Oil Prices Rise on Saudi Comments

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Brent crude, the global benchmark, fell 78 cents to$63.58 at 1438 GMT, giving up an earlier gain that had extended Wednesday's rally. United States crude was up 58 cents at Dollars 61.18.

USA crude output reached a new record of 10.27 million barrels per day, according the Energy Information Administration on Wednesday. "I don't think the data was that supportive", he added, referring to the EIA's inventory report. [EIA/S] The EIA expects US production to top 11 million bpd in late 2018.

With domestic production rising, US crude inventories increased last week by 1.8 million barrels, although the gain was less than analysts had expected. This increase was less than previous forecasts of analysts.

Pakistan will pay for Sunjuwan misadventure: Defence Minister
The ongoing low-intensity conflict in Kashmir has raised questions about the efficacy of Narendra Modi's inflexible approach. "Three JeM operatives were killed after an intense exchange of fire that lasted nearly 37 hours", S.D.

Gasoline stocks rose by 3.6 million barrels, more than double the forecast.

Saudi Arabian Energy Minister Khalid al-Falih said on Wednesday that OPEC countries will be better served to keep the oil market tight than to abandon its production cuts.

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Pak not complying with UNSC resolutions on sanctions against terrorists
Hafiz Saeed, the 26/11 Mumbai blasts mastermind, has been declared a terrorist by Pakistan, reports News18.com. The signed ordinance also includes Hafiz Saeed's group and his terror organisations like Jamaat-ud-Dawa (JuD).

Al-Falih also addressed industry-wide concerns regarding the future of an OPEC-led pact to reduce global oil output by 1.8 million barrels per day through the end of the year.

"When it comes to natural gas, over the next decade we are going to be roughly doubling our production to 23 billion cubic feet per day and substantially increasing the percentage of natural gas in the Kingdom's fuel mix, displacing liquids and therefore reducing carbon (emissions)", Khalid Al-Falih said at the eighth annual IEA-IEF-OPEC Symposium on Energy Outlooks occurring in Riyadh. The output cuts began a year ago and are scheduled to continue until the end of this year. The production cuts started past year and are expected to extend until at least the end of 2018, in an effort to reduce the supply surplus that had previously been weighing on prices. The EIA has predicted that USA production will surpass 11 million bpd before the end of this year, which is earlier than last month's estimate.

Four Asheville-area chefs are James Beard Award Semifinalists
Frasca, a perennial favorite among James Beard voters, makes an appearance this year in the Outstanding Restaurant category. Two years ago, Howard won a James Beard for Outstanding Personality/Host for her PBS show "A Chef's Life".

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