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Brent futures have lost as much as 15 per cent since hitting a four-year high above US$71 in late January.
Crude is struggling to extend last month's largely dollar-driven gains on speculation that USA output will impede efforts by the Organization of Petroleum Exporting Countries to drain a glut.
"Generally, a stronger dollar suppresses demand for dollar denominated commodities like crude oil, since consumers outside the USA who have to acquire dollars as foreign exchange slow down buying", said an oil ministry official. The size of last week's build was mitigated by a surprise jump in refinery activity.
"Among factors, strong consumer confidence in the economy has contributed to drivers using more gasoline than usual this winter", a AAA statement read.
U.S. production is expected to grow by 2 million barrels a day between February 2017 and November this year, according to the Energy Information Administration.
US West Texas Intermediate (WTI) crude was down 54 cents, or 0.9 per cent, at $60.61, having settled down 1 per cent in the previous session at its lowest close since January 2.
Hedge funds have cut their bullish exposure to petroleum for the first time in six weeks as oil prices stalled and sentiment turned more cautious amid concerns about an increasingly crowded trade.
The strength of the dollar continues to weigh on oil markets and pushed both Brent and WTI indexes lower for a third consecutive trading day.
Mou: United must be better next season
We were first for a few weeks and then we were always second, I don't remember us being fourth, fifth or sixth. You can not deny and everyone knows here in England how complicated it is playing at Burnley .
The number of oil drilling rigs in the USA climbed for a second week in a row.
"The U.S. can not stop producing", according to analysts at consultancy JBC Energy.
The US Energy Information Administration raised its domestic production forecast to 10.59 million barrels per day, which is 300,000 barrels per day more than last week's expectations.
USA crude exports have surged since the lifting of a decades-old ban in late 2015, helping support prices despite the rise in production.
Futures fell as much as 1.1 percent in NY after the Energy Information Administration said American crude in storage tanks and terminals increased by 1.9 million barrels last week.
Iran has increased its production in the oil fields west of the Karun River, the official Islamic Republic News Agency (IRNA) qoeted US Bloomberg as saying. The EIA said this year the USA will produce an average of 10.6 million bpd, rising to 11.2 million bpd next year.
"Clearly, the data points to an imbalanced market and oil prices have responded by turning sharply lower", he added.
On Wednesday U.S. equity futures fell and the dollar rose. As you recall, the same agency announced last month that the USA will pass Saudi Arabia and Russian Federation in crude oil volumes by the end of the year.
For the past week, crude imports averaged 7.9 million barrels a day, down by 500,000 compared with the previous week.
All signs point to him being good to go, however, and if that's the case then we may be treated to an all-time Gronk performance. Louis Rams and presided over a train wreck of a 2-14 season, where three different quarterbacks started at least three games.
He completed 47 of 87 passes for 439 yards, five touchdowns and two interceptions, producing a 77.7 passer rating and a 27.8 QBR. The matchups, whether they are individual, position groups, units or coaching , should get plenty of attention.
The US economy is growing , and that means inflation expectations - how much things will cost in the future - are going up. Analyst George Magnus has a worrying take on the market slump, blaming the US Government's budget deficit.
Informing more about the heavy rocket, this is created to carry more than twice the lifting capacity of any existing launcher. The next most powerful rocket, the Delta IV Heavy, can put about half as much in orbit for four times the price.
Yes, that's the same year the infamous wardrobe malfunction with him and Janet Jackson took place in front of millions of people . Will that number equal or exceed 2017? "That price tag-$5 million for 30 seconds-is contingent on how many people are watching".
After whiffing in the early signing period Fisher has some positive momentum and the 2019 class is already off to a potent start. Four-star DE Andrew Chatfield (No. 159 in ESPN 300) from Plantation, Florida signs with the Gators.
Lindsey Graham, R-S.C., said while he favored declassifying the memo, he wanted to see Muller's investigation move forward. There is a sizable share of Americans who are skeptical of the Russia investigation, but they're mostly GOP partisans.
Facing Canada again is a tantalizing prospect, but Duggan said the Americans aren't looking beyond their opener against Finland. The U.S.' Miracle on Ice against the Soviet Union was in 1980, and it consisted of a team made up of amateur athletes.
Weather starts to warm up as we head into the weekend
"The Friday morning rush is gonna be trouble", National Weather Service meteorologist Charles Mott had told the Chicago Tribune . To the east, snow emergencies have been declared in many metro Detroit communities, according to CNN affiliate WDIV.
Treasurys are surging as stocks get slammed
Any rally by the dollar weakens commodities priced in the currency, with the Thomson Reuters CRB index down 0.5 percent. I think that is a decent probability due to what I would call the excesses of the Fed's Quantitative Easing program.
Fractured finger rules du Plessis out of ODI, T20I series
Kohli (112) soon followed the lead leaving the reigns to former captain MS Dhoni who then finished the match in style easily . According to a Cricket South Africa (CSA) release, the captain for the remaining ODIs will be named on Saturday.
UT Medical Center reports 6 flu deaths in January
As flu cases rise across Michigan, Oakland County health officials are calling on residents to get vaccinated. The same virus was the dominant flu bug last winter, when the flu season wasn't as bad.