1,Opinion,26,Pakistan,1027,Palestine,35,Philippine,12,Pics,66,Poland,2,Popular,1,Qatar,93,Rohingya,118,Russia,40,Rwanda,1,Saudi Arabia,82,Science,144,Serbia,2,Showbiz,349,Somalia,4,South Africa,1,South Korea,6,Spain,52,Sports,1303,Sudan,1,Sweden,1,Switzerland,2,Syria,108,Taiwan,2,Technology,439,Thailand,4,Today IN History,21,Top News,987,Tunisia,1,Turkey,76,U.S.,285,UAE,21,UK,46,Ukrain,2,Venezuela,4,Videos,75,Vietnam,2,World,4743,Yemen,21,Zimbabwe,2,
ltr
item
Muslim Global: Oil falls for third day as doubts over OPEC cuts linger
Oil falls for third day as doubts over OPEC cuts linger
https://1.bp.blogspot.com/-tldz4Xi9yuI/WYl9h2Kx4FI/AAAAAAAAb_s/AXpQaR72aSYU_JAdqHSmULJWTZoZMMIXgCPcBGAYYCw/s640/A%2Bworker%2Bat%2Ban%2Boil%2Bfield%2Bowned%2Bby%2BBashneft%252C%2BBashkortostan%252C%2BRussia.jpg
https://1.bp.blogspot.com/-tldz4Xi9yuI/WYl9h2Kx4FI/AAAAAAAAb_s/AXpQaR72aSYU_JAdqHSmULJWTZoZMMIXgCPcBGAYYCw/s72-c/A%2Bworker%2Bat%2Ban%2Boil%2Bfield%2Bowned%2Bby%2BBashneft%252C%2BBashkortostan%252C%2BRussia.jpg
Muslim Global
http://www.muslimglobal.com/2017/08/oil-falls-for-third-day-as-doubts-over.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/08/oil-falls-for-third-day-as-doubts-over.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy