FBN's Connell McShane talks to Fasken Oil and Ranch's Rich Culbertson about the drilling process in the Permian Basin.
Crude oil prices started the trading day Thursday in negative territory, but quickly shifted into rally mode on signs that USA crude oil stocks at the key storage hub in Cushing, Okla., were drying up.
U.S. West Texas Intermediate (WTI) crude CLc1 futures increased by 6 cents, or 0.1 percent, to $67.72 a barrel.
Brent crude futures were last down 33 cents at $72.06 a barrel by 12:00pm GMT, while USA crude futures fell 55 cents to $67.11.
"It is nearly certain that China will impose additional duties on oil and refined products imported from the US if the Trump administration implements additional tariffs on the next tranche of Chinese goods".
The FOMC interlude was even less of an event than expected but that belies some of the headline risk creeping back into play, as the market has been waiting for a Whitehouse press release on China tariffs which has left investors to speculate if this will confirm the overnight chatter the United States is proceeding with USD 16 bln in tariffs.
In the statement on Wednesday, a day ahead of monthly oil and gas output data publication, Novak said that Russian Federation was pumping on average 40,540 bpd less in July compared to October 2016, a cut-off month for the OPEC+ deal.
Futures reversed course after trading lower on concerns about oversupply early in the session. OPEC has responded with boosting supply, but we are yet to see how much Iranian supply would be choked off, Croft said, adding that "it's going to be very significant".
Manchester United close in on German defender
Sunday Times reporter Castles believes Mourinho is keen to add two more players to his squad in the current transfer window . You wouldn't have known looking at the two teams and the first 45 minutes were played nearly entirely in United's half.
USA crude oil production for the month of May stood at 10.442 million bpd, compared to 10.472 million bpd in April.
WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, set for a drop of 1.4 percent.
"There's an expectation that the build from this week will be gone next week", said Phil Flynn, an analyst at Price Futures Group in Chicago.
"Bulls are fighting a losing battle ..."
Meanwhile, according to EIA, U.S. crude oil production was 10.9 million barrels per day which was 100,000 barrels per day lower than the previous week.
The U.S. can get Europe out of the market, and India-Iran's second-largest oil customer after China-will likely reduce Iranian purchases even if it doesn't get entirely out the market, Croft told CNBC.
China's International United Petroleum and Chemicals (Unipec) has also suspended purchases of USA crude amid the growing trade row, sources said. Additionally, he said, USA monthly figures for production fell in May, suggesting output may be curbed later in the year.
Canada also imports $2.6 billion in goods from Saudi Arabia, with the overwhelming majority being mineral products. The move follows vigorous calls by Canada for the immediate release of activists that have been detained .
On Friday, the Ministry of Commerce described its planned response: four different types of tariffs on $60 billion of US goods. Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China.
The United Nations and former colonial power Britain also expressed concern over the violence, and called for "restraint". If no candidate wins more than half the votes in the presidential election, there will be a runoff in five weeks.
It was flying a group of 14 Swiss nationals and a three-member family from Austria on a sightseeing tour for the company JU-AIR. According to German-language newspaper Blick , the plane was full for the flight, suggesting that up to 20 people may be dead.
In Wilton, 185 mosquitoes have been caught in the trap on Saunders Drive and one tested positive for Jamestown Canyon virus. Sarah Moyer, director of the Louisville Metro Department of Public Health and Wellness, said in a statement .
There have been threats of protests and the opposition parties have said they will release their own set of results. Opposition MDC party supporters hold a voting placard up high during the clashes with police.
Wall Street finished higher despite the disappointing jobs report , which coincided with a surprising leap in the trade deficit. Despite the attention given to the "retail apocalypse", retailers have actually added 96,000 jobs in the past 12 months.
Some restrictions do apply - single clothing items over $75 and individual back to school supplies over $20 will be taxed. It definitely helps with traffic and sales, having the tax free, everybody likes that savings", explained Pinson.
It resulted in him giving England two chances, one off Anderson when on 21 and another off Stokes when he'd passed his fifty. In total, Kohli has played 14 matches against England - 9 home and 5 away matches (excluding the ongoing Edgbaston Test).
They will then start playing for real on August 12, with the Premier League regular season opener at home against West Ham United. Whereas Firmino is fain to drop deep and leave space for Mane and Salah, Sturridge spends far longer facing the opposition goal.
On Thursday, spectators once again witnessed India's batting order getting collapsed as Virat Kohli fought a lone battle. Cook was drawn forward as the ball pitched on middle stump to zip past him and hit the off stump.
After the theft, multiple people were seen leaving the cathedral in a boat that was waiting right outside, police said. The crowns and orb are made of gold and enamel and encrusted with beads, crystals and pearls.
Sarri pins faith in Jorginho to close 30-point gap to City
The Premier League is the best league in the world'. "We never know, but I have been always clear about my wish of staying here". We talked only about 'Can I arrive on Monday instead of Sunday?' Cesc Fabregas may miss out due to a minor knee problem.
‘I like Mike!’: Trump disses LeBron James
He added the hashtag #BeBest , a reference to an initiative by the first lady, Melania Trump , that aims to help children. Throughout the new interview, King James doesn't hold back on discussing his personal issues with Trump.
Apple becomes world's first public company worth $1 trillion
Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million. The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.