The report stated that oil futures ended lower, adding that the sell-off in crude oil futures started early in the month with oil prices pulled lower, as major US stock markets declined sharply and the dollar firmed. This comes as the Energy Information Administration shocked markets with big product draws as bears hang onto the fact that US oil production is rising and the one-week shock build in crude oil supply.
"There's no stopping us and OPEC's frustration levels are going to grow", said Philip Streible, senior market strategist at RJO Futures in Chicago, referring to efforts by major producers to curb output since past year.
West Texas Intermediate for April rose 25 cents to settle at $60.96 a barrel on the New York Mercantile Exchange.
Futures in NY narrowed their decline after the American Petroleum Institute was said to have reported distillate inventories sank 4.26 million barrels and gasoline also fell. The WTI crude oil futures with delivery in April rose by 0.07 United States dollars, or 0.1%, to 61.03 USD per barrel.
Oil prices were up slightly on Monday morning in Asia as the number of USA rigs drilling for more oil production declined.
But US sanctions on Venezuela's oil sector, specifically on exports to the US, could accelerate that decline, Francisco Monaldi, the Latin American energy policy fellow at Rice University's Baker Institute for Public Policy, said in an interview with Platts.
Opec and several other non-Opec producers led by Russian Federation began cutting supply in January, 2017 to erase a global glut of crude that had built up since 2014.
In its March Oil Market Report, OPEC revised up its forecast of non-OPEC supply for 2018 by 280,000 bpd, a major revision. In February, the IEA estimated non-OPEC growth in 2018 to be 1.8 million barrels a day.
It is estimated that the amount of crude oil in commercial storage in the U.S. increased by about five million barrels to 430.9 million barrels earlier this month. American gasoline inventories sank the most since September last week and product demand reached the highest since January, government data showed.
Oil markets remain volatile due to excess supply. OPEC trimmed its 2018 demand forecast for its own crude by 250,000 bpd to 32.61 million bpd, a fourth consecutive decline. Yes, we had a big build in crude supply, much bigger than the API reported, yet based on demand and the counter-seasonal draws that we have seen in recent weeks that should be welcomed.
Gasoline stocks fell by 6.3 million barrels last week, compared with analysts' expectations for a 1.2 million-barrel drop.
Prices were receiving support from healthy demand.
When the front-month contract is trading at a lower level than a later-dated contract, it suggests emerging concerns about growing supply, and reduced need to buy oil now.
In March 2017, he was sentenced to eight years in prison in absentia for stealing $123 million from Aeroflot in Moscow. He was a close associate of Russian oligarch Boris Berezovsky, who was a friend of murdered spy Alexander Litvinenko.
Once Google Maps is updated and a destination is entered, click on the question box to engage the Mario Kart mode. He'll be a constant companion wherever you're driving this week - to work, to school, or the spaghetti house.
As you can see in the trailer above, this new expansion will come with a bunch of new cards to play with - 135 in all. Baku the Mooneater: If your deck has only odd-cost cards at the start of the game, your Hero Power is upgraded.
Following the retro trend, montages of classic films and previous nominees played before each major category was announced. For a ceremony so invested in the future of the industry, it did spend a whole lot of time romanticizing the past.
With Jordy Nelson and Randall Cobb on the decline, Gutekunst is intrigued by the marquee names available at wide receiver. Nelson, who turns 33 in May, is coming off a poor season that saw him catch 53 passes for 482 yards and six touchdowns.
Suh was voted to the Pro Bowl only once while in Miami and was named second-team All-Pro in the same season (2016). Of course, Suh began his career in the Motor City, which is why the Lions on this list is one that's intriguing.
Houston Texans fans - it is not every day a talented young defender like Tyrann Mathieu gets released by giants former team. However, he has a history of character and injury concerns , and has also seen a decline in his on-field performance.
That's a formula for an upset, especially when UNC-Greensboro sophomore forward James Dickey (10 points) got going late. Gonzaga shot nearly 59 percent from the field, 12 for 25 from 3-point range, and won 86-59.
It was not clear if either Markle's mother Doria Ragland or her father Thomas Markle travelled for the service. Meghan Markle has been baptised into the Church of England in a secret ceremony with Prince Harry by her side.
The Jets identified Bridgewater and McCown as their Plan B option before they entered into talks with Cousins. The free agent quarterback is on the verge of a big payday at age 29, his first time on the open market.
So when it's time to place team No. 17, the program determines which location is closest without the aforementioned conflicts. The selection process is somewhat subjective, with arguments that can be made in favor of and against those bubble teams.
Boucher was charged after attacking the Paul in November 2017 at his Bowling Green home while the senator was mowing his lawn. Boucher was released on a $25,000 unsecured bond on Friday and is not allowed to contact Paul or his family.
The Syrian government has opened what it calls safe routes out of the enclave, but no civilians are known to have left yet. In the past three weeks, over 900 people have been killed in eastern Ghouta, according to the UK-based monitoring group.
The terrorist organization continues to negotiate with Iran-backed groups to get Gubar back, the sources said. He said in the initial phase 2,000 square kilometers (772.2 square miles) will be taken into control.
This is also the reason why Windows 10 S computers are more secure and are able to deliver consistent performance. Well, even though it even received an encouragement from Google, this operating system was not received well.
Daniel, who beat Britain's Cameron Norrie in the first round, will meet Leonardo Mayer , who beat Ruben Bemelmans 6-4 6-1. American Taylor Fritz enjoyed a comeback victory over Fernando Verdasco 4-6, 6-2, 7-6 (1).
First responders had to use ropes to rappel down the ravine to reach the injured and then use equipment to cut out them out. Channelview ISD Superintendent Greg Ollis said there were 40 students on the bus that crashed along with six adults.
Tillerson called on Saudi Arabia to ease off Qatar, but Trump took the Saudis' side and labeled Qatar a "funder of terrorism". Clearly, Trump does not want a secretary of state, or any Cabinet colleague, who ignores his tweets and gets on with the job.
Arsenal return to action on Thursday night when they play Milan in the return leg of their Europa League tie. Their hopes of participating in Europe's elite competition next season hinge on winning the Europa League .
Should Arrieta return to his 2015 or 2016 form then the he will undoubtedly become the biggest steal of the offseason. Arrieta's market had dried up in this freaky offseason after going 14-10 with a 3.53 ERA a year ago with the Cubs.
It was Englishman Paul Casey , not Tiger Woods, who ended his long title drought at the Innisbrook Resort in Florida on Sunday. Reed drew level with Casey after a birdie on 14 but let slip the opportunity to tie his English rival in bogeying the last.
After nine seasons, the University of Georgia has made a decision to part ways with Mark Fox , the men's basketball head coach. The Bulldogs could still land an NIT bid, but it remains to be seen if Fox would coach through that tournament or not.
This years event is quite loaded when you consider Rory McIlroy and Tiger Woods will make their debut at the Copperhead Course . He won this tournament in 2015 in a playoff over Sean O'Hair and Patrick Reed and was 18 in 2016 before skipping a year ago.
The meeting was attended by representatives of Kannada organisations, littérateurs and official representatives. The "flag" is to be sent to the Centre for its approval. "This is no damage to the national flag".
She also alleged that she was tortured by him and his family members for more than two years with attempts to try and kill her. A BCCI supervisory committee said the allegations, made by Shami's wife, Hasin Jahan, had put them in a hard position.