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Iraq Looks To Boost Crude Oil Trading Business
15 March 2019, 05:07 | Hattie Nash
An oil pump is seen operating in the Permian Basin near Midland Texas US
OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.
Crude oil prices were up to begin Wednesday as the U.S.' Energy Information Administration (EIA) has lowered its crude production estimates for 2019 and 2020, alleviating some of the oversupply worries in the global oil market.
The production cut agreement by Saudi Arabia-led OPEC and Russia-led OPEC is also contributing to the removal of additional supplies in the market to push prices higher.
Brian Stutland, chief investment officer at Equity Armor Investments, said, "We're seeing some supplies tighten a little bit.and also the correlation between oil and the stock market and demand coming back into the picture has sort of driven it: oil lagged a little bit as the dollar strengthened, and I think it's trying to play catch-up".
EIA's data also showed that on the exports side, US crude oil exports increased while domestic production rose as well.
USA crude oil exports have set annual record highs in each year since 2014, most recently averaging 2.0 million bpd in 2018. Opec›s report said oil inventories in developed economies were above the five-year average in January. WTI plunged more than 3 percent in the previous session. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd. After averaging a record high of 10.1 million bpd in 2005, crude oil imports fell by 2.8 million bpd to an average of 7.3 million bpd in 2014.
Jurgen Klopp: Liverpool are back where we belong
Maybe we were trying to play defensive and trying to score goals and maybe that was wrong and today Liverpool were better. The second half I was really happy by how mature the performance was, how strong we looked, how good we defended.
Real Madrid confirm the signing of Eder Militao
The Blancos have endured a hard campaign as a result, with Zidane becoming the third man to fill their managerial hot-seat. The 21-year-old has impressed for Porto , since arriving in a €4m (£3.5m) deal from Sao Paulo last summer.
Pi Day 2019: Where to find deals around metro Detroit
Celebrations and promotions have surged in the United States since Congress passed a resolution supporting March 14 as Pi Day . You're in luck-California Pizza Kitchen will offer slices of its Key Lime Pie for (spoiler alert:) $3.14 (pre-tax) on Thursday.
Retail inflation seen rising, industrial growth may soften
Gas prices for U.S. drivers were $2.31 a gallon on average in February, up from $2.25 in January, according to the U.S. The core PCE price index increased 1.9 per cent on a year-on-year basis in December after a similar gain in November.
Australian man stops arrow with his mobile phone
That was the case for a 43-year-old man in Australia who came under attack by another man, according to police. He got out his auto and tried to take a picture of the man who then allegedly fired an arrow at him.