Oil Trades Near $50 as U.S. Exports Soar, Putin Comments on Cuts

Futures added 0.4 percent after settling at a two-week low on Wednesday. Overseas shipments from the U.S. jumped to a record last week as production rose, government data showed. In Russia, President Vladimir Putin said he’s open to prolonging a deal with OPEC to curb supplies, though a decision won’t be made until the current agreement nears expiry in March. Saudi King Salman bin Abdulaziz began a four-day visit to the nation on Wednesday.

“U.S. production is almost at a record-high level, and exports are record-high,” said Michael Poulsen, an analyst at Global Risk Management Ltd. “As this U.S. production is a fundamental part of the oil market, such news weighs heavily.”

West Texas Intermediate for November delivery rose 21 cents to $50.19 a barrel as of 10:13 a.m. London time. Total volume traded was about 35 percent below the 100-day average. Prices fell 44 cents, or 0.9 percent, to $49.98 on Wednesday.

Brent for December settlement gained 40 cents to $56.20 a barrel on the London-based ICE Futures Europe exchange, after declining 20 cents on Wednesday. The global benchmark crude traded at a premium of $5.70 to December WTI.

Lower demand from U.S. Gulf Coast refiners that are still recovering from Hurricane Harvey in August has caused crude sellers to seek markets abroad, triggering shipments of 1.98 million barrels a day, the highest level in weekly government data compiled since 1993. The figure was about a third higher than the previous record, set the prior week.
more at:  https://www.bloomberg.com/news/articles/2017-10-04/crude-oil-extends-drop-below-50-amid-record-shipments-from-u-s

Related Posts

Key Currency Exchange Rates for 12/23/21

American Dollar to Canadian Dollar = 0.779541; American Dollar to Chinese Yuan = 0.156962; American Dollar to Euro = 1.131004; American Dollar to Japanese Yen = 0.008745; American Dollar to Mexican Peso = 0.048308.

Key Currency Exchange Rates for Friday, 5/10/24

American Dollar to Canadian Dollar = 0.730845; American Dollar to Chinese Yuan = 0.138420; American Dollar to Euro = 1.077633; American Dollar to Japanese Yen = 0.006421; American Dollar to Mexican Peso = 0.059633.

ATA Releases Latest Edition of American Trucking Trends

“Trends is an important record of how the trucking industry is performing,” said ATA Chief Economist Bob Costello. “That’s why it is on the shelves of business leaders and policymakers across North America. “This year’s edition shows that 2023 was a very challenging year, but the industry weathered the storm, moving more than 11 billion tons of freight during the year,” he said. Among the key findings in this year’s report: *Preliminary figures indicate that trucks moved 11.18 billion tons of freight in 2023, down from the 11.46 billion tons hauled the previous year. *Preliminary figures indicate that the industry saw revenues grow to $987 billion, up from $940.8 billion in 2022. *Trucking employed 8.5 million people in industry-related jobs, including 3.55 million professional drivers in 2023. *The industry remains one made up of small businesses, with 95.5% of carriers operating 10 or fewer trucks and 99.6% operating fewer than 100 power units. *Cross-border trade remained a robust source of freight for motor carriers, with trucks moving 66.5% of surface trade between the US and Canada, and 84.5% of goods across the Mexican border in 2023.
Back To Top
×Close search
Search