Oil prices slip, but supply cuts support GlobeBusiness
Oil prices eased on Thursday, although a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran all limited losses.
The fall in oil prices came “despite a small w-o-w draw on U.S. crude inventories as observed in the latest EIA data, partly since imports slumped back towards the 6 million barrel per day mark while implied crude supply numbers remain firm,” Vienna-based consultancy JBC Energy said. Prices have been supported this year by an agreement reached by the Organization of the Petroleum Exporting Countries and its allies, including Russia, to limit their oil output by 1.2 million barrels per day .Iran’s crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a reduction in buyer interest ahead of expected further pressure from Washington.
Growing U.S. oil production and concerns over the U.S.- China trade dispute are keeping prices in check.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Juan Guaido finds support in Venezuela’s devastated oil city MaracaiboMaracaibo, Venezuela’s second-largest city of 1.5 million where refineries that once hummed with constant activity have fallen into disrepair, is a window into a nation that has plunged into chaos
Read more »
U.S. to decide on Spanish firm Repsol’s Venezuela activity in ‘coming days’Since the United States imposed fresh sanctions on Venezuela and its state-run oil firm PDVSA, the country’s main oil and oil products suppliers have been Repsol, Russian state oil major Rosneft, India’s Reliance Industries and trading houses Vitol and Trafigura
Read more »
Premarket: Stocks march on as European volatility vanishesChinese data soothe investors nerves, focus on GDP ; oil price surges takes a breather
Read more »
Vaughn Palmer: Odd timing as B.C. endorses oil tanker banFederal bill would ban ships that transport crude oil or persistent oil to or from ports on B.C.’s north coast.
Read more »
‘I couldn’t even get meetings’: Oil and gas companies bemoan investor apathyInvestor sentiment toward the Canadian energy industry has been particularly negative in the United States
Read more »
Island and coastal officials in B.C. meet to debate oil, gas lawsuitThe Association of Vancouver Island and Coastal Communities will gather in Powell River to look at a City of Victoria resolution.
Read more »
First crude oil shipment of the year bound for China has left VancouverSporadic traffic of tankers out of Westridge headed to Asia is an indication that a twinned Trans Mountain pipeline might not be met with huge demand for that oil
Read more »
Canadian dollar slips on lower oil prices, stronger greenbackCanadian dollar slips on lower oil prices, stronger greenback GlobeInvestor
Read more »
Cannabis trends: CBD oil for seniors, pot that won't make you hungry, and moreThe race is on to find a synthetic form of cannabis that would make it easier for pot producers to tailor their products to each individual user’s desires.
Read more »
Pipeline delays add appeal to creative options for oil transport, transformationNews that permitting issues in the U.S. would delay Enbridge Inc.'s Line 3 replacement pipeline project until the middle of 2020 instead of late this year means that yet another boost in oil export capacity has been kicked down the road.
Read more »
Vivian Krause: Rachel Notley, the Rockefellers and Alberta’s landlocked oilRockefeller-supported groups are helping defeat the UCP, the only party in the Alberta election committed to breaking the U.S. monopoly on Alberta’s overseas oil exports
Read more »