{"id":2100679,"date":"2023-11-16T12:16:02","date_gmt":"2023-11-16T17:16:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-dive-on-us-crude-build-and-china-concerns\/"},"modified":"2023-11-16T12:19:27","modified_gmt":"2023-11-16T17:19:27","slug":"oil-prices-dive-on-us-crude-build-and-china-concerns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-dive-on-us-crude-build-and-china-concerns\/","title":{"rendered":"Oil prices dive on US crude build and China concerns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-prices-dive-on-us-crude-build-and-china-concerns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2100679&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<h2>Oil \u200bPrices Drop as Supply \u200dConcerns Rise<\/h2>\n<p>November 16, \u20642023 \u2013 4:07 PM UTC<\/p>\n<p>(Reuters)\u2063 \u2013 In a significant downturn, oil\u200d prices plummeted by over $3 a barrel on Thursday, extending losses from the previous session. Investors in New York\u2062 reacted to signals of\u200b increased supply in the United\u200c States and anticipated weak energy demand in China.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Brent futures fell $2.60, or 3.2%, to $78.58 a barrel by 1526 GMT. U.S. West \u200cTexas Intermediate crude \u2063(WTI) shed $2.65, roughly 3.5%, to $74.01. Both benchmarks dropped by more than 1.5% in the previous session.<\/p>\n<p>WTI\u2019s front-month contract also traded below the price for the second month, a structure known as contango.<\/p>\n<p><strong>\u201cClearly, the \u200ddecline in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysts-expect-crude-oil-prices-to-keep-rising-throughout-the-year\/\" title=\"Analysts expect crude oil prices to keep rising throughout the year\">crude oil prices<\/a>\u200d and the weakening of the structure is an \u2064ominous sign; one that implies an oversupplied physical market,\u201d<\/strong> said Tamas\u200c Varga of oil broker PVM.<\/p>\n<p><strong>\u201cWhether a drop\u200c of this magnitude is fundamentally justified remains a question, but the financial firepower \u200cof New York tends to exaggerate sentiment,\u201d<\/strong> he\u200c told Reuters.<\/p>\n<p>OPEC and the International Energy Agency (IEA)\u2064 have\u2063 both predicted supply tightness in the fourth quarter, but U.S. data on Wednesday showed inventories were abundant.<\/p>\n<p>The U.S. \u2064government Energy Information \u2062Administration said U.S. crude stocks rose by 3.6 \u2064million barrels last week to 421.9 million barrels, far \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tesla-hits-1-trillion-market-valuation\/\" title=\"Tesla Hits  Trillion Market Valuation\">exceeding analysts\u2019 expectations<\/a> in\u200d a Reuters poll.<\/p>\n<p>U.S. crude \u2064production held steady at a record 13.2 million barrels per day (bpd).<\/p>\n<p>PVM\u2019s Varga said October inflation data from major economic hubs, including Britain, the euro zone, the United States was potentially bullish.<\/p>\n<p>Chinese economic activity \u2062also\u200b rallied in October as\u200d industrial output increased\u200b at a faster pace\u2062 and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-dive-on-us-crude-build-and-china-concerns\/\" title=\"Oil prices dive on US crude build and China concerns\">retail sales growth beat \u2064expectations<\/a>.<\/p>\n<p><strong>\u201cThe current price drop is taking place amid a seemingly auspicious \u2063backdrop, which suggests that investors simply do not buy into the \u2062\u2018Q4 stock draw\u2019 narrative;\u200b something that\u2064 is not backed up by the recent weekly\u200c EIA reports either,\u201d<\/strong> said Varga.<\/p>\n<p>One of the factors giving investors pause is an expected slowdown in\u2063 Chinese oil \u2064refinery throughput. Runs eased in October from the previous month\u2019s highs as industrial fuel demand weakened and refining margins narrowed.<\/p>\n<p>As\u2063 the Israel-Hamas conflict appeared to be\u200c escalating in Gaza, \u200cU.S. officials on \u200dWednesday said they would enforce oil sanctions against Iran, which has \u200dlong been a\u2063 backer of Hamas.<\/p>\n<p><sub>Reporting by Natalie Grover, Stephanie Kelly and Andrew Hayley; Editing by David\u2064 Goodman and Barbara Lewis<\/sub><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare \u2062this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Filmmaker Claims \u2062Michelle\u200c Obama is Set Up for 2024 Presidential Race<\/h2>\n<p>Los Angeles filmmaker Joel Gilbert\u2064 tells One America News that the Democrat\u200c Party has \u201cset up\u201d\u2063 Michelle Obama to be the official Democratic Nominee in the 2024 \u200cPresidential race. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Xi Jinping Meets with\u2062 Biden Amidst UN Ceasefire and\u2064 NYC Mayor\u2064 Staffer\u2064 Suspension<\/h2>\n<p>Xi Jinping chums it up with Biden in\u2064 San\u2062 Francisco, the UN issues a hollow ceasefire and an NYC Mayor staffer is suspended.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Biden Seeks China&#8217;s Support in Israel Conflict<\/h2>\n<p>While the War in Israel rages on, President Biden meets with China\u2019s President Xi Jinping hoping to use China\u2019s influence to\u200c deter other foreign actors from taking advantage \u2064of the conflict. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>State Department Officials Express Dissatisfaction with Biden&#8217;s Support\u2062 of Israel<\/h2>\n<p>A new \u2062report claims that some State Department officials are dissatisfied with the Biden Administration\u2019s support of Israel.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Spotify Expands Partnership\u2063 with \u200bGoogle Cloud<\/h2>\n<p>Spotify expanded its partnership with Google\u200d Cloud to use large language models to help identify a user\u2019s listening patterns across podcasts and audiobooks.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Starlink to Offer Free \u2064Internet in Mexico<\/h2>\n<p>Starlink has secured a contract to \u200doffer free internet in Mexico until the end of 2026.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Apple Asked to Explain Jon Stewart Show&#8217;s Abrupt End<\/h2>\n<p>U.S. lawmakers asked Apple Inc to explain the abrupt end\u2064 of\u2064 political comedian Jon Stewart\u2019s television \u2063show on its streaming service.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Elon\u2062 Musk Denies SpaceX \u2064IPO Rumors<\/h2>\n<p>Elon Musk denied a report that his rocket company SpaceX was discussing an IPO for its satellite internet business, Starlink.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How does Michelle Obama&#8217;s popularity and connection to the Obama legacy make her an attractive\u200d candidate for the Democratic Party in the upcoming election?<\/h2>\n<p><span>  Eir \u2064candidate for the 2024 Presidential race. Gilbert, known for his\u200b controversial documentaries, alleges that the party is grooming the former First Lady to enter\u2064 the\u2064 political arena and potentially become the first female\u2063 President of the United States.<\/p>\n<p>In an interview with One America News, Gilbert claims that the Democrat Party sees Michelle Obama as a superstar and considers her the ideal candidate to continue the legacy of former \u2064President Barack Obama. He\u200b suggests that this move\u2064 is strategic, aiming to capitalize on\u200d her popularity and name\u2062 recognition to secure a win in the upcoming election.<\/p>\n<p>Gilbert\u200b highlights the \u2063fact\u2062 that Michelle Obama remains a highly influential figure \u2064in American politics and has a significant following both within\u200b and outside of \u200bthe Democratic \u200bParty. He asserts that her charisma, intelligence, and ability to connect with the \u200cAmerican people make\u2062 her an attractive choice for the party in their bid for the White House.<\/p>\n<p>However, \u2064it\u2064 is important to \u200cnote that these claims made \u200cby Gilbert \u200bare speculative and have not been confirmed by any credible sources. It is also worth mentioning that Michelle Obama herself has repeatedly stated that she has no intention of running for President. In a 2018 interview with \u200bThe Today Show, \u2064she firmly stated, &#8220;It&#8217;s not\u2063 something\u200c that I think\u2063 I would do well.&#8221; She has consistently \u200demphasized her desire to focus on her family and the work she is\u200d passionate about outside \u200bof\u2063 politics.<\/p>\n<p>While Gilbert&#8217;s claims may generate\u2062 interest and speculation among political observers and enthusiasts, it\u2062 is \u2063crucial\u200d to rely on verified \u200cinformation and official statements when discussing potential \u200bcandidates for \u200bthe Presidency. \u2062As \u2063of now, Michelle Obama&#8217;s future\u200b political aspirations remain uncertain, and it is ultimately up to her to make any \u200cdecisions regarding her \u2064involvement in future elections.<\/p>\n<p>In conclusion, Los Angeles filmmaker Joel Gilbert alleges \u200dthat the Democrat Party has\u200b set up Michelle\u2064 Obama for a potential Presidential run in \u20632024, citing her popularity and connection to the Obama legacy. \u200cHowever, these claims are speculative and have not been substantiated by credible sources. Michelle Obama \u2062herself has consistently denied any interest \u200bin running for President. It is important\u2064 to rely on verified information and official statements when discussing potential candidates for the Presidency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>November 16, 2023 \u2013 4:07 PM UTC (Reuters) \u2013 Oil prices fell more than $3 a barrel on Thursday, extending losses from the previous session, as investors in New York responded to signals of higher supply in the United States and expectations of weak energy demand in China. Advertisement Brent futures fell $2.60, or 3.2%<\/p>\n","protected":false},"author":1911,"featured_media":2100680,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2100679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2100679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2100679"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2100679\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2100680"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2100679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2100679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2100679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}