Signs of slowing global economic activity have increased in recent months, fueled by trade tensions between the United States and China, the world's top two energy consumers. Optimism over US trade relations with Mexico are also providing some support. Weakness is likely to prevail unless the USA and China announce that trade talks are back on.
Brent crude futures traded below $61 a barrel, paring some of Monday's losses when the worldwide benchmark settled at the lowest since late January.
Oil prices have fallen sharply on concerns about slowing demand, but won some respite on Tuesday after a global stockmarket rally on hopes the Fed may trim interest rates. However, they had recovered strongly amid production curbs...
"We could be looking at crude going down and testing some of the support levels" of the January lows, Marshall Steeves, energy markets analyst at Informa Economics in NY, said in an interview.
England off to a solid start after Bangladesh opt to bowl
Then, Bangladesh pacer Mashrafe Mortaza broke the partnership in the 19th over as Mehidy Hasan caught Bairstow at cover-point. England , touted as favourites for the ongoing World Cup, suffered a 14-run loss to Pakistan at Trent Bridge on Monday.
Oil has fallen nearly 20% from a peak in late April, taking it to the brink of a bear market, as trade relations between Washington and Beijing soured and the White House announced tariffs on Mexican goods.
Mexico said it would reject a U.S. idea to take in Central American asylum seekers if it is raised at talks this week with U.S. President Donald Trump's administration, which is threatening the tariffs over immigration concerns.
For the week ending May 31, the stockpiles registered 483.3 million barrels, about 6 percent above the five year average for this time of year.
Brent is outperforming WTI on Thursday because the supply issues are being generated by rising USA inventories and production.
Saudi Arabia: Riyadh Reportedly Receiving Significant Ballistic Missile Support From China
The U.S. hopes its weapons sales will help tilt the balance of power to Saudi from that country's bitter regional rival Iran. Prior to the collapse of Saddam Hussein's rule in Iraq, Saudi Arabia was threatened by the Iraqi ballistic missile arsenal.
He said that he saw no need to deepen the supply cut.
Members of Opec+, which includes most Opec members, along with a number of non-Opec producers led by Russian Federation, are preparing to discuss whether to extend their supply curbs totaling 1.2 Mmbpd past June 30, later this month.
Khalid Al-Falih, the Saudi Arabian Energy Minister, stated he was committed to taking whatever steps that were necessary to stabilize the oil markets.
"Rising U.S. production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices", said Alfonso Esparza, senior analyst at futures brokerage OANDA.
Trump criticizes NASA moon mission after promoting it earlier
Right now, @MarsCuriosity and @NASAInSight are on Mars and will soon be joined by the Mars 2020 rover and the Mars helicopter. NASA's Apollo program landed the first men on the moon 50 years ago on July 20.
Oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising USA supply and stalling demand amid an economic slowdown. US sanctions limiting oil exports from Iran and Venezuela also supported prices. This was down from the previous close by 0.8 percent or 58 cents lower.