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Oil Slips as US Gasoline Stockpiles Climb, Crude Supplies Drop


Crude traders and investors in Asia also had their first chance to assess a 13th consecutive increase in the rig count by drillers of USA shale oil.

Volumes were thin, with over 127,000 Brent futures contracts and about 222,000 WTI contracts changing hands, more than 60 percent lower than Thursday's trading volumes. Crude inventories fell 1.03 million bbl to 532.3 million last week, the agency reported Wednesday.

Saudi Arabia committed to lower its output by 486,000 barrels a day to 10.058 million a day while Iraq agreed to cut by 210,000 barrels a day.

En febrero, se profundizó caída de las ventas en súper y shopping
Golpeado por el rebrote de la inflación y los fallidos programas para "transparentar" los precios, el consumo no consigue repuntar.

Traders said that the gains followed comments by OPEC-members Saudi Arabia and Kuwait that an effort by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year would be extended beyond June. Production from major shale plays in May is forecast to climb to the highest level since 2015, according to the EIA.

"It seems that the optimism in the oil market we have seen since the last few days of March is running out of steam", wrote Tamas Varga, PVM Oil Associates analyst, noting concerns about the "ever-increasing rise" in USA shale output.

Crude production advanced 17,000 bpd to 9.25 million in the week ended April 14, the highest since August 2015.

Trump signs executive order for overhaul of H-1B visa system
This means the visas should not be granted to foreign workers who are simply willing to work for less than US workers. These companies connect USA technology firms with thousands of foreign engineers and programmers.

Crude output at major USA shale plays is forecast to climb to 5.2 million barrels a day in May, the highest since November 2015, according to the EIA's monthly Drilling Productivity report. "Ahead of summer driving season, it is surprising to see a lag in demand". Since bottoming at 8.428 million barrels per day in last July, the production in the United States has increased by more than 20,000 barrels per day on an average. USA inventories of 532 million barrels remained near all-time records reached in March.

"There's a lot of talk the (OPEC) agreement is going to be extended, but we have a full month to go before the (OPEC) talks are held", McGillian added. Russian Federation and 10 other non-OPEC producers agreed to cut half as much.The accord has lifted oil prices, which are near $55 a barrel. WTI futures settled at $52.41 a barrel, down 24 cents. U.S.

The Organization of Petroleum Exporting Countries said in a report a day earlier that inventories shrank in developed nations during the first quarter, while forecasting that rivals in the U.S. shale industry will boost output.

Ashmore Group plc (ASHM) Given "Hold" Rating at Peel Hunt
Piper Jaffray initiated Allied World Assurance Company Hldgs Ltd (NYSE:AWH) on Thursday, December 10 with "Overweight" rating. The brokerage now has GBX 500 ($6.29) price target on the stock, up from their prior price target of GBX 400 ($5.03).

While Iran fueled hopes that OPEC and non-OPEC oil producers could extend their output cuts beyond the six-month agreement, Saudi energy minister Khalid al-Falih said it was too early to discuss an extension.

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