OIL PRICES: $43.72
REUTERS wrote, oil prices fell early on Thursday as a build in U.S. crude inventories and record Saudi Arabian production weighed on markets.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $41.34 per barrel at 8.32 p.m. ET, down 37 cents, or 0.9 percent, from their last settlement.
International Brent crude futures LCOc1 were at $43.72 a barrel, down 33 cents, or 0.8 percent.
Oil fell sharply after data from the U.S. Energy Information Administration showed crude inventories rose 1.1 million barrels in the week ended Aug. 5. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.
"Crude oil stocks rose 1.06 million barrels to 523.6 million barrels. The unexpected rise was driven by reduced operating rates at refineries, which fell 1.1 percent to 92.2 percent of capacity," ANZ bank said on Thursday.
"Bearish supply-side news also weighed on the market, with Saudi Arabia reporting a record 10.67 million barrels per day production in July," it added.
However, other analysts said that this was not necessarily a bearish market signal as Saudi's record output would be met by strong demand and supply disruptions elsewhere.
|October, 18, 08:00:00|
|October, 17, 10:35:00|
|October, 17, 10:30:00|
|October, 17, 10:25:00|
|October, 17, 10:20:00|
|October, 17, 10:15:00|
MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.
REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.
FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow.
PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said