As a result, the price difference will be $2.77 a barrel to the disfavor of both the European economy and the rest of the world, but for the comfortable business environment for the USA oil export and refining.
In this series, we'll take a look at the correlations between crude oil-weighted stocks and crude oil. After the average oil price fell to its lowest in 12 years at $44 a barrel last year, BP said it expected prices to have found a floor for this year at $50 a barrel following a decision by major Opec and non-Opec producers to limit output.
The oilfield service company noted in its latest assessment that 729 oil and gas rigs were operation in the U.S., along with 343 in Canada, a rise of 158 and 101 rigs respectively compared to the first week February in 2016.
Gasoline futures RBc1 fell 2.66 cents or 1.77 percent to $1.4837 a gallon.
Despite production cuts out of the Organization of Petroleum Exporting Countries and other major crude exporters, oil and energy-related exchange traded funds continue to weaken as US shale oil producers pick up the slack. "The US will see in the second quarter a significant increase in local supply compared to a year ago".
Pittsburgh Steelers cut loose CB Justin Gilbert
In Pittsburgh, Gilbert said he had conquered his punctuality issues after admittedly sleeping through meetings while in Cleveland. At least they did not give up a high draft pick and can now look to the 2017 draft to find a better replacement for Gilbert.
Crude inventories at Cushing, Oklahoma, the delivery point for WTI and the biggest United States oil-storage hub, increased by 600,000 barrels last week, according to a forecast compiled by Bloomberg.
On February 6, 2017, WTI (West Texas Intermediate) crude oil (USO) (OIIL) (USL) (SCO) March futures closed at $53.01 per barrel, which is ~1.5% lower than the previous closing price. Total volume traded was about 27 per cent below the 100-day average. Stockpiles are at 494.8 million barrels, the highest seasonal level in more than three decades, according to weekly data compiled by the EIA since 1982.
Benchmark Brent crude was down 10 cents at $55.62 a barrel by 1145 GMT.
The trading boom that cushioned the profits of Royal Dutch Shell Plc and BP through the price slump appears to be over.
BP raised the oil price at which it can balance its books this year to $60 a barrel yesterday due to higher spending following a string of investments as annual earnings fell for a second consecutive year.