Crude eases for third day on expectations of higher supplies

Future Shock

But despite the differential as well as substantial recent losses for both benchmarks, at least one analyst believes there is something else to consider, namely the idea that prices won't keep falling because it will be tough for even record-breaking US output to meet global demand.

With news from the Energy Information Administration that USA crude production earned a new monthly record by jumping 215,000 barrels per day (bpd) to 10.47 million bpd in March, West Texas Intermediate fell 3 percent on the week, making this the second week of declines for the benchmark.

Over the last four weeks, motor gasoline product supplied averaged about 9.7 million barrels per day, up by 0.8 percent from the same period past year.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $76.41 per barrel with 65 cents increase compared to the preceding week.

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The White House announced four days later that Melania Trump had been hospitalised to treat a kidney condition. But she remained in the hospital until May 19, with Grisham telling CNN that she was "in high spirits".

The agency also revised February Crude Oil production down by 5,000 bbl to 10.26-M BPD.

On top of that, US government data hasn't shown the usual sweep of crude inventory declines that's typical of the key gasoline-making season. Traders are trying to understand the divergence between two benchmarks, WTI and Brent, as the U.S. oil ended day in red after post-data fall while Brent recovered most of losses and closed positively on Thursday.

The spread between the two benchmarks, which climbed above $11 a barrel, had narrowed slightly by 12:20 GMT to about $10.95 as Brent erased some of its earlier gains.

Crude oil futures lost more ground on Friday, with the US market set for a second week of decline on pressure from record USA production and expectations of OPEC boosting output. It has doubled in less than a month, as a lack of pipeline capacity in the USA has trapped a lot of output inland. But without adequate transportation to get crude to the coasts, "we're going to continue to see some weakness in WTI", he said. According to services group, Baker Hughes, another 2 rigs were activated last week to look for oil in the U.S., taking the figure to 861 last week, the highest for more than three years.

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Jalan, who was arrested for the first time in 2008 for betting during IPL , has also been pictured on various occasions with Arbaaz.

There were 197 gas-seeking rigs and two miscellaneous rigs, creating a total rig count of 1,060, up 144 from this time previous year, the highest count since March 2015.

The speculator group cut its combined futures and options position in NY and London by 50,937 contracts to 370,980 during the week to May 29, the U.S. Commodity Futures Trading Commission said.

In May, Russia reached the 95% compliance with the deal led by the OPEC+ countries, which curbs oil production, Russian Energy Minister Alexander Novak told reporters on Saturday. Brent recovered some ground, however, when a Gulf source flagged that any rise in production would be gradual.

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