Moody's raises medium-term price band forecast for crude oil
Moody's raises medium-term price band forecast for crude oil
US crude stocks likely rose for third week, products seen down: Reuters poll
14 March, 2018, 20:48
Oil prices stabilised early on Wednesday after posting two days of falls at the start of the week. The Energy Department releases its USA inventories data later this morning.
U.S. crude stocks rose by 5 million barrels, the biggest jump since late January, the U.S. Energy Information Administration (EIA) said.
According to OPEC, "the most recent trade-related developments may provide challenges to the growth momentum as global trade has been an important factor contributing to the world economy".
"The ever-expanding US supply continues to pose significant downside risk to oil prices", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.
Copper CMCU3 and palladium XPD= , a key component in gasoline-powered vehicles, both rose around 1 percent, which in turn encouraged a bounce in the oil price.
Brent crude was last up eight cents at $64.72 US a barrel, climbing from an earlier low of $64.43.
However, Moody's believed that prices will remain range bound and possibly volatile, amid increases in United States shale production, reduced global supplies and potential noncompliance with agreed production cuts.
Growth Analysis of The Coca-Cola Company (KO)
The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.03. Alphaone Invest Ltd accumulated 1,100 shares. 20,547 are held by Tiedemann Wealth Limited Liability Company.
China reported a 7.2% year-on-year increase in industrial output in the first two months of the year, roundly beating expectations.
If sanctions are reinstated, Iran's oil exports could drop by 250 000 to 500 000 barrels a day by the end of this year, FGE said in a note.
The API data also showed distillate inventories sank by 4.26 million barrels and gasoline stockpiles fell by 1.26 million last week.
Chinese oil production fell 1.9 percent in January and February to a daily rate of around 3.77 million barrels per day, while the amount of crude processed by refineries rose 7.3 percent to 93.4 million bpd, implying that its import demand will remain strong.
Meanwhile, a monthly report from the Organization of the Petroleum Exporting Countries showed that the cartel's crude production fell by 77,000 barrels a day in February to average 32.19 million barrels a day.
Support on Wednesday came from a report that USA crude inventories are not rising as much as expected during the spring season that is starting, implying healthy demand.
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The retailer employs more than 18,000 personal shoppers that power this program with thousands more being added this year. There has been plenty of activity from retailers like Walmart and others in the grocery delivery space to support it.
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My oh my, what a Pi Day for dining deals
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