Oil prices are rallying after trading around seven-month lows overnight amid concerns the Organisation of the Petroleum Exporting Countries' (Opec) output cuts are not doing enough to curb the global oversupply.
Oil inventories across the world's most industrial nationsrose in April by 18.6 million barrels to 3.045 billion barrels, thanks to higher refinery output and imports.
On Thursday, oil prices hit six-month lows.
"The rebalancing of the market is underway, but at a slower pace", the report said, acknowledging it will take more time to tighten the supply-demand balance. High stockpiles have weighed on crude prices.
The effectiveness of the OPEC-led cuts has been undermined by increasing United States oil production, mostly from shale drillers.
Futures were little changed in NY after slumping 3.7 percent Wednesday, the first drop in four sessions.
US crude production has been steadily growing and last week rose to 9.33 million bpd, up 12,000 from the previous week, the EIA said.
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According to the EIA, a slight tightening in production during quarter three of this year is forecast to lead to 32.5 million barrels per day by the end of the first quarter of 2018.
The EIA released its monthly report on drilling activity Monday showing that oil production from seven major USA shale plays is projected to rise by 127,000 barrels a day to 5.475 million barrels a day in July from June.
BP analysts said that production outside the Middle East fell by 1.3 Mb/d, with the largest declines in the USA (-400,000 b/d), China (-310,000 b/d) and Nigeria (-280,000 b/d). Gasoline inventories rose by 2.1 million barrels.
Rising U.S. oil output, particularly from shale drillers, is contributing to the ineffectiveness of the OPEC-led cuts. The EIA expects that to rise above 10 million bpd in 2018.
It said the International Energy Agency has recently published a forecast, stating that the global refinery is expected to go up by 2.7 million barrels per day (bpd) between July and August with refineries processing nearly 82 million bpd for the same period.
The US government's Energy Information Administration has raised its prediction for domestic output growth in 2017 to 460,000 barrels per day from a predicted decline of 80,000 barrels per day in December.
Following the transaction, the director now directly owns 21,887 shares in the company, valued at approximately $1,879,874.43. The pharmacy operator reported $1.36 earnings per share for the quarter, hitting the consensus estimate of $1.36.
And on the video referral system ( Portugal had a goal ruled out for offside by the video assistant referee): "It's the new rule". Video replays were again consulted, but no change was made to the initial decision to award the goal.
The Sena's scathing attack on Shah came a day after he met party president Uddhav Thackeray at the latter's residence "Matoshree". But the BJP is expected to contact opposition leaders once again after the name of its Presidential candidate is decided.
Thackeray reportedly rejected Shah's proposal that Narendra Modi be allowed to decide on a presidential candidate. The Presidential polls, if needed, will be held on July 17 and the counting of votes will take place on July 20.
Sekulow is responding on "Fox and Friends" to a statement that Trump's tweets can make it harder for others to do their job. Rubio is a member of the Senate Intelligence Committee , which is doing its own probe into Russian election interference.
Knowing that Carla wasn't bit, is it okay to laugh? "Definitely I'm going to be walking around with a flashlight", Carla said. - A California woman is spooked, but okay after accidentally picking up a rattlesnake that she thought was a dog toy.
Both sides asked the court to expedite its decision, as the school districts need to know by August 4 what their budgets are. The Supreme Court split 5-4 on Monday in ordering that work to be halted while the high court considers the Wisconsin case.
Beaucoup de fonctions différentes sont concernées par cette mise à jour , des chaînes à la gestion des manettes. En effet, sans crier gare, Big N vient de mettre en ligne une nouvelle version de l'OS de la machine.
Prosecutors allege he knowingly used a business structure which hid income from his image rights between 2011 and 2014. IBTimes UK earlier revealed that Ronaldo wants to leave Real and he has already informed the club of his decision.
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