"The decline in oil over the last month or two has been shocking to the market", said Lindsey Bell, investment strategist at CFRA.
North Sea Brent crude lost $2.41, or 4.0 percent, to a low of $57.20, a 14-month low, and last traded around $58.06, down $1.55.
OPEC's output agreement with Russian Federation and Canada's decision to mandate production cuts could create an oil market supply deficit by the second quarter of next year, if top producers stick to the deal, the International Energy Agency said in its monthly Oil Market Report. Our 2019/23 production floater forecast is based on oil trading in this price range over the next five years.
OPEC changed course after prices dropped steeply from a four-year high above $86 a barrel in October on concern that demand was weakening amid adequate supply.
The Energy Information Administration reported Wednesday that domestic crude supplies fell by 1.2 million barrels for the week ended December 7.
OPEC on Wednesday said it replaced a drop in Iranian exports as USA sanctions resumed and lowered the 2019 forecast of demand for its crude, underlining its challenge to prevent a glut building even after last week's decision to trim output.
"The oil market is regaining further ground this morning in the wake of a bullish API report", Stephen Brennock of oil broker PVM said, although he sounded a note of caution. "Opec is no longer the 30 million barrel (per day) group". That can set the stage for prices to climb, especially if there's unexpected, sharp rise in demand for oil, say in the event a major hurricane strikes production facilities or a key port.
The agency's report stands in contrast to OPEC's own monthly oil market report, which was released Wednesday and showed a slight decline in the cartel's November output despite ballooning Saudi production. But some remain bullish yet - Japan's MUFG views Brent and U.S. West Texas Intermediate (WTI) to be "oversold", predicting a "sharp rebound" in coming months, while Societe Generale forecasts Brent at $73 for both 2018 and 2019.
"A cut of 2.5 percent from October levels for all bar Iran, Libya, Venezuela and Qatar looks closer to a 700,000-bpd cut", said Fyfe, although he still sees the agreement as enough to support prices.
On Wednesday, the API reported a massive build of -10.180M million barrels inventories, compared with analysts' expectations for -525K barrels draw. According to PVM, investors have pulled almost $50 billion out of the two major crude oil futures contracts since the latest rout started in October.
Flynn pleaded guilty to lying about conversations with Russia's ambassador to the US during the presidential transition period. He said the president directed him to make hush money payments to women during the 2016 campaign.
The president and top opposition congressional leaders had been meant to hold a reassuring Oval Office photo-op. CNN anchors Chris Cuomo and Don Lemon chuckled together about "NanChuck" taking on Trump over the wall.
It's a tease of a battle brewing between Dany, the North, the Lannisters, and the Night King we expect to occur next season. To tide the show's millions of viewers over, HBO has released a first look at the season with a Fire and Ice trailer.
Catriona would wear it straight to the Question and Answer segment, and eventually toward the Miss Universe coronation. A great travel buddy and definitely not a "scaredy cat", Catriona is always game for heart racing adventures.
He received a $4.6 million signing bonus from the A's with the expectation that this would be his last season on the gridiron. Through 13 games, the sophomore has completed 67.7 percent of his passes for 3,353 yards and a school-record 37 touchdowns.
According to reports, the singer has been accused of sending indecent photographs to a 17-year-old girl, who hails from Brazil. In 2006, Rakhi Sawant filed a case against Mika for forcibly kissing her during her birthday celebrations in Mumbai.
The first legs will be held on 12/13/19/20 February , with the second legs scheduled for 5/6/12/13 March . The Champions League draw will be followed by the Europa League draw which will feature 32 teams.
Mark Meadows (R-N.C.) signaled his willingness to join the Trump administration as White House chief of staff . Meadows now chairs the House Freedom Caucus, making him the most conservative choice of those likely to run.
In place of most Washington dignitaries were top Houston athletes including the NFL Texans' defensive end J.J. Watt - displaying Bush's love for sports - and Chuck Norris, who played TV's "Walker, Texas Ranger".
Mourinho has had his say on Jurgen Klopp's Liverpool this week, jibing at them for having not won any trophies under the German. Rio Ferdinand believes Manchester United require urgent changes if they are to return to the top of the Premier League .
Minaj eventually disabled comments on the post after Petty's criminal background was picked up by several outlets. The rapstress posted a photo over the weekend that seemed to confirm she and Petty are an item now.
This a sad story all the way around, and to know that this was planned out by criminals makes it even more disgusting and tragic. The Orange County Register says the vehicle they were in reportedly hit a rock on the road in the state of Yarucuy.
The defense, needing a quick stop, then forced a three-and-out, giving the offense the ball back at the Chargers' 40-yard line . Los Angeles was trailing 28-14 when they got a touchdown run from Justin Jackson with 3:49 left to go.
Enough Tory MPs have requested a vote of confidence in Theresa May to trigger a contest which will take place tonight. Speaking outside 10 Downing Street this morning, Mrs May said: "I will contest that vote with everything I have got".
Otherwise, he added, the U.S. official has adopted an unprofessional, naïve, and meddlesome approach. Whether to exempt Iran from making any cuts was one sticking point in the meeting, said a delegate.
To top it off, the fart spray is programmed to emit gross odors five times, which prompts package thieves to immediately toss it. A Global Positioning System tracker in the phones would let him know where a package ultimately ended up.
There is not now a viable alternative to the law that can pass the House and Senate and get signed into law by President Trump . He did not, however, issue an injunction, meaning the law can continue to be applied as the appeal process continues.
Sergio Aguero and Kevin De Bruyne could both return to action as champions Manchester City face Everton this weekend. The impressive Leroy Sane picked up possession and played in Jesus, who fired a low shot underneath Pickford.
So United knew just what it was getting when it gave the game's most volatile character a route back into the dugout in 2016. The club is 19 pints behind Premier League leaders Liverpool, who they lost to (1-3) last weekend.
United said they wanted fans going to the game at Anfield "to support the team in a passionate and positive way". But asked if he was confident of making up that margin, Mourinho said: "Yes, I think (we can)".
Despite the request - which have at times been more along the lines of threats - the USA has maintained the crippling sanctions. Despite the latest war of words, a second summit between Mr Trump and Mr Kim is expected to be held next year.
Also, the Congress appears to lack political imagination and has been unable to produce a powerful counter-narrative to the BJP. In the 90-seat assembly, the Congress, with 64 seats is way ahead of the 46 majority mark needed to form the government.
Both the Japan Self-Defense Forces and Japan Coast Guard announced Tuesday that they'd halted their search efforts at 6 a.m. Every member of the III MEF family mourns this loss and stands alongside the families of the fallen in this bad moment.
Navarrete, an underdog against the London-based Ghanaian champion, made the most of his height and reach advantage. Of course, I still want two straps, so maybe next year we will fight with Mikey Garcia , - said Vasily.
It looks like a cross between Fallout and Borderlands with an interesting new environment on the edge of space. For now, you can keep track of the game's progress by checking out its dedicated Steam store page .
SkyCom's alleged sanctions breaches occurred from 2009 to 2014, while Meng's alleged fraudulent misrepresentations were in 2013. Dow futures slide after the arrest of Huawei CFO Meng Wanzhou in Canada; Doug McKelway reports from the White House.