Oil prices edge up as U.S. dollar weakens

Still, the EIA's total domestic crude production figure hit a fresh weekly record at 10.369 million barrels a day for last week.

The EIA said it expects USA crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.

USA crude oil and stock index figures shifted lower Wednesday amid global market fears on a trade war, the resignation of President Donald Trump's chief economic adviser and rising inventories.

The surge in US oil production could indicate less influence of the Organization of Petroleum Exporting Countries - a group of 12 of the world's largest largest oil exporters that wields considerable influence on global oil prices.

As of 1633 GMT, front month West Texas Intermediate crude oil futures were lower by 0.76% at $62.10 a barrel on the ICE.

Brent crude futures fell $US1.74 to $US64.05 a barrel, a 2.6 per cent loss.

Production likely continued to increase last week, just as the International Energy Agency said that the U.S., Canada, Brazil, and Norway can together cover the growth in global oil demand over the next five years. The API reported a draw of 4.536 million in gasoline stockpiles, compared to a 1.201-million-barrel draw that analysts had expected.

Should this forecast come to pass, OPEC would be hard pressed to continue pumping less oil than before and even that won't guarantee oil prices remaining at comfortable levels for the cartel's members.

Broader financial markets were also rattled after Gary Cohn said he'll resign as economic adviser to the White House, while the Trump administration is said to be considering clamping down on Chinese investments in the U.S.

This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share.

Next year, average output will climb to 11.27 million, up from a prior forecast of 11.18 million, the report showed. Traders are responding to White House comments saying Canada and Mexico, and possibly other countries, may be exempted from planned US import tariffs on steel and aluminum.

Saudi Aramco, the kingdom's state-owned producer, said in a statement on Monday that it would trim the OSP for its main Arab Light grade to a premium of $1.10 a barrel over regional benchmark Oman-Dubai crude for April-loading cargoes, down from $1.65 for March shipments.

Recommended:

• 

  07 March 2018

  Washington Gov. Jay Inslee signs first state law to protect net neutrality

  Senator Scott Wiener introduced the legislation in January, saying net neutrality "was essential to our 21st century democracy". People demonstrated in December at FCC headquarters in Washington, DC, against the proposed repeal of net neutrality .
  

  07 March 2018

  BMW Concept M8 Gran Coupe debuts in Geneva

  The wheelarches create a wide look while distinctive triple front air intakes and a side gill hark back to modern M power models. The Concept M8 Gran Coupe builds atop last year's Concept 8 Series , which gives a good idea of the upcoming two-door coupe.
  

  06 March 2018

  Vatican treasurer Pell in court to face sex abuse charges

  Pell has taken leave from his position at the Vatican as prefect of the secretariat for the economy to fight the charges. The first two weeks of this month's committal are expected to hear exclusively from the accusers in a closed court.
• 

  08 March 2018

  "Would Like To See BJP Reaction": Chandrababu Naidu On Pulling Ministers

  The Centre is agreeable to even that provided a mechanism is worked out, he told reporters at his office here. Naidu also said to have spoken to his party's senior leaders, MPs, state Ministers and took the decision.
  

  06 March 2018

  Kobe Bryant Calls Out "Shut Up And Dribble" Remarks In Oscar Speech

  Bryant also led the Lakers to consecutive NBA Championships in 2009 and 2010, winning the NBA Finals MVP Award both years. I would rather get eaten by a great white shark than go through that marriage again".
  

  06 March 2018

  Police confirm Aldon Smith fled scene after domestic violence incident

  Aldon Smith seemed to be getting his life in order last month when he got engaged and was focused on returning to the NFL . Smith has not played in the National Football League since 2015 but is on the Raiders' reserve/suspended list.
• 

  08 March 2018

  Kevin Love Opens Up About In-Game Panic Attack

  He reveals that it was a panic attack that led to his abrupt departure from the November 5th game against the Atlanta Hawks . Erin Ayala affirms Love's show of strength was a risk, but one that inspires change in the way we all frame mental illness.
  

  08 March 2018

  Palestinian women protest ahead of International Women's Day

  For the same work done, men earned Rs 231 as a median gross hourly salary while women earned only Rs 184.80. It celebrates the social, economic, cultural and political achievement of women.
  

  06 March 2018

  Samsung Galaxy S9+ camera gets a rating of 99 on DxoMark

  The S9 has a 12MP camera with a dual aperture setup that alternates between f/1.5 and f/2.4 depending on ambient light conditions. And since it uses a standard AGIF file format, you be able to show Animoji-using iPhone X users exactly what they're missing.
• 

  07 March 2018

  Netflix's Lost in Space: Watch the trailer

  In the 60s series , the classic "Danger Will Robinson" catchphrase was delivered by the Robinsons' helpful robot companion. The first full trailer's arrived for Netflix's sci-fi series , Lost in Space .
  

  07 March 2018

  'Icarus' Doping Movie Wins Best Documentary at Oscars

  The company is dedicated to funding documentaries with a social justice bent. "What a fraud, what a corrupt organisation. All of a sudden I'm sitting on a nuclear bomb of information".
  

  06 March 2018

  UFC 222 Results: Brian Ortega Shocks with KO of Frankie Edgar

  Following the fight, Conor McGregor posted on his Twitter account. "My foot went numb and I can't feel it. This past Saturday night (March 3), Edgar took on Ortega in the co-main event of UFC 222 .