Despite this, fuel consumption, especially in Asia's developing economies which are key drivers of global oil demand, is so far holding up.
This year, oil prices have increased by more than 20 percent so far after OPEC and non-member producer allies agreed to reduce the output for six months starting in January to avoid the build-up of a global surplus particularly as the crude production of the USA booms.
"In the short-term, oil markets are going to be characterized by supply tightness on global markets thanks to the OPEC cuts and US sanctions on (Venezuela oil)", Edward Bell of Emirates NBD bank said.
Our trade in WTI crude oil closed at take profit, giving us 30 green pips.
International Brent crude futures were at $66.15 a barrel at 2.48am GMT, down 24c, or 0.4% from their last close.
Although the deal aims to push oil prices higher, prices continue to remain below their multi-year peak of US$85 per barrel which it touched in October, last year.
Factory activity in China, the world's biggest oil importer, shrank for a third month in February as export orders fell at the fastest pace since the financial crisis a decade ago.
The weakness is being felt across the region.
Russia's Surgutneftegaz is selling April-loading ESPO crude oil at the lowest level in three months, charging $2.20 to $2.40 per barrel over benchmark Dubai quotes. South Korea's exports contracted at their steepest pace in almost three years in February as demand from China cooled further.
Also in Riyadh, OPEC Secretary General Mohammed Barkindo commented that managing world supply is hard when two members - Iran and Venezuela - are under sanction from the United States.
Some 70 per cent of those polled said they expect the OPEC+ group of 25 oil producing countries to fully comply with their pledge to remove 1.2 million b/d from the market in the first half of this year. That total was down from 11.91 Mmbpd in November, Kallanish Energyreports.
The collapse in oil prices may have influenced the 60% of the Survey respondents who advocated that OPEC should return to their 2014 strategy of fighting for market share, rather than the current plan of curtailing supply in pursuit of higher prices.
He will be allowed to train with the Dragons but will be unavailable to play NRL and representative football. Previously, they could continue playing while they awaited the outcome of their court cases.
The moves, which followed a comprehensive board review, came with Old Navy thriving and Gap and Banana Republic struggling. Plus, closing 230 stores signals that Gap "must have seen that there was too much waste in its business model".
If it was Meghan Markle of yore, not the *Duchess of Sussex*, she surely would've moved mountains to be at Pri's wedding. It just felt a little antiquated to me. "And because the world watched it happen to my dad, they watched her do it".
Despite becoming the first Australian man to record three centuries in global T20s, it was team first for Glenn Maxwell . BOWLING: Shankar 4-0-38-2 (1w); Bumrah 4-0-30-0; Kaul 3.4-0-45-1 (1nb); Chahal 4-0-47-0 (2w); Pandya 4-0-33-0 (1w).
Kushner, who like Ivanka is a senior aide in the administration, initially had an interim clearance, the Times reported. Don McGahn , the White House legal counsel then, also recommended Kushner not be given clearance at that level.
Country Land and Business Association president, Tim Breitmeyer, was equally disappointed by Eustice's decision. The farming minister said he would be voting for her deal when it comes back to Parliament next month.
Brent for April settlement rose 45 cents to end the session at $65.21 a barrel on the London-based ICE Futures Europe exchange. Exports hit a record 3.6 million bpd this month. "When you read into the implication of [Trump's tweet], it's twofold".
It was a fun game in the second half, and even though the Warriors lost, it was a fun game-winner from one of the game's legends. Wade took the spotlight Wednesday night when he frustrated Golden State with a last-second, desperate 3-pointer that went in.
They made no effort to defend Trump's credibility or veracity. "I did the same thing as you're doing now, for 10 years". Today was about two people who know the President equally and who disagree about the way he is being characterized ...
Cardinals general manager Steve Keim was asked on Wednesday if Rosen was the Cardinals' quarterback going forward. The Cardinals selecting Murray would be fantastic news for the San Francisco 49ers, who don't need a quarterback.
I am forever grateful for all of his musical treasures. "I wanted to get rid of the whole atmosphere". Opera singer and soprano Renee Fleming said she was "very saddened" by the loss.
Snow Ends This Afternoon, Second Storm Sunday Night
Having said that, there could be a brief period of snow at the very beginning or (more likely) very end of the storm. For the likelihood of accumulating snow, the National Weather Service has issued a Winter Storm Watch for the area.
Manchester United's Antonio Valencia resigned to summer exit
And, Ole Gunnar Solskjaer will be bouyed by the return of his first-choice striker ahead of their latest Premier League game . United does its job to get back into the top four with a dominant display against a team that has some confidence.
SpaceX Crew Dragon launch today
This launch is the opening gun in a new space race, specifically as part of NASA's Commercial Crew Program . The Roadster launched on top of the first successfully launched Falcon Heavy rocket last February .
YouTube suspends comments on videos with minors
It comes after persistent reports of paedophile comments being openly left within comments sections of videos featuring children. The NZ Transport Agency and Inland Revenue also pulled ads from YouTube today, the latter in response to questions from 1 News.