On Dec. 9, the EIA estimated that USA crude oil production could average 10.3 million barrels per day in 2018 - record levels for the United States and roughly 1 million barrels per day higher than estimated 2017 figures.
EIA research shows that US gasoline prices tend to follow the price of the best grades of oil in Europe, more than they follow the price of the best USA crude.
Some of Russia's counterparts in OPEC, namely Iran, had expressed concern that the rally would stimulate USA shale oil production, which has balanced the effort to narrow the gap between supply and demand over the previous year. Also, the dollar fell in a broad sell-off after a report that China was ready to slow or halt its US treasury purchases.
The greenback-denominated commodity has also benefited from weakness in the dollar, which neared a one-week low on Thursday, as it makes oil cheaper to buy for holders of other currencies.
OPEC crude oil production is forecast to increase by 0.2 MMBPD in 2018, partially reflecting the Energy Information Administration's expectation of Libya maintaining relatively high production levels achieved near the end of 2017, according to EIA's just-released Short-Term Energy Outlook (STEO).
At this consumption level, a dollar increase in crude price on a permanent basis will increase the oil import bill by roughly Rs 10,000 crore per annum.
"On a fundamental basis, the first half of year is about 1.5 million barrels per day weaker from a demand perspective than the second half of the year", he told CNBC's " on Wednesday.
The Single Biggest Oil Price Influencer In 2018
Goldman Sachs said Wednesday it believed OPEC would try to talk down crude oil prices if Brent tops $70 a barrel. US West Texas Intermediate crude futures were at $61.5 a barrel, 6 cents above their last settlement.
Mississippi Burning case: KKK killer dies
James Chaney, Andrew Goodman and Michael Schwerner initially went missing after being arrested by local police and then released. It was not until 2005 that Killen was charged with murder by a grand jury after new information related the case emerged.
All kinds of winter weather to hit Capital Region
Scattered snow will continue to fall through Friday afternoon and should exit our eastern counties that evening. Winona reported 3.5 inches of snow while Peterson in Fillmore County had 3.4 inches early Thursday afternoon.
Trump Offers Vague Denial About Language on Immigrants
The mood quickly changed when some reporters started shouting about the president's reported "shithole" comment from Thursday. Thousands of African and Haitian immigrants call North Texas home, and many were shocked and disappointed in the comments.
A movie review by Glen Falkenstein
She had to make a quick, but informed decision, though, as The Washington Post only had a small amount of time to share the scoop. While that may sound like a slightly superficial reading of the importance of the Pentagon Papers , it's not entirely unfounded.