Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  

Subscribe to our free daily newsletters

Demand factors lift crude oil prices higher
by Daniel J. Graeber
Washington (UPI) Aug 3, 2017

Strong employment figures and signs of increasing U.S. demand offset low inflation in the OECD to push crude oil prices higher early Thursday.

Private payroll processor ADP reported Wednesday that private sector employment increased from June to July by 178,000, with the services sector far outpacing manufacturing. Ahu Yildirmaz, a research director for ADP, said job growth is entrenched, but the labor market was getting tighter, making it hard for employers to find qualified workers.

After a record-setting day for the Dow Industrial Average, official data from the U.S. Labor Department could keep the bulls in charge. First-time claims for unemployment for the week ending July 29 were down 5,000 from the previous week and the less-volatile four-week moving average declined 2,500.

That followed indicators of strong U.S. demand, with the U.S. Energy Information Administration reporting gasoline inventories dropped 2.5 million barrels from the previous week.

"In the near term, there are several bullish factors to support current prices," Jenna Delaney, a senior oil analyst at PIRA Energy, a forecasting and analytics unit of S&P Global Platts, said in an emailed report. "Crude oil inventories have [also] fallen at a stronger than usual clip during the summer months, and have been below year-ago levels for three consecutive weeks."

The price for Brent crude oil was up 0.63 percent at 9:15 EDT to $52.70 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.5 percent to $49.84 per barrel.

The rally may be muted by data from the Organization for Economic Cooperation and Development that show inflation is weakening among major world economies. Among the Group of Seven leading economies, inflation picked up only in Germany.

Inflation slowed from 1.9 percent to 1.6 percent in the United States, dropping further away from the goal of the U.S. Federal Reserve of 2 percent. That came even after the milestone close above 22,000 for the Dow after Wednesday's close.

Delaney warned the rally may be brushing up against a ceiling, meanwhile.

"U.S. production continues to grow at a steady clip, and early estimates of OPEC production are indicating volumes were higher during July month on month," she said.

Strong performance for Norwegian oil player, Lundin
Washington (UPI) Aug 2, 2017
Strong revenue growth for the second quarter and a pipeline of high-profile developments sets up Lundin Petroleum as a premier European player, the CEO said. "The quarter was characterized by strong production at low cash operating cost, solid operating cash flow generation, good progress on development projects and successful appraisal activity and organic growth in the southern Barent ... read more

Related Links
All About Oil and Gas News at

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

New light-activated catalyst grabs CO2 to make ingredients for fuel

Algae cultivation technique could advance biofuels

Fungi that evolved to eat wood offer new biomass conversion tool

How enzymes produce hydrogen

A new picture emerges on the origins of photosynthesis in a sun-loving bacteria

World Bank tries to make Pacific solar power decisions easier

Schneider Electric India commissions 720 kWp solar plant at its manufacturing facility in Vadodara

UNIST hits new world efficiency record with perovskite solar cells

U.S. wind power momentum up 40 percent from last year

Shale-rich Oklahoma to host mega-wind farm

ABB wins $30 million order to support integration of offshore wind energy in the UK

GE's renewables not enough to boost overall revenue

Areva signs MOX fuel fabrication contract with Japan

Nuclear contaminates earnings of France's EDF

Underwater robot probes inside Fukushima reactor

Finland's TVO claims partial win in Areva nuclear dispute

Could spraying particles into marine clouds help cool the planet

Al Gore: I've given up on climate 'catastrophe' Trump

Could a geoengineering cocktail control the climate

New carbon-capturing membranes may reduce greenhouse gas emissions

Volkswagen to refit 1 million more diesel cars in Germany

Los Angeles to have fully electric bus fleet by 2030

Is 'diesel summit' the last chance for Germany's favourite engine

Germany's car bosses bid to head off diesel ban with software patch

Two killed in IS-claimed attack on Iraq embassy in Kabul

Iraqis in Mosul markets both fear and hope for the future

Schoolgirls in Iraq's Mosul aim to catch up on lost years

In the ruins of Mosul, a hunt for the missing

Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement