That topped the forecast for a decline of 2.5 million barrels by analysts surveyed by S&P Global Platts.
U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.
Brent crude futures LCOc1 increased by 41 cents to $50.61 a barrel, while US West Texas Intermediate futures CLc1 rose by 49 cents to touch $48.38, reported Reuters.
Oil prices were sitting just below eight-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude inventories will reduce global oversupply.
LOOP LLC (LOOP) - operator of of the largest privately-owned crude oil storage and transportation logistics facility in the U.S. Exports, meanwhile, surged to more than 1 million bbl/d.
According to a report by the Financial Times, Alexander Novak, Russian Energy Minister said Nigeria and Libya should cap production output only when their production stabilizes. The UAE consumes less than a third of its total crude oil production-so it is unclear, assuming it continues to overproduce, exactly what the UAE intends on doing with the 10 percent it is shaving off its September exports.
In refined products, RBOB heating oil futures remained flat at 1.600 a gallon at the NYMEX.
Moto 360 Camera Moto Mod detailed The mods, which range from fancy cameras to fatter batteries , simple connect to the magnet, creating a chunky new device. In terms of design, the phone will have a slim metal shell body and the 3.5mm headphone port will be removed for good.
Since a year ago, oil prices witnessed sharp fall due to ongoing global glut has primarily been driven by a rise in United States production.
EIA reports that ethanol exports have also been on the rise, particularly through the first four months of 2017.
Refinery crude runs rose by 166,000 bbl/d, EIA data showed.
Gasoline stocks fell by one million barrels, compared with analyst expectations for a 614,000-barrel drop.
USA crude imports fell last week by 254,000 bbl/d. Last month, news broke that Saudi Arabia had actually been increasing its exports steadily even though the kingdom was part of OPEC's deal to cut output.
Still, many analysts and investors believe the oil-price recovery is still tentative.
Calling for a bandh, the Hurriyat Conference said the case was fabricated and the NIA was misleading people. Later, some of these leaders and activists were called to Delhi by the NIA for further questioning.
Frank Isola of the New York Daily News is reporting that Carmelo Anthony remains "focused on getting a deal done with Houston". Any deal involving Anthony to Oklahoma City would likely mean Enes Kanter going the other way just for salary purposes.
He's still grieving his father and is still learning how to be a new ruler when enemies step in to challenge his power. Opening on February 16, 2018, Ryan Coogler's Black Panther stars Chadwick Boseman as T'Challa, with Michael B.
Bayern Munich defender Juan Bernat has been ruled out for several weeks after undergoing surgery on his left ankle. Stay tuned for live goal updates of the International Champions Cup 2017 Chelsea vs Bayern Munich on this website.
And, as comic fans know, the original Captain Marvel (later known as Mar-Vell) was a Kree hero forever altered by that conflict. With the group arriving in Captain Marvel , a whole new set of stories are possible in the MCU moving forward.
Click on this link if you want to find out more about how to win the trip of a lifetime or train with Chelsea's stars . Cahill captained the side for the majority of last season, and got his hands on the Premier League trophy in May.
The smartphone will go on sale in Mexico, Brazil, Europe, Middle East, and Africa from later this summer, the company says. There are also a range of post-production effects to experiment with like selective focus and selective black + white.
EC President Juncker is said to be concerned most about energy-related measures in the possible new USA sanctions . According to CNBC , the European Commission will lobby the USA to exclude EU energy companies from the sanctions .
However, Der Spiegel reported that the four automakers agreed to use smaller rather than larger tanks in order to cut costs. Volkswagen has previously admitted in courts that the tanks they fitted in their cars did not hold enough of the solution.
The signs were discovered on Sunday in both the Cedar-Riverside neighborhood of Minneapolis and an intersection in St. The records provided some detail about the training courses he took but no insight into his on-the-job performance.
'Lady Blue Eyes' Barbara Sinatra dead at 90
Her family requests that gifts be directed to the Barbara Sinatra Center for Abused Children, 39000 Bob Hope Dr.in Rancho Mirage. Frank Sinatra's fourth and final wife, Barbara Sinatra , has died. nearly 20 years after her famous husband passed.
Fergus Beeley road rage
The enraged man then points at each family member - including the young boy - telling them they are also under citizen's arrest . Police said the two men involved in the incident decided not to pursue a complaint.
Nigeria will not exceed oil production target - Barkindo
They dropped $1.34, or 2.7 percent, in the previous session to settle at $48.32 per barrel, the lowest close since May 12. Saudi Arabia again pledged to cut production and exports during a Monday meeting of major oil producers in St.
Man And The Wasp Adds Michelle Pfeiffer And Laurence Fishburne
It's potentially major casting news, as in the comics, Janet was the original Wasp and the first wife of the original Ant-Man Dr. Randall Park was also recently announced as a new member of the cast, hopping on board to play Jimmy Woo, an agent of SHIELD.