Oil prices settled lower for a second straight day on Thursday, as the market was unable to rebound from Wednesday's decline on the back of a surprise build in USA gasoline inventories and ongoing worries about heavy global supply.
Traders said the slight increases were a result of the threat of a partial export halt in Libya. Motor fuel stockpiles expanded by 2.1 million barrels last week, the Energy Information Administration reported.
USA output is still expected to rise by 800,000 bpd in 2017, contributing nearly all the non-OPEC gain.
"The risk is to the downside for oil", said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney.
On the New York Mercantile Exchange, West Texas Intermediate futures were down 1.08% at $45.96 a barrel.
Shale supply has pushed US crude production up by about 10 percent over the previous year to 9.3 million bpd - not far below the output of top exporter Saudi Arabia.
Oil prices fell to their lowest in over five weeks on Wednesday, following USA data showing an unexpectedly large weekly build in US gasoline inventories and International Energy Agency (IEA) data projecting an increase in non-OPEC production.
"The build in gasoline stocks was a result of a further decline in gasoline demand, which marks a very subdued start into the summer driving season", said Fritsch.
Libya, exempt from the OPEC-led deal to cut supply, will boost output to 1 MMbpd by the end of July, according to the country's National Oil Co.
Increased oil production in the United States is hampering efforts to balance out market supply and demand, OPEC said on Tuesday.
Crude output from OPEC nations rose by 290,000 bpd in May to a 2017 high of 32.08 million barrels per day, according to the EIA. Data from the American Petroleum Institute showed on Tuesday that US crude stocks rose by 2.8 million barrels in the week to June 9 to 511.4 million, compared with expectations for a decrease of 2.7 million barrels.
The IEA expects oil supplies next year to outpace demand despite consumption hitting 100 million bpd for the first time.
In a report on Wednesday, the International Energy Agency said rising US output will contribute to supply growth exceeding demand growth in 2018. The global benchmark crude ended the session at a premium of $2.24 to August WTI.
They adjusted to conditions extremely well, and the wicket was obviously slow and low and hard to get away to start with. Thanks to openers' first hundred stand of the tournament, the inconsistent Pakistan middler order was not tested much.
He won the Farmers Insurance Open in January and has recorded five more top-five finishes to zoom up the world rankings to No10. The last six majors - including Johnson's maiden US Open victory - have been won by players who had never won a major before.
Apple is known to have an iron grip on what apps can or cannot do, however the policy for tipping was unclear. In-app tips have generated controversy for Apple , particularly in dealing with app developers from China.
While there's a lot of ship-on-ship combat, the goal here is to collect treasure scattered around the ocean play area. Skull & Bones will let players climb the pirate hierarchy, forming gangs with their friends or sailing the seas solo.
Nevada lost nearly 2,600 jobs after the Public Utilities Commission of Nevada eliminated net metering in late 2015. The bill would also expose the state to significant financial obligations, Sandoval wrote.
Starsport understands they're set to lose Alvaro Morata , with the Manchester United target keen to get game time elsewhere. But Jose Mourinho has reportedly told him he will be one of the main men at Old Trafford if he joins next season.
Unlike Trump's Paris climate deal pullout which will take all the way up till 2020 to unravel, Comey is happening in real time . Nunes recused himself from the Russian Federation investigation after he was criticized for being too close to the White House.
Rough Night centers on five mature women who get a little too insane as they come together 10 years after graduating from college. But Aniello's film only occasionally works up the same level of loony inspiration as some of her Broad City work.
He also has tried to tie Gillespie to Tyson Foods, which was accused of smuggling immigrant workers to work in their factories. Which way will it go? Among them were Democratic House Minority Leader David Toscano of Charlottesville and Republican Del.
Support Relay for Life
A silent auction starts at 5 p.m. featuring a wide variety of items donated by area businesses and Relay For Life team members. Sobel has volunteered with the American Cancer Society for almost 20 years since the start of the Relay for Life in Wilton.
Pine Ridge Restaurant Holds Relay For Life Fundraiser
For more information about ACS programs and services, go online to www.cancer.org or call the ACS cancer helpline 1-800-227-2345. The sheer number of faces recognized can be overwhelming, with the realization how many people's lives are touched by cancer.
EC issues notification for President's election
Naidu reached out to BSP leader S C Mishra and NCP leader Praful Patel to seek their views on the Presidential candidate. Gandhi had earlier convened a luncheon meeting of opposition leaders which brought together leaders from 17 parties.
Ashok Gajapathi Raju Refuses to Help His Own Party MP
It is clear from the CCTV cameras, Raju noted. "The staff politely informed him that boarding for flight is closed", it said. Interestingly, the Centre is close to finalising rules for a no-fly list for unruly passengers.
Will the NBA Champion Warriors Visit the White House?
After Trump announced his travel ban plan, Kerr spoke of how he lost his father to terrorism, but disagreed with the president. And after the November 2016 election, Warriors's coach Steve Kerr opened up about his disappointment with Trump's win.
Theresa May tells Tory MPs: 'I'm sorry'
But Ruth Davidson, the pro-EU leader of the Conservatives in Scotland, called on May to "reopen" the government's Brexit plans. Over the weekend, May's top two aides stepped aside.
General election 2017: Get behind Corbyn, say ex-critics
Ms Phillips said Theresa May's failure to admit a mistake over the "dementia tax" contributed to her appalling campaign. After Corbyn's party won 40% of the votes, social media users quickly asked Goodwin to make good on his promise.
UK leader May strikes tentative deal with N Ireland party
German Chancellor Angela Merkel said she assumed Britain still wanted to leave the European Union and talks should start quickly. Several ministers lost their seats in Thursday's election, which saw the Conservatives lose their majority in Parliament.
Uber Board to Discuss CEO's Future, Workplace Culture
Given those circumstances, Kalanick , who has worked nonstop since Uber's founding in 2009, had told people he might need a break. The board, according to a person briefed on the matter, said they will discuss Kalanick taking time off from the company.
Apple Takes On Distracted Driving With New Feature
The "Today" tab lists down all the latest news along with a "Games" tab listing many other different kinds of stuff. The iOS 11 update isn't just about display or speed; many design aspects of the iPhone and iPad will be overhauled.