{"id":24355,"date":"2017-03-15T05:47:07","date_gmt":"2017-03-15T05:47:07","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=24355"},"modified":"2017-03-15T05:50:12","modified_gmt":"2017-03-15T05:50:12","slug":"u-s-oil-jumps-data-shows-surprise-u-s-stock-draw","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/u-s-oil-jumps-data-shows-surprise-u-s-stock-draw.html","title":{"rendered":"U.S. oil jumps after data shows surprise U.S. stock draw"},"content":{"rendered":"<h2 style=\"text-align: justify;\">\n\t<span style=\"font-size:22px;\"><strong><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\">U.S. oil jumps after data shows surprise U.S. stock draw<\/span><\/span><\/strong><\/span><br \/>\n<\/h2>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\"><strong>U.S. oil jumps after data shows surprise U.S. stock draw:-<\/strong> U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">U.S. West Texas Intermediate crude CLc1 was trading up 73 cents, or 1.5 percent, at $48.45 a barrel by 2314 GMT, having earlier risen more than $1 to $48.87. The rise came after the contract marked a seventh straight decline in a row on Tuesday, the longest losing streak since January 2016.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">U.S. crude stocks fell by 531,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. [API\/S]<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">That compared with analysts&#39; expectations for an increase of 3.7 million barrels. If the draw is confirmed by government data on Wednesday, it would be the first drawdown after nine consecutive builds.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">U.S. gasoline and distillate inventories drew more than expected, the data also showed.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have erased nearly all gains since OPEC announced output cuts in November.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">Brent futures had yet to be traded yet after settling down 43 cents at $50.92 on Tuesday, the lowest finish since November.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">Secondary sources had said Saudi output fell in February to 9.797 million barrels per day (bpd), but Riyadh told OPEC it rose to 10.011 million bpd.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">In an effort to dispel market concerns, the Saudi energy ministry said the &quot;difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month to month variables.&quot;<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\"><span style=\"font-size:18px;\">OPEC&#39;s monthly report said oil stocks in industrialised nations rose in January to 278 million barrels above the five-year average, with U.S. shale and other non-OPEC supply gaining.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-size:8px;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"color:#000000;\">Source:-&nbsp;http:\/\/www.reuters.com\/article\/uk-global-oil-idUSKBN16M02Y<\/span><\/span><\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/u-s-oil-jumps-data-shows-surprise-u-s-stock-draw.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>U.S. oil jumps after data shows surprise U.S. stock draw U.S. oil jumps after data shows surprise U.S. stock draw:- U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[15131],"class_list":["post-24355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-u-s-oil-jumps-after-data-shows-surprise-u-s-stock-draw"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/24355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=24355"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/24355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/24357"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=24355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=24355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=24355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}