"A build to gasoline inventories is tilted a little bearish, although a build of 2.5 million barrels on the Gulf Coast was in response to higher refining activity", said Matt Smith, director of commodity research at ClipperData.
If the losses hold, it would extend crude's decline to three straight days.
US crude stocks fell last week as refineries hiked output, but gasoline supplies, which are already seasonally high, surprisingly increased, the Energy Information Administration said on Wednesday.
The petrostates behind this cut are stuck behind a rock and a hard place-the hard place being the fiscal squeeze bargain oil is placing on their governments, and the rock being US shale production.
"Total inventories of crude and products moved to a deficit versus year-ago levels for the first time since August 2014, despite a build in gasoline stocks following refinery runs rising by 241,000 [barrels per day]", said Troy Vincent, oil analyst at ClipperData.
OPEC and a group of 11 other oil producing countries agreed late last year to cut their collective production by 1.2 million barrels per day through the first six months of this year, hoping that their market intervention might eat away at the global glut of crude and push prices upwards. USA crude inventories were at 532.3 million barrels, only about 3 million barrels less than the record reached in March.
Brent for June settlement fell $1.96, or 3.6 percent, to $52.93 a barrel on the London-based ICE Futures Europe exchange.
Oil markets are on path to recovery due to measures taken by Opec and non-Opec members to cut production by 1.8 million barrels per day from January this year, secretary general of Opec said at the third GCC petroleum media forum that kicked off in Abu Dhabi on Wednesday. During that period, crude oil prices (USO) (USL) (UCO) (BNO) were falling.
In parallel, imports declined by 68,000 barrels a day last week to 7.8m barrels, while domestic oil output rose slightly. Oil prices jumped by more than 10 per cent following the deal with worldwide benchmark Brent crude now trading above $55 per barrel. This week, U.S. President Donald Trump ordered a review of whether the lifting of sanctions against Iran was in the United States' national interests.
However, the National Investigation Agency (NIA) has not confirmed the report and said it is verifying the claim . Following the MOAB raid in Achin, the commander of NATO's Resolute Support Mission (RS) in Afghanistan, Gen.
T-Mobile appears to have a thing about not sticking to the release dates announced by manufacturers for their new smartphones. We should expect to start seeing social media posts from proud owners of the Galaxy S8 in just a couple of days from now.
Naturally, the style icon looked ultra-chic in a floor-length black dress from her own label which she teamed with burgundy heels. Victoria Beckham receives her OBE from the Duke of Cambridge during an investiture ceremony at Buckingham Palace in London.
In 2016, two more women won settlements after complaining about alleged harassment that took place in years past. In the meantime, "The O'Reilly Factor " would continue this week with guest hosts Dana Perino and Greg Gutfeld.
Sixteen people lost limbs due to the explosion and resulting shrapnel. "We are incredibly sorry", the statement said . The company is the latest in a string of brands to find itself frantically apologizing for doing something stupid.
Thomas won't be going anywhere though and in spite of such an emotional day, he still was able to drop 33 points in the effort. But we executed extremely well. "Fred Hoiberg is doing a helluva job of putting us in the right situations to get some wins".
The worry was that Germany's grid would become unreliable and erratic since it relied on multiple inconsistent energy supplies. It is widely accepted in the energy industry that US coal production will fall as a percentage of the total electric grid mix.
President Donald Trump unveiled a new " Buy American, Hire American " policy during a Tuesday visit to Southern Wisconsin. The new order directs US agencies to propose rules to prevent immigration fraud and abuse in the program.
Facebook shares brain-control ambitions
But Dugan did stress that Facebook isn't blindly pursuing technological advancement without considering the implications. On his Facebook page, Mark Zuckerberg added: "Our brains produce enough data to stream four HD movies every second".
Leonard's 37 points lead Spurs by Grizzlies 96-82
Now he's proven to his players and the National Basketball Association what he's about. "In the first half, it was a little sore". The Grizzlies came into the postseason as the Western Conference's No. 7 seed while matching up with the No. 2 seeded Spurs.
Britain's prime minister to seek early election on June 8
But why now? A recent study conducted by Observer showed that British voters trust the current conservative Prime Minister. That motion, as set out by the Fixed-Term Parliaments Act, will require a two-thirds majority of the House of Commons .
Galaxy S8 won't have Bixby voice function at launch
The same report also stated that Bixby's most widely advertised feature, voice control, would not immediately be available. Other features, including Bixby Vision, Home, and Reminder, would, however, be available.
Manhunt underway for man who livestreamed homicide
State police said officers chased Stephens for about two miles before attempting a manuever to disable the Ford Fusion he was in. Stephens posted video of the shooting to his Facebook page and went live on Facebook to confess to the murder.