Oil prices firms after two days of losses; eyes on Trump address

Karvounis lies at anchor stranded off the coast of Louisiana

Oil futures ended higher on Wednesday after weekly USA government data revealed smaller-than-expected increases in domestic crude and gasoline supplies, but concerns surrounding a potential slowdown in global energy demand limited the gain for prices.

The global economic outlook and prospects for growth in fuel demand have been clouded by poor economic data in China and U.S.

National Security Adviser John Bolton and Treasury Secretary Steven Mnuchin announce sanctions against Venezuela state-owned oil company PDVSA and embattled president Nicolas Maduro.

However, Venezuela's woes assuaged traders' mounting fears to a degree, with the US sanctions limiting oil transactions between the Bolivian republic and other countries, and the European Union considering imposing more sanctions on the government of president Nicolas Maduro.

Emiliano Sala - Nantes demanding first instalment of transfer fee
According to BBC Wales, Nantes have given Cardiff a 10-day ultimatum over the first payment of between five and six million euros. His father, Horacio Sala , described his pain and anguish on Sunday after he found out about his son's disappearance on TV.

Crude futures fell earlier after an industry report suggested a larger rise in crude inventories, while concerns about the impact on global supplies of us sanctions on Venezuela faded. “The political crisis in Venezuela was part of the reason prices were rising in previous weeks, but this seems to have been priced in by now, ” said Fawad Razaqzada, market analyst at Forex.com.

The Organization of the Petroleum Exporting Countries and 10 partner producers outside the cartel agreed late past year to hold back crude output by 1.2 million barrels a day for the first half of 2019, in an effort to soak up that global supply glut and rebalance the market.

Meanwhile, oil supply from the OPEC fell in January by the largest amount in two years, a Reuters survey found.

U.S. President Donald Trump said in his State of the Union address that a trade deal was possible with China.

Ariana Grande Reportedly Withdraws From Grammys After Disagreement Over Song Choices
Ariana was all set to perform but then had a disagreement with the show's producers over which songs she would perform. Instead, producers reportedly offered the New Zealand singer a spot in a Tom Petty tribute, which she declined.

Fritsch of Commerzbank said the Venezuelan issue could still drive oil higher.

Traders are still anxious about the global economic slowdown especially because of the uncertainty surrounding the U.S. OPEC, excluding Iran, Libya and Venezuela, agreed to handle 800,000 barrels a day of those cuts.

The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three-quarters of its pledged cuts already, a Reuters survey showed last week.

"The price has yet to react in any noticeable way", he said. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

New Zealand kayaker's lost pictures found sealed in poop
NIWA discovered a USB stick among the bones, feathers and seaweed in a slab of poo "the size of two bread rolls". NIWA said the only clue in the photos as to who might have taken them was the nose of a blue kayak.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump Says Trade War Deal Must Involve 'Real, Structural Change'
Feb 07, 2019 - 13:10
But it also illustrates how tariffs may do little to fulfill another of Trump's stated goals: reducing the USA trade deficit. Dow Jones had reported that the talks next week would be led by Mr Mnuchin and US Trade Representative Robert Lighthizer.

isis-killer-beheading-video-story-top Jabari Parker Another Target For Los Angeles Lakers
Feb 07, 2019 - 09:41
Discussions involved Enes Kanter, but talks later got bogged down, as mentioned in a previous report . He's making $20 million this season and has a team option worth $20 million for next season.

isis-killer-beheading-video-story-top Real Madrid to face Barcelona in Copa del Rey semi-finals
Feb 07, 2019 - 00:11
Two-time champion Real Betis and seven-time victor Valencia will play in the other semifinal, also beginning next week. The first leg will be played at Betis' Estadio Benito Villamarin, which will host the final of the competition.

isis-killer-beheading-video-story-top NC State Wolfpack vs. Virgnia Tech: Basketball game recap
Feb 06, 2019 - 20:28
The ACC said it surpassed the previous low mark for a league team set by Georgia Tech in a 57-28 loss to Virginia in January 2015. No offense to the Generals, but this game wasn't against W&L, and this game didn't take place in the pre-shot-clock era of '59.

isis-killer-beheading-video-story-top Golf roundup: Fowler wins Phoenix Open; Johnson takes Saudi title
Feb 06, 2019 - 20:27
PGA Tour rules official Slugger White determined Fowler's ball was in play after the drop, so he was assessed a one-shot penalty. He now heads back across the Atlantic to take part in the AT&T Pebble Beach pro-Am, one of his favourite tournaments.

isis-killer-beheading-video-story-top Taliban kill 41 Afghan security men in attacks
Feb 06, 2019 - 20:11
US -led forces in 2001 toppled the hardline Taliban for harboring the al Qaeda militants responsible for the September 11 attacks. But they have refused thus far to engage with Ghani despite his offers for talks, calling his administration a USA puppet.

isis-killer-beheading-video-story-top Tobias Harris trade: Sixers acquire Clippers star for players, picks
Feb 06, 2019 - 19:55
The Clippers have agreed to trade Tobias Harris to the Sixers, reports ESPN's Adrian Wojnarowski . Harris along with Butler and Redick are scheduled to become free agents after the season.

isis-killer-beheading-video-story-top Iran rejects Trump’s State of the Union accusations of anti-Semitism
Feb 06, 2019 - 18:34
He appeared to be referring to the Al-Asad air base in western Iraq, where he paid a brief visit to U.S. forces in December. FILE PHOTO: U.S. troops patrol at an Afghan National Army (ANA) Base in Logar province, Afghanistan August 7, 2018.

isis-killer-beheading-video-story-top Demi Lovato deletes Twitter amid 21 Savage backlash
Feb 06, 2019 - 18:11
She shared a picture of a person writing with ink and a feather pen with the caption, "This how 21 Savage be writing his verses". I don't get the joke", the latter replied, adding, "A lot of people were sending you love light, prayers etc.

isis-killer-beheading-video-story-top Alexandria Ocasio-Cortez spoke with UK's Jeremy Corbyn on the phone
Feb 06, 2019 - 16:39
The women described themselves as survivors of sexual assault and tearfully urged Flake to reconsider his position. Jeff Flake, R-AZ, in an elevator during the contentious confirmation of Supreme Court Justice Brett Kavanaugh.

isis-killer-beheading-video-story-top Auston Matthews signs a 5-year extension
Feb 06, 2019 - 16:22
He preserves his unrestricted free agent seasons, which puts him in the best position to maximize his career earnings in the end. As of now, Toronto is 32-17-3, good for 67 points and second place in the Atlantic Division behind the Tampa Bay Lightning .

isis-killer-beheading-video-story-top Earth’s magnetic north pole is hurtling toward Russia
Feb 06, 2019 - 16:12
Its speed jumped from about 9 miles per year (15 kilometers per year) to 34 miles per year (55 kilometers per year) since 2000. But then the U.S. government shut down, placing the model's official release on hold, as Nature News reported earlier.

isis-killer-beheading-video-story-top Twitter reacts to Trump's delayed State of the Union address
Feb 06, 2019 - 13:28
But last fall, as he advocated for Kemp, the president called Abrams "unqualified" for statewide office. They chanted "USA! USA!" when Trump recognised their achievement.

isis-killer-beheading-video-story-top Solskjaer: If you can't handle risk, you don't belong at Manchester United
Feb 06, 2019 - 11:43
Rooney has previously admitted that United players were unhappy under Mourinho before Solskjaer took charge. Do you think Pogba will still be at United next season? Rooney joined D.C.

isis-killer-beheading-video-story-top Optimism increasing at Barça as Messi trains ahead of el Clásico
Feb 06, 2019 - 10:11
Messi did not take part in full training on Monday, but returned to join his team-mates on Tuesday for their final session. For the first 15 minutes at least, which is what the media are able to observe, the Argentine trained like usual.