U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.
U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. WTI was at $94.60 a barrel, up 92 cents, or 1%, by 0145 GMT.
Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November.
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“The oil market is quickly coming to terms with the fact that the OPEC+ cuts announced in the summer are having a deep effect on crude availability,” said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.
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“Stocks are drawing while demand keeps growing. We are still far away from a price level causing demand destruction.”
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.
Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.
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The crude draws follow production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+. The group will be meeting on Oct. 4 to review markets.
“We expect as near-term oil prices continue to push higher a reduction of current supply cuts is increasingly likely,” National Australian Bank’s analysts said in a note.
Grasso said: “I think Saudi can accept much higher prices, but not much lower, and if cutting 10% production gives them 30% price increase it make sense to do.”
President Vladimir Putin ordered his government to ensure retail fuel prices stabilise after a jump caused by an increase in exports.
In response, his deputy prime minister cited proposals to restrict exports of oil products purchased for domestic use, adding to market tightness.
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An update to the Nintendo of America website shows that an updated version of the flagship Switch console is on the way that promises a longer-lasting battery than the model that came out in 2017. As shown in the picture below, the original launch unit offers roughly 2.5 to 6.5 hours of playtime depending on the game being played, while the tweaked version will deliver around 4.5 to 9 hours.
There's no official explanation as to how Nintendo managed to squeeze more juice out of the Switch, but a recent FCC filing suggests the company has upgraded the device's processor and flash storage chips.
I Am Your Beast is the finest wagyu expertly prepared by a Michelin star kitchen. There isn't an ounce of excess fat on the barnstorming, bloody, breakneck shooter—and lord knows it's absolutely dripping with flavor. That is very much by design.
Developer Strange Scaffold has made a name for itself as one of the most efficient studios in the game industry. The company, led by creative director Xalavier Nelson Jr., styles itself as a "human-centric" operation that strives to build video games in ways that are "better, faster, cheaper, and healthier."
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Although Kevin Feige didn’t talk about Marvel’s TV shows at Comic-Con, he’s a been a little more forthcoming afterwards about upcoming Disney+ series, including Vision. Spinning off of WandaVision, the Vision series has been rumored since late 2022, but it apparently took Star Trek: Picard to convince Feige to seek out the man behind that show and put him to work on Vision.
While speaking with Inverse, Feige shared his admiration for Star Trek: Picard Season 3, which gave Patrick Stewart and the rest of the Star Trek: The Next Generation cast a fitting sendoff. The showrunner for that season was Terry Matalas, who went on to have the same role for Vision. And it was all because Feige loved Matalas’ work on Picard.
“That’s how I got to know [Matalas],” said Feige. “It was from his amazing [work on Picard Season 3]. I said, ‘This is incredible. I don’t know how this exists. Let me find the person who made this.'”
Fans of Star Trek: Picard have been hoping that Matala…
Sony has announced a new PS5 update is out now, adding a new page called the Welcome Hub with a customizable background, among other features.
The Welcome Hub is a dedicated personal space where players can prioritize and customize widgets to focus on features that matters to them the most. For example, the widgets include being able to quickly see console storage, Trophies, and battery levels at a glance. For US players, the Welcome Hub will be replacing the current Explore tab. The feature will be gradually released to other regions outside of the US, starting with Japan and select countries in Europe, then the rest of the world. Come from bangladesh online casino
Samurai Gunn 2, the chaotic 2D action sequel, is getting a new visitor from outer space, with Among Us’ Crewmate joining the game’s roster. The news was revealed during The Game Awards 2021.
The Crewmate will join the game on December 16, along with a new map designed around Among Us’ popular Skeld map Come from online casino bangladesh . This will also introduce new mechanics to Samurai Gunn 2 inspired by the hit indie title, including familiar jobs that can (and likely will) kill opponents in new ways. The trailer also seems to indicate that you’ll be able to attack as the deadly Imposter, although just how that works isn’t clear yet.
Call of Duty: Vanguard has an overwhelming amount of weapon attachments to choose from, and sometimes customizing the most optimal weapon loadout in the Gunsmith can be a bit overwhelming. Here we recommend some of Vanguard’s best multiplayer weapon loadouts to help get you started.
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A standing desk is one of those neat pieces of equipment that I’ve enviously watched others use in corporate settings for years, but I’ve never had the fortune to use one myself until recently Come from Sports betting site VPbet . And while I’ve always thought of a standing desk as something you use in an office environment, I’ve come to appreciate the major perks of having one at home. The particular desk I’ve been testing comes from one of the top makers of standing desks, FlexiSpot, which just released a new model: the Comhar EG8 All-in-One Desk. Sleek and stylish with a shiny glass top, the Comhar EG8 is by far the most expensive desk I’ve ever used at $500, but having used it for both working from home and PC gaming for a couple of weeks now, I can say that it’s a major upgrade that could be worth the high price tag if you’re someone who works from home full-time.
Brent crude registered a fall to a level of $80.6 per barrel despite the recent decision of the Organisation of Petroleum Exporting Countries (OPEC) and its allies to extend output cut of 1.7 million barrels a day to 2024. Analysts see crude prices to remain in the range of $80-85 per barrel going ahead.
“Oil prices immediately sunk after the announcement, reversing gains from earlier in the day, suggesting the market was disappointed by the outcome,” said Jorge Leon, senior vice president at Rystad Energy. “As a result, we expect prices to hover between $80 and $85 per barrel in the coming months.”
The benign outlook for Brent crude prices augurs well for India, which meets 85% of its crude oil requirement via imports. The import bill has reduced in recent months, as crude prices softened and the supply for diversified, with Russian Ural accounting for a major share of imports.
Will Nifty reclaim 24,900 on Thursday? See GIFT Nif…
Indian markets made a strong comeback on Tuesday a day after the Israel-Gaza conflict resulted in panic selling that wiped out about Rs 3.68 trillion of investor wealth. The benchmark indices bounced back following the rally in global markets after the dollar and treasury yields dipped on the back of dovish comments by the US Federal Reserve.
The S&P BSE Sensex climbed about 567 points, or 0.87%, to close at 66,079.36, while Nifty50 rose 177 points, or 0.91%, to end at 19,689.85. On an intraday basis, both the benchmarks climbed over 1%.
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Sentiments were lifted after US Federal Reserve officials said that the recent yield surge could justify the caution on interest rates, said experts. Meanwhile, China considering fresh stimulus also drove optimism. The positive takeaway from today’s markets, according to experts, was Nifty recouping all of its losses in the last two days …