Wednesday's weekly data showed a larger-than-expected increase in USA crude inventories and a rise in gasoline stocks.
As reported by Tanker Shipping & Trade last week, the test resulted in a VLCC loading a cargo of USA produced crude oil.
Finally, the recent startup of the Louisiana Offshore Oil Port (LOOP), which is the only port capable of handling the oil industry's largest oil tankers, has raised expectations of a flood of USA oil reaching the global market.
The prices for oil grow at the expense of strict discipline Saudi Arabia, easing concerns about oversupply of oil in the United States and the disruption of supplies from Libya.
These upticks were supported by comments from Saudi Energy Minister Khalid al-Falih, who announced on Saturday (February 24) that the country's crude production from January to March will be well below output caps, with exports averaging less than 7 million barrels per day.
Pakistan's ruling party picks ousted PM's brother as president
According to the party's rules, the PML-N's CWC is supposed to elect an acting party head within a week of its chief's removal. Shahbaz, who is the Punjab's chief minister, emerged as a consensus choice for the top party position.
Powerful 7.5 magnitude quake strikes central Papua New Guinea
It's not yet known if the quake has caused any damage, however there have been no reports of injuries at this stage. The natural disaster was not expected to generate a tsunami, the Pacific Tsunami Warning Centre said.
Elections for 58 Rajya Sabha seats in 16 states on March 23
Bypolls for Araria Lok Sabha seat and the Assembly seats of Jehanabad and Bhabhua are scheduled for March 11. In Gujarat, the BJP may retain two of the four seats with lesser numbers in the present Assembly.
Oil analysts expect the price of crude to rise steadily this year but remain in a tight band dictated by USA shale output growth on one side and OPEC supply restraint on the other, a poll showed on Wednesday.
The lower freight costs afforded by the economies of scale of the VLCC cargo opens up the global market for US-produced crude oil.
Data released last week by the US Energy Information Administration showed a surprise draw in crude inventories. The second quarter oil market is preparing for the driving season.
"Last week's inventory report wasn't bullish, but it also wasn't bearish".
Just a few years ago, hardly anyone expected that that the USA would be competing with the world's top oil producers for the number 1 spot. The US Henry Hub front month futures price remained close to the lowest level reached since August 2016.
Dear reader, I have mentioned this before, and I will say it again: there's too much oil and not enough matches. USA crude exports bounced around between 0.5 million barrels per day (mb/d) and 1 mb/d in the first half of the year, a level that jumped to a range between 1 and 2 mb/d in the third and fourth quarters.
Futures in NY slid as much as 0.4% after closing at a three-week high on Monday as an advance in equities revived optimism about economic growth and Libya's crude exports from a key terminal were impeded.