Crude oil prices continued to fall along with the stock market Thursday while President Donald Trump had strong words for countries that ignore US oil sanctions.
The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.
Brent prices fell more than $1.83 to $81 a barrel in mid-day trading while WTI prices fell $1.54 to $71. They dropped 2.4 percent in the previous session.
Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.
SpaceX satellite launch lights up night sky and social media
In the Network published a timelapse video with the launch of the Falcon 9 rocket with a telecommunications satellite on Board. SpaceX has successfully completed its first Falcon 9 launch on the West Coast last Sunday night.
Volumes for Brent are four times the average for the Asian timezone, while WTI contracts were about 75 percent above typical turnover, McCarthy said.
Goldman Sachs says USA shale oil production can continue to increase by 1 million bpd every year until 2021, according to a new report by the investment bank.
"We will take care of them", Trump told reporters when asked about the decision of some countries like India and China to continue to purchase oil from Iran.
Crude inventories rose by 6 million barrels in the week to October 5, data from the Energy Information Administration showed on Thursday. "The large increase in overall crude oil inventories and a decent-sized increase at the Cushing, Oklahoma, delivery hub is a negative for prices, as it eases some of the supply crunch worries that have crept into the market", said John Kilduff, a partner at Again Capital Management in NY. Analysts had expected an increase of 2.6 million barrels.
Hurricane Michael Crushes Mexico Beach, Florida
A tree lays on a home and vehicle after hurricane Michael passed through the area on October 10, 2018 in Panama City, Florida . The four-star general added that some Florida residents may have been surprised by the rapid growth of the storm.
The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT (1430 GMT).
In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement (BSEE), even as some operators began returning crews to offshore platforms.
This story has been published from a wire agency feed without modifications to the text.
South Park brutally trolled The Simpsons in its latest episode
Hankey had been fired from directing the annual holiday pageant after a series of "offensive tweets" from his past resurfaced. The documentary that really brought the issues with The Simpsons' portrayal of Apu was aptly titled " The Problem With Apu ".