NEW YORK, Feb 28 (Reuters) - Oil prices fell more than 1 percent on Wednesday and gasoline futures tumbled, after the USA government said crude inventories rose more than expected while gasoline stocks posted a big build instead of the draw that was forecast.
According to JBC Energy GmbH, new projects in the North Sea coming on stream this year will increase the U.K.'s crude output above 1 million barrels a day, and that on a net trade basis this amount will soon allow overseas sales to overtake imports.
"Investors are likely looking at Libya for a potential reason for a rally in oil prices, but this shouldn't last too long", Barnabas Gan, an economist at Oversea-Chinese Banking, said by phone from Singapore.
But soaring USA production is upending global oil markets at a time when other major producers - including the Middle East-dominated OPEC and Russian Federation - have been withholding output to prop up prices.
Saudi Arabia last week said it hoped OPEC and its allies would be able to relax production curbs next year and create a permanent framework to stabilize oil markets after the deal expires. On Tuesday, Brent fell 87 cents to $66.63.
Both benchmarks rose last week - Brent by nearly 4 per cent and WTI by 3 per cent.
Toronto police to provide update on Bruce McArthur case
McArthur investigation: Toronto police say they will be announcing an update on the investigation into Bruce McArthur later today. Ciantar said he has friends who did know McArthur and added, "They all said that they never would have suspected him".
Gasoline inventories rose by 2.5 million barrels, compared to analyst expectations for a 190,000-barrel drawdown.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: Russia vs Saudi vs US oil production http://reut.rs/2EIuTWS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^.
American explorers have expanded the fleet of rigs searching for domestic crude to the highest since 2015 as the Opec-led supply curbs resurrected oil markets.
Besides, OPEC and non-OPEC members also agreed to cut production volumes by as much as 1.8 million barrels per day (mbd) with OPEC members contributing 1.2mbd of that while the balance would be provided by non-OPEC members.
Still, OPEC and its allies seem unfazed by US shale and continue to send messages to the market that they will do "whatever it takes" to balance the oil inventories and that production cuts are here to stay until the end of 2018. Wednesday's release showed weekly production rose again to 10.3 million bpd.
Prices were pressured earlier after three of the world's top crude consumers- China, India and Japan - reported a slowdown in monthly factory activity. Both are expected to show a slight fall in USA production. FRX/ A strong dollar makes oil more expensive for buyers using other currencies.
The cold front will work across Kentucky, bringing more showers and even a few storms through the region this afternoon. The pattern will remain unsettled as a strong storm move across the mid-section of the country through Wednesday.
Justin Reiter is Ledeckas snowboarding coach . "We're trying to take her away from training, and from the slopes, some days". But going back and forth between both is not easy. "That I could just hop from sport to sport ".
At some LPGA events these signs are considered moveable obstructions, but at others they are temporary immovable obstructions. Nelly had five top 10 finishes in 2017 as a rookie and has one this season at the Pure Silk-Bahamas LPGA Classic.
The threat, according to Palestinian Media Watch , comes from Sheik Muhammad Hussein, the grand mufti of Jerusalem. She argues that it is created to protect residents who live on land sold by churches to private developers.
Security Council, instead, unanimously adopted a Russian-proposed resolution that did not mention Iran, Al Jazeera wrote. On Monday, the resolution gained 11 favorable votes at the 15-member Security Council but was halted by Russia's veto.
Scotland were too good for us. "The skills of the professional players now are so much greater than they were in the past". Captain Rory Best said having young blood in the side was key with the Irish on a 10-Test winning streak.
In 2012, the Kushners and Steinmetz joined forces to buy almost $200 million of apartment buildings in the NY metropolitan area. The two reportedly spoke about a potential job opportunity at the White House, but the job did not come to fruition.
If Minnesota has their eye on a certain quarterback in the draft this year, they better hope the Jaguars don't get to him first. Bortles is coming off of a season in which he threw for 3,627 yards, 27 touchdowns and he had a career-low 13 interceptions.
The scheme, aimed at women empowerment, will provide scooters to working women at a subsidized rate of upto 50 percent. The Prime Minister said his government had given Rs 1.8 lakh crore to Tamil Nadu under the 14th Finance Commission.
Featuring a different physical design altogether, this particular device also comes with a rather peculiar camera setup. The first thing I'll say, however, is that the Zenfone 5 would not be possible without Apple and Samsung's innovation.
The Ohio River may crest near Louisville today, as parts of Arkansas and IN are bracing for major flood damage . On its website, the weather service specifically notes "much of Portsmouth itself is protected by flood walls".
Under Iraq's anti-terror laws, anyone found guilty of joining Isis, including non-combatants, can be given the death penalty. To remind you, thousands of foreigners have fought on behalf of Islamic State in Iraq and Syria since at least 2014.
Weekend box office: Black Panther stays on top
Paramount earlier sold the film's worldwide rights (except in China) to Netflix after disappointing reactions in test screenings. One of the most talked about Hollywood ventures Black Panther has proved to be a money spinner at the India box office.
Russia Compromised 7 States Prior to 2016 Election
In a statement, the Department of Homeland Security called the report "factually inaccurate and misleading". He added that the department had seen only "preparatory activity like scanning" in the 21 states targeted.
Apple to launch its biggest iPhone yet with 6.5-inch display
Apple launched the 10th anniversary iPhone X at its September event previous year , billing it as the 'future of the smartphone '. It, too, will use OLED technology and could include a resolution of 2688 x 1242 (at least that's what Apple's now testing).
Pregnant NZ PM unfazed by 'sexist' interview
In another segment, he asks about her baby's due date, then proceeds to comment on when her child was conceived. Ardern responded that their baby was due on June 17; "not that we need to get into those details".
Potential measles exposures in Manhattan and Brooklyn
Mumps and measles - both highly infectious viruses - are rare today due to the MMR vaccine, which is administered to children. The original source - who caught it during a trip to London - as well as the 57 people who caught it were all unvaccinated.
More rain moving in
It appears rain chances will start to go back up after 8 PM west of highway 49, then gradually increases eastward overnight. Our morning will see temperatures in the low 50s, only warming to the upper 60s for your afternoon highs.
Senator Dianne Feinstein fails to receive party backing
Feinstein's chief strategist Bill Carrick played down expectations saying, "It's just another element in the overall campaign". California Democrats shocked Senator Dianne Feinstein by not endorsing her for re-election at their state convention Sunday.
Man Stabs Woman To Death With Hunting Knife At Public Library
Ryan added that another woman, aged 77, was slightly injured in her arm as she was attempting to help the girl amid the violation. Witness Russ Ganz told The Boston Globe that he saw a woman being taken out of the library on a stretcher around 11:00 am.
MWC 2018: Alcatel launches an Android Go phone
The handset comes in two variants: either 32GB of internal storage with 3GB of RAM or 16GB of internal storage and 2GB of RAM. It is backed by a MediaTek MT8735A quad-core processor clocked at 1.45GHz and offers 2GB of RAM and 16GB of internal storage.