US crude inventories log 3.8M-barrel hike last week
Commercial crude inventories added 3.8 million barrels last week, compared to forecasts for a 1.7-million-barrel slump.
Gasoline inventories also jumped by 4.2 million barrels, while distillate stocks — including diesel and heating oil — shed 1.7 million barrels.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
35 minutes ago
- Al Arabiya
FIFA Cuts Ticket Price to $13.40 for Club World Cup Semifinal Between Chelsea and Fluminense
FIFA cut standard ticket prices for the semifinal between Chelsea and Fluminense at MetLife Stadium in East Rutherford, New Jersey, on Tuesday to $13.40 from $473.90 earlier in the past week. FIFA has used dynamic pricing for the 63-game tournament. Standard ticket prices for Wednesday's semifinal between European champion Paris Saint-Germain and Real Madrid in New Jersey start at $199.60. FIFA had dropped ticket prices to $11.15 for a quarterfinal in Orlando, Florida, between Fluminense and Al-Hilal, and in Philadelphia between Chelsea and Palmeiras. The dramatic drop in prices was first reported by The Athletic. Many matches during the tournament have had sparse crowds. Real Madrid has been an exception, drawing at least 60,000 for all five of its matches, including 76,611 for its quarterfinal win Saturday over Borussia Dortmund in New Jersey.
Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Eight OPEC+ Alliance Members Move toward Output Hike at Meeting
Saudi Arabia, Russia and six other key members of the OPEC+ alliance will discuss crude production on Saturday, with analysts expecting the latest in a series of output hikes for August. The wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- began output cuts in 2022 in a bid to prop up prices. But in a policy shift, eight alliance members surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting. Oil prices have been hovering around a low $65-$70 per barrel. Representatives of Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will take part in Saturday's meeting, expected to be held by video. Analysts expect the so-called "Voluntary Eight" (V8) nations to decide on another output increase of 411,000 barrels per day (bpd) -- the same target approved for May, June and July. The group has placed an "increased focus on regaining market shares over price stability," said Saxo Bank analyst Ole Hansen. Enforcing quotas The group will likely justify its decision by officially referring to "low inventories and solid demand as reasons for the faster unwind of the production cuts", UBS analyst Giovanni Staunovo told AFP. But the failure of some OPEC member countries, such as Kazakhstan, to stick to their output quotas, is "a factor supporting the decision", he added. According to Jorge Leon, an analyst at Rystad Energy, an output hike of 411,000 bpd will translate into "around 250,000 or 300,000" actual barrels. An estimate by Bloomberg showed that the alliance's production increased by only 200,000 bpd in May, despite doubling the quotas. No effect from Israel-Iran war Analysts expect no major effect on current oil prices, as another output hike is widely anticipated. The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above $80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply. As fears of a wider Middle East conflict have eased, and given there "were no supply disruptions so far", the war is "unlikely to impact the decision" of the alliance, Staunovo added. The Israel-Iran conflict "if anything supports a continued rapid production increase in the unlikely event Iran's ability to produce and export get disrupted," Hansen told AFP.
Asharq Al-Awsat
5 hours ago
- Asharq Al-Awsat
Musk Says ‘America Party' Is Formed in US
A day after asking his followers on X whether a new US political party should be created, Elon Musk said on Saturday that the "America Party is formed." "By a factor of 2 to 1, you want a new political party and you shall have it!" he said in a post on X. "Today, the America Party is formed to give you back your freedom." The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the billionaire chief executive officer of Tesla fiercely opposed. Musk spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.
