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14 July 2018, 08:02 | Hattie Nash
U.S. West Texas Intermediate crude ended Wednesday's session down $3.73/Bbl, or 5%, at $70.38/Bbl - the biggest daily drop since June 2017, Kallanish Energyreports.
Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for a decrease of 4.5 million barrels. That decline was larger than expected, causing crude futures to gain in post-settlement trading.
Brent for September settlement fell as much as $1.26, or 1.6 percent, to $77.60 a barrel on the London-based ICE Futures Europe exchange.
Crude's rise on Tuesday was fueled in part by "positive macro spillover from strong global equities", Jim Ritterbusch, president of Ritterbusch and Associates said in a note.
All three major stock indexes were up, with the S&P 500 at a four-month high.
Thirdly, the new unknown is how much oil will the possible relaxation of USA sanctions on Iranian crude exports bring into the markets?
Meanwhile, one other factor led to the selloff in crude prices on Wednesday. But it all depends on which countries they're talking about.
Although the North American pricing benchmark WTI's discount against Dubai and Brent crudes narrowed sharply in recent weeks, Asian refiners may continue to favor United States crude, if the suppliers continue to offer attractive prices on a CFR basis. "Is it India?. Is it temporary waivers?"
There Will Only Be 1 Blockbuster in America Soon
But ultimately, it wasn't enough. "You would not believe how much business we got just from that memorabilia alone", he said. By this year, only a pair in Alaska and the final OR store had endured.
Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, closing Shell's Knarr field, which produces 23,900 barrels of oil equivalent per day. The company was said to have purchased 600,000 barrels of the light sweet United States crude for delivery over July 20-August 10 at a premium of around $1-$1.50/b to Platts Dated Brent on a DES Rayong basis.
Van Rooyen yesterday said that despite Opec's recent pledge to raise production by 1 million barrels per day, oil consumers were anxious about future shortages due to several countries facing significant supply threats.
The updated timeline has muted USA price gains and widened the difference between the two benchmarks, said Yawger.
Japan, Iran's third-biggest customer, imported 140,000 barrels a day of oil from the Middle Eastern nation in the first six months of this year, 32 per cent more than for 2015, according to data from industry consultant FGE.
Jasper Lawler, head of research at London Capital Group, said: "Given that China and the USA together account for about a third of global oil demand, any slowdown in these economies on the back of a trade war would logically impact demand for oil and therefore its price".
Helsinki Is A Natural Fit For The Trump-Putin Summit
A portion of the February 16, indictment against Russia's Internet Research Agency is photographed in Washington, March 15, 2018. The Kremlin has denied that the Russian state interfered in the US election. "And it's a very, very bad policy".
China's Trade Surplus With the US hits record high
For January-June, it rose to $133.76 billion, compared with about $117.51 billion in the same period previous year . Last week, the United States and China introduced tariffs of 25 percent on $34 billion of each other's exports.