It's tough to stay positive on crude when the world's three oil superpowers are likely to increase production. For the week, WTI was on track to drop about 3 per cent, adding to last week's near 5 per cent decline.
West Texas Intermediate futures are down 2.1 per cent this week as pipeline bottlenecks in the Permian Basin add to pressure from unprecedented levels of USA production.
A tsunami of USA crude oil should be headed toward Asia, according to pricing on futures exchanges, but the reality in the physical market tells a somewhat different story.
The U.S. benchmark traded at a discount of more than $11 to Brent crude for the first time since March 2015.
In addition to the EIA's numbers, which come close to matching those of top producer Russia, Baker Hughes disclosed in a report released Friday that US energy companies added two oil rigs in the week to June 1, bringing the total count to 861, the highest level since March 2015.
Brent crude oil futures dipped for a second session on Monday, with prices coming under pressure from record USA output and expectations of higher OPEC supplies.
U.S. crude stockpiles fell 3.6 million barrels last week, the EIA said, exceeding expectations for a decline of 525,000 barrels.
On a weekly basis, it rose to 10.8 million bpd last week, coming close to matching that of top producer Russian Federation, the EIA also said on Thursday.
Hedge funds reduced their WTI net-long position - the difference between bets on a price increase and wagers on a drop - by 14% to 324,235 futures and options during the week ended May 29, according to the U.S. Commodity Futures Trading Commission. It has doubled in less than a month, as a lack of pipeline capacity in the U.S. has trapped a lot of output inland.
Global benchmark Brent fell 77 cents to US$76.79 a barrel.
Oil prices continue to exert pressure and fears of growth in oil production by OPEC +. According to services group, Baker Hughes, another 2 rigs were activated last week to look for oil in the United States, taking the figure to 861 last week, the highest for more than three years.
Kazakhstan is consulting other producers on the potential easing of a 2016 oil output reduction agreement between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members, Kazakh Energy Minister Kanat Bozumbayev said recently.
Venezuela, whose output has plunged due to an economic crisis, told OPEC its production fell to 1.505 million bpd in April, believed to be the lowest in decades.
Mr Assad said he is committed to pushing U.S. forces out of Syria during an explosive interview with Russian broadcaster RT. Other senior officials from Iran and Syria claimed Saturday that there was no Iranian military presence in the country.
In the end, the London outfit managed to see out the rest of the clash to secure their spot in the Premier League . Defeat would have put huge pressure on Fulham to sell the left back, who scored 16 Championship goals this season.
The three-time French Open champion and 23-time Grand Slam victor will next take on Australia's Ash Barty in the second round. In September 2017, Williams gave birth to her daughter , Alexia Olympia Ohanian Jr with husband Alexis Ohanian .
Those players - Kyle Korver , Jeff Green , and Larry Nance - collectively shot 2-of-11 with 10 rebounds and three assists. George Hill came back from missing a key free throw in Game 1 to score 15 points on 5-of-11 shooting.
With a week to go before the June 7-8 summit, there's still no final agreement on the agenda, British and Italian officials said. Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto spoke by phone following the USA announcement.
It's kind of their M/O and Bethesda Game Studios has had a ton of time to work undercover on this since Fallout 4 released. In the background you can hear the song " Take Me Home, Country Roads ", by John Denver which was released in 1971.
North Korea's nuclear weapons programme has made significant advances in recent years and poses a threat to the United States. Though he's accused of the Sony pictures 2014 hack and was sanctioned by the US, Kim Yong Chol was feted at the White House.
Former football star Herschel Walker is mobbed as he arrives Wednesday for the White House field day on the South Lawn. On Friday, the president told White House reporters of his wife, " She's doing great".
Perhaps more important, though, is the impact the new Duchess of Sussex has had on her husband's relationship with his father. In 1939, King George VI and Queen Elizabeth were guests there at the Outlook Cabin that subsequently burned down.
Seven people have been killed and 20 hurt after a volcano near Guatemala City exploded in a fiery display of ash and lava. Another victim was found in the streets of El Rodeo by volunteer firefighters and later died in an ambulance.
Blagojevich is serving a 14-year prison sentence on numerous counts of corruption, including trying to sell the U.S. But political controversy aside, the crime that landed D'Souza in jail centered on campaign finance violations.
Facebook is shutting down trending topics feature
Another feature, called " Today In ", shows people breaking news in their area from local publishers, officials and organizations. In 2016, Gizmodo reported that Facebook's contract workers often chose not to link to news with a conservative slant.
Prosecutors question Comey for probe into McCabe
McCabe". "Regardless of recommendation , I was going to fire Comey", Trump told Holt of his decision to fire Comey on May 9, 2017. In other words, his current lies are further evidence to support a possible charge of obstruction of justice.
Start the weekend with free doughnuts from these local shops
Walmart: The retail giant says it's giving away as much as 1.2 million free doughnuts to customers at all stores nationwide today. Held annually on the first Friday of June, the National Donut Day was first established by The Salvation Army in Chicago in 1938.
Serena Williams Just Dropped A Fashion Line To Empower All Women
When they first joined forces in June 2012, Serena had just lost an opening round match to Virginie Razzano at the French Open . The Williams sisters, who have won 22 titles while competing as a team, towered over their opponents as they prepared to play.
Klopp confirms Mohamed Salah is likely to miss World Cup
In their twisting fall, Salah landed heavily on his left shoulder and exited the match in Kiev, Ukraine, after just 30 minutes. Salah breaks down in tears. "I lost games in my life before, I won games in my life before-I know how to deal with that".