U.S. crude oil inventories decreased last week ending March 30, and the refining sector input 141,000 barrels per day more than the previous week's average, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. The main pressure on prices this week has been the fear of a trade war between China and the US.
Futures in NY slipped 0.4% after climbing 0.8% on Tuesday.
The strength of the US dollar was a headwind for oil, said Bill Baruch, president of Blue Line Futures in Chicago.
MPs Think North Korea Could Nuke Us by 2020
They also suggested he could be "dissuaded from the use of nuclear weapons, by means of a policy of deterrence and containment". North Korea is "almost certain" to have ballistic missiles within six to 18 months that can reach the UK, MPs have warned.
Brent for June settlement declined 2 cents to $68 a barrel on the London-based ICE Futures Europe exchange, after slipping 10 cents on Wednesday.
The net long position in futures and options tops 600 million barrels of oil, the data shows, meaning that in the event of a sharper drop in price, sellers may find a dearth of buyers. The country's crude production rose in March despite the output deal, to 10.97 million barrels per day (bpd) from 10.95 million bpd in February, Russian Energy Ministry data showed, keeping Russia ahead of the United States as the world's biggest crude producer.
West Texas Intermediate for May delivery was at $62.38 a barrel on the New York Mercantile Exchange, down $1.13, at 11 a.m.in London, after rising 50 cents on Tuesday.
"I Am A Hindu Vaishnav, Not Jain": Amit Shah
Slamming the Congress president, he said, "When we lost two Lok Sabha seats (in UP) recently, Rahul baba distributed candies ". From Maharashtra to Haryana from Jharkhand to Manipur, Assam and Uttarakhand, BJP is everywhere.
Wednesday's weekly inventory figures showed that US crude stocks unexpectedly declined by 4.6 million barrels in the most recent week.
Soybeans are largely considered one of China's biggest weapons in the trade war, offering a way to harm the US economy and hurt President Trump politically, since many farming states backed Trump in his presidential election. The reason is the low exports from Angola and the temporary problems in Libya.
Oil fell after China said it would levy tariffs on $50 billion of US imports in retaliation against measures by President Donald Trump, fanning concerns that economic growth and fuel demand could be hurt. Distillate stockpiles, which include diesel and heating oil, rose by 537,000 barrels, versus expectations for a 1.1 million barrels drop.
Quake strikes off LA coast
A 5.3-magnitude quake struck near Channel Islands off the Southern California coast on Thursday, shaking large swaths of SoCal. In particular they were checking freeway overpasses, universities and sports stadiums, apartment buildings and power lines.