USA crude stockpiles fall for a fifth week to 2015 lows

Oil ETFs Strengthen on Deeper U.S. Inventory Drawdowns

President Donald Trump took aim at oil-producing nations of the Middle East on Thursday morning, saying they "would not be safe for very long without us" and demanding immediate price cuts from the "OPEC monopoly". Prices hit a two-month high Wednesday as Brent crude - the world's most closely followed gauge - rose above $79 a barrel.

U.S. crude oil stockpiles fell for a fifth straight week to three-and-a-half-year year lows in the week to 14 September, while gasoline inventories also showed a larger than expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.

The news that OPEC may increase production by a half-million barrels quickly quelled those concerns.

If we can break above the $3.00 level, then I think the market could continue to go higher, but this area right here is very resistive, and I think that the market will more than likely continue to struggle to break above that region. Earlier this month, Saudi shipments into the USA reached a four-week average of 1 million barrels a day for the first time since late 2017, according to government data.

High gas prices can be an issue for voters, and Trump's attacks come just a couple of months ahead of United States midterms, where analysts say rising prices could hurt Republicans.

US crude oil imports averaged 8.02 million barrels per day last week, 433,000 barrels per day higher than the levels of the previous week.

In 2016, major producers both within and outside OPEC agreed to slash production in an attempt to boost prices following the 2014 oil market crash.

The Lone Star state no the U.S. has climbed up the rankings in terms of energy security because it w produces so much oil that it would be ranked third in the world on its own if it were a country, outstripping the likes of Iraq and Iran. Our outlook on crude oil remains neutral.

Meanwhile, American Petroleum Institute data showed that crude stockpiles increased last week, while those in the storage hub at Cushing in Oklahoma fell.

Brent crude is now trading near to $80 per barrel, close to its highest level since November 2014.

Oil prices extended gains for a third day Thursday after the Energy Information Administration (EIA) report on Wednesday showed another drawdown in US inventories and strong USA gasoline demand. However, the United State's numbers were less than Russia's 11.21 Million bpd for the same month.

Falih also met last week with US Energy Secretary Rick Perry, who praised the efforts of Saudi Arabia and Russian Federation to keep the market well-supplied.

The oil price dropped after the tweet.

Trump's fresh intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries and its allies in Algeria on Sunday, Bloomberg reported.

Related news:

Hot News

isis-killer-beheading-video-story-top SIT resumes quizzing bishop in nun rape case
Sep 24, 2018 - 02:04
They intimidated the photographer and made him give a statement that the victim seemed boring and upset, " he also said. The investigating team, meanwhile, are quizzing the bishop for the third consecutive day.

isis-killer-beheading-video-story-top Emery hails Cech as Arsenal keeper frustrates Everton
Sep 24, 2018 - 01:59
They haven't won the Premier League title since their unbeaten triumph in 2003-04. Things are really starting to click for Arsenal under new coach Unai Emery .

isis-killer-beheading-video-story-top Tiger Woods' biceps are ready for the Tour Championship
Sep 24, 2018 - 01:49
The gallery at East Lake was enormous in anticipation of Woods winning for the first time in more than five years. It's his 80th PGA Tour win overall, which moves him to within two of Sam Snead's all-time record of 82.

isis-killer-beheading-video-story-top Amnesty Calls for Accountability for Hurricane Maria Using Projection on Trump Hotel
Sep 22, 2018 - 21:59
Trump also took to Twitter as Hurricane Florence was beginning to batter the North Carolina coast. Earlier this month, Puerto Rico's Gov.

isis-killer-beheading-video-story-top Woman stabbed to death on evening jog one week after engagement
Sep 22, 2018 - 21:57
Crawford was not cooperative with police and had a hand injury when he was apprehended, Newsham said. Patrons desperately tried to save her before an ambulance arrived, but she died at a local hospital.

isis-killer-beheading-video-story-top Putin denounces 'terrorist' attack in Iran
Sep 22, 2018 - 21:24
At least 24 people were killed and more than 60 wounded yesterday when gunmen opened fire on a military parade in southwest Iran. Zarif vowed that Iran will not allow the perpetrators of the deadly terror attack to go unpunished.

isis-killer-beheading-video-story-top English Premier League Report; Liverpool v Southampton 22 September 2018
Sep 22, 2018 - 19:39
Sturridge played just 116 minutes for Albion last season after joining on loan in January, scoring no goals. Then it is my job to decide who will start'.

isis-killer-beheading-video-story-top Woman Accusing Judge Kavanaugh of Sexual Assault Wants FBI Probe
Sep 21, 2018 - 20:58
Orrin Hatch of Utah, a key Republican on the panel, said, "We should proceed as planned". Chuck Schumer, the top Senate Democrat, urged Republicans not to "rush the hearings".

isis-killer-beheading-video-story-top Alibaba’s Jack Ma says US-China trade friction could…
Sep 21, 2018 - 20:57
China said it will impose retaliatory tariffs against $60 billion of USA goods, ranging from meat to wheat and textiles. This article is strictly for informational purposes only.

isis-killer-beheading-video-story-top Browns win! Browns win! Cleveland rocks!
Sep 21, 2018 - 20:47
Everyone had their beer fridge-related tweets ready when the Browns locked up their first win of the season. Others celebrating the win included OH native LeBron James, who tweeted, "Congratulations Browns! ".

isis-killer-beheading-video-story-top Ford lawyers say she is open to testifying, but not Monday
Sep 21, 2018 - 20:18
Fox News said it had obtained emails showing graphic and violent threats to Ashley Kavanaugh, who married the judge in 2004. Mark Judge, the other classmate identified in the allegation, also denied the incident occurred.

isis-killer-beheading-video-story-top Hazard left out of Chelsea squad for Europa League opener
Sep 21, 2018 - 19:55
The player is said to have offers in Italy, but West Ham also remain keen on a possible loan signing. EDEN HAZARD is still likely to join Real Madrid.

isis-killer-beheading-video-story-top NY nursery stabbing as multiple children knifed in Queens
Sep 21, 2018 - 16:58
The man who was injured had a child at the day care while the woman was a daycare employee, according to NBC New York . One of the young girls is in serious condition, but all of the injuries are not considered to be life-threatening.

isis-killer-beheading-video-story-top Global oil production hits a new record, led by U.S. and OPEC
Sep 20, 2018 - 16:02
Russian energy minister Alexander Novak said global oil markets were fragile due to geopolitical risks and supply disruptions. East Coast on Friday, and which has caused fuel shortages following the evacuation of millions of households and businesses.

isis-killer-beheading-video-story-top Rio Ferdinand defends Mo Salah’s reaction to Liverpool FC victor
Sep 20, 2018 - 15:32
Firmino had been on the pitch 11 minutes by the time Kylian Mbappe equalized for the French champions in the 83rd minute. While Liverpool found a late victor , questions have already been asked about the play of PSG star Neymar .