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US Crude oil futures hit over Dollars 53 pb

US Crude oil futures hit over Dollars 53 pb

Weekly inventory data from the American Petroleum Institute (API) late on Tuesday showed US crude, gasoline and diesel stocks rose more than expected last week. Analysts polled by Thomson Reuters were expecting a 2.8 million barrel increase.

As President Trump moves to make the USA independent of energy sources, OPEC nations have been limiting production, causing the price of Brent crude to rally.

Although the six-month production cuts imposed on January 1 by OPEC members and 11 other producers including Russian Federation would be helping major oil exporters to get higher revenues, oil prices would not grow over the mark of around $60 per barrel, which is the marginal cost for United States shale oil producers, Mohaddes argued. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.15 percent and stood at $52.83.

USA energy companies last week added the most rigs drilling for new production in nearly four years.

Crude prices edged lower Wednesday as market participants awaited data due at 10:30 a.m. ET from the U.S. Department of Energy.

American Lung Association Issues Grades for Tobacco Prevention
Nebraska has not increased the age of sale for tobacco to 21 and has one of the lowest tobacco tax rates in the country. However, youth tobacco use still remains a major issue.

Oil futures rose Thursday, rebounding from losses during the overnight session, as traders shrugged off another big jump in US oil inventories.

"While the OPEC deal continues to show clear signs of compliance, the impact will be significantly limited until OPEC's output reduction is coupled with crude inventory draws and a slowdown of recent USA drilling activity", analysts at Schneider Electric wrote in a research note. "Production is expected to have increased by 1.6 million bpd in the fourth quarter of 2016, with Opec accounting for 0.9 million bpd, or 55%, of this increase". "The one limiting factor on US production will be whether firms can make a profit at current prices", Hamilton said.

Under the accord reached late a year ago, OPEC, Russia and other non-OPEC members will curtail oil output by almost 1.8 bpd, initially for six months starting January 1.

Gasoline futures fell 3.87 cents, or 2.46%, to $1.5372 a gallon.

Dan Strumpf contributed to this article.


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