USA crude slips 57 cents, retreating from mid-2015 highs

WTI Crude Oil

Citgo Petroleum Corp., the USA refining arm of Venezuela's state oil company, was indicted for benzene emissions at a refinery and for failing to protect migratory birds that became coated in oil at a storage facility.

USA drillers reduced the number of oil rigs operating by five in the week to January 5, the first decline in three weeks, according to a report by energy services firm Baker Hughes on Friday. Prices at the pump are higher than they were almost all of last summer, mainly because oil prices remain high and due to the extreme cold weather that caused some snafus at refineries.

Futures advanced 0.5 percent on Monday, settling near $62-a-barrel in NY.

Only Russia and Saudi Arabia produce more.

Oil had its strongest opening week for any year since 2013 last week as USA stockpiles continued to shrink and amid output curbs by the the Organisation of Petroleum Exporting Countries (Opec) and its allies.

"The US oil price is now into a range that is anticipated to attract increased shale oil production", said Ric Spooner, chief market analyst at CMC Markets in Sydney. "How the market handles this may set the tone for the near term trend".

Brent Crude Oil
Weekly March Brent Crude Oil

West Texas Intermediate for February delivery added 23 cents to $61.67 a barrel at 10:09 a.m. on the New York Mercantile Exchange. Total volume traded was about 37% below the 100-day average. Front-month prices rose about 1.1 percent last week.

States where prices moved most last week were: IN and MI (down seven cents); OH (down five cents); Minnesota and CT (up four cents); Alabama, California and Idaho (up three cents); and IL and Kentucky (down three cents). The price differential (spread) between WTI and Brent crude narrowed by almost a dime to $6.10 a barrel week over week.

In the US, drillers are seeking to do more with less in a bid to boost profits.

Money managers cut their WTI net-long position - the difference between bets on a price increase and wagers on a drop - by 3.8% to 396 381 futures and options in the week ended January 2, according to data from the US Commodity Futures Trading Commission on Friday.

Yet, surging US production could offset some of the cuts from OPEC producers, as USA production rose to 9.78 million barrels a day (MMBPD) in the latest week, according to last Wednesday's report. Contributions of 200 words or more will be considered for publication.

Cam Newton crumples trying to leave field in scary scene
When a reported noted that Jordan's sauce comment was a callback to Newton's joke, Jordan said, "Petty, right?" This isn't the first time the Panthers have been investigated for how it has handled the protocol.

Lalu sentenced to 3.5 years in jail in fodder scam case
Earlier, RJD leader Rabri Devi called an emergency meeting of the party before Lalu Prasad Yadav's sentencing in fodder scam case. The 1997 fodder scam case had virtually brought down his political career. "It is the end of a chapter", said K.C.

ESPN Chooses Not to Suspend Host Who Called Trump 'F***ing Stupid'
As Sporting News reports, one of the hosts claimed the "thumbs up" gesture is seen by some as advocating "white power". Nolan made the comments with a bit of laughter, but they still challenge the political policy from ESPN .

Related news:

Hot News

isis-killer-beheading-video-story-top HTC announces the new improved HTC Vive Pro, 3D Audio and more
Jan 09, 2018 - 00:58
But, like the rest of the market's high-end headsets, the Vive Pro will still only run with the help of a powerful computer. At the same time, HTC unveiled the Vive Wireless Adaptor , which they say will be the first wireless VR adapter to market.

isis-killer-beheading-video-story-top Chiefs rumors: Eric Bieniemy could be a favorite to replace Matt Nagy
Jan 09, 2018 - 00:56
He did not call plays until late this season, but has drawn praise for his work with Chiefs quarterback Alex Smith. His contract is up on Tuesday, and the Bears have reportedly been interested in retaining him in his position.

isis-killer-beheading-video-story-top Aaron Taylor selected for College Football Hall of Fame
Jan 09, 2018 - 00:54
Brown went 244-122 in a 30-year coaching career that includes 16 seasons and the 2005 national championship with the Longhorns. Taylor was a key member of the Huskers' dominate run under Tom Osborne that ended with national titles in 1994-95 and 1997.

isis-killer-beheading-video-story-top Nokia 6 (2018) is Now Official: Everything You Need to Know
Jan 09, 2018 - 00:50
The company was planning to launch the device globally by early 2018, so it is going to be good news for all Nokia fans in India. The company is also using the same bold colour scheme around the camera module and the fingerprint scanner.

isis-killer-beheading-video-story-top "NVIDIA BFGD 65" Monitor 4K, 120Hz, HDR and G-Sync | CES2018
Jan 09, 2018 - 00:44
The popularity of the Big-Format-Gaming-Display is yet to be determined, and pricing and availability are unknown at present. BFGDs are available for hands-on demos at CES at the NVIDIA gaming suite and will be available this summer for purchase.

isis-killer-beheading-video-story-top Police search for missing journalist in Houston area
Jan 09, 2018 - 00:39
The roommate said the blue truck looped back around and parked behind her and Roland got out of her auto and the truck sped off. Police say most of the time she was missing, she was searching for her phone - which was found in her auto .

isis-killer-beheading-video-story-top Man dies in explosion outside Stockholm subway
Jan 08, 2018 - 06:11
Police cordoned off the station and the square outside as bomb squad experts moved in to investigate. He says a woman with the man received minor wounds to her face and both legs from the blast.

isis-killer-beheading-video-story-top Trump's Support for the Iranian Protests
Jan 08, 2018 - 05:57
France's ambassador to the United Nations told the meeting that recent protests in Iran do not threaten worldwide peace and security.

isis-killer-beheading-video-story-top Zidane: We will not 'go crazy' after Celta Vigo draw
Jan 08, 2018 - 05:57
Meanwhile, reports continue to link Real star Cristiano Ronaldo with a move to PSG this summer. Not with the first half, but with the second.

isis-killer-beheading-video-story-top SpaceX Launches Secret Zuma Mission for US Government, Lands Rocket
Jan 08, 2018 - 04:36
But now conditions for the mysterious mission are 80-percent go, weather-wise, in Florida. But Sunday's launch is perhaps the company's most secretive yet.

isis-killer-beheading-video-story-top Golden Globes: 5 Actresses Who Brought Activists to the Show
Jan 08, 2018 - 04:08
The actress is up for a Golden Globe for her portrayal of King, an early advocate for women's equality. The full list of activists, as well as their full statement, is below.

isis-killer-beheading-video-story-top Chelsea complete signing of Ross Barkley from Everton for £15million
Jan 08, 2018 - 03:40
Barkley, who had been with boyhood-club Everton since the age of 11, made a total of 179 appearances for the Toffees , scoring 27 goals in the process.

isis-killer-beheading-video-story-top McDonough bids farewell to Gruden during broadcast
Jan 08, 2018 - 03:12
The announcement comes almost 20 years to the day when Gruden was first introduced as the Raiders' coach. No matter what the relationship was or wasn't, we weren't robbed of a heartfelt parting of the ways.

isis-killer-beheading-video-story-top Watch this JMU receiver make a HELMET CATCH in the FCS Championship
Jan 07, 2018 - 01:22
Madison coach Mike Houston noted that almost every week, a Bison receiver ran free and caught a long pass off play-action. NDSU 14 JMU 3 - Easton Stick completes a 50-yard touchdown pass to Darrius Shepherd with 4:14 left in the second quarter.

isis-killer-beheading-video-story-top South Africa hail 'genius' of De Villiers
Jan 07, 2018 - 01:20
India at the close of play is tottering at 28/3, with both openers and Kohli back in the pavilion. Bhuvneshwar, who finished with 4/87, too agreed that De Villiers took the game away from India .