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US Crude Stocks Rise On Record Output, Fuel Supply Up Too

WTI Crude Oil

Driven by additional refinery capacity, strategic stockpiling, decreased domestic petroleum production, and increased consumption, China surpassed the United States in annual gross crude oil imports previous year, the Energy Information Administration (EIA) reported on Friday.

Prices felt the blow of these revised projections and will likely continue to feel it for a few more days.

Oil prices have also been supported by a 1.8 million barrels per day (bpd) cut in supply by the Organization of the Petroleum Exporting Countries and Russian Federation.

In December, 2017, China, India, Japan and South Korea imported a total of 1.550,000 barrels of oil per day from Iran. "Monthly average Brent prices have increased for seven consecutive months", EIA said.

Gasoline stockpiles continued to increase last week, the EIA also said. And according to analysts FGE, fuel stocks in Europe, Singapore and the United States built by some 27.5 million barrels in the first two weeks of 2018. The EIA said last month, however, that overall November production climbed to 10.038 million barrels a day, the highest since November 1970.

Crude oil came under pressure yesterday following the release of weekly statistics on inventories and supply in the United States.

At the Multi Commodity Exchange, crude palm oil for delivery in March declined Rs 1.70, or 0.30 per cent, to Rs 573 per 10 kg in business turnover of 56 lots.

Kurds march in Strasbourg, Paris against Turkey's Syria offensive
The attack on the tank, details of which were not disclosed, was also the single deadliest attack on the military of the offensive so far.

With a newly invigorated economic strategy of oil independence under the Trump administration, the U.S.is making it a policy to not only produce more oil and sell increased amounts overseas, but to use more of its own and drastically decrease its reliance on foreign oil.

Barrel is the unit of measurement of oil volume. The contract dropped $1.60, or 2.5 per cent, to settle at $61.79 on Wednesday, the biggest decline since January 8th.

Oil, which recently hit the highest levels in almost three years, has been pressured by rising US crude production, which could threaten the Organization of the Petroleum Exporting Countries' effort to support prices.

The EIA raised the US' 2018 average output forecast to 10.59m bpd, up 320,000 bpd from its estimate last week.

USA stocks' losses accelerated in afternoon trading on Monday, pushing the S&P 500 down more than 5 percent from its Jan. 26 record high and the Dow below 25,000 for the first time since January 4.

Well, many things can, and will, mess up the $100 price prospect.

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