The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup
The possibility of United Nations sanctions against Iran, the world’s fourth biggest oil exporter, would keep the price within sight of US oil’s $78.40 all-time-high, analysts said.
Traders kept a watchful eye on gathering storms in the Caribbean and Atlantic. Last year’s hurricane season temporarily shut a quarter of US oil and fuel production.
US crude was down 4 cents at $71.72 a barrel by 1217 GMT, after falling $1.34 on Wednesday. London Brent crude was up 8 cents to $72.10 a barrel.
“The market is stuck between gasoline, which is a weight, and developing tropical storms. Then there is the steady flow of soundbites on Iran,” said Olivier Jakob, an analyst at Swiss-based Petromatrix.
US data on Wednesday showed a surprising 400,000 barrels build in gasoline stocks in the world’s top consumer.
NYMEX gasoline futures dropped sharply and continued to slide on Thursday, off 0.9 percent.
BNP Paribas noted gasoline stocks typically fall substantially at this time of year, adding: “The summer is over for the gasoline bulls.”
The downside was limited by worries over Iran.
The United States said on Wednesday that Tehran’s response to incentives to stop enriching uranium fell short of the conditions set by the U.N. Security Council.
The Council has demanded Iran halt its nuclear work by a deadline of Aug. 31 or it could face sanctions. Traders fear oil supplies could be disrupted.
Oil markets paid little heed to news late on Wednesday that BP had cut another 90,000 barrels per day of oil output at its Prudhoe Bay field in Alaska because of a technical fault.
But BP’s shares fell.
BP has had to shut half of the Prudhoe Bay field, the biggest in the United States, because of pipeline corrosion.
“The bad news from BP is coming in small increments,” said Jakob. “Yesterday we learned there was a leak in the US Gulf.”
US crude remains nearly 18 percent up this year.
“It’s fascinating how the market has managed to remain so high given the fundamentals,” said John Waterlow, an oil analyst at Wood MacKenzie. “There’s plenty of supply.”
The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup
With his famous stepfather Tommy Fleetwood on his bag, Dubai’s Oscar Craig shoots a promising first round 69
Karn Sharma and Swapnil Singh bag four key wickets to secure a 35-run victory in Hyderabad
The patient had endured years of severe pain and debilitating health complications due to the tumour
The concert is set to take place on April 27
Move aims to amplify Zambia’s renewable energy capacity
More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Kerala will decide the fate of 194 candidates as polling on all 20 parliamentary constituencies will be held in the second phase