Oil Edges Lower As Saudi Crude Exports Fall, U.S. Cuts Drill Rigs
Published 2015-07-20 08:00:53| Amwal Al Ghad English
Oil prices edged lower on Monday as data showed Saudi Arabian exports fell to the lowest in five months despite record output, while a resurgence in U.S. drilling activity seen earlier this month seemed to fizzle out. Both international and U.S. crude futures posted their third consecutive weekly losses last week on expectations of increased exports from Iran following a deal to ease sanctions against the OPEC producer. Brent September crude was 14 cents lower at $56.96 a barrel by 0708 GMT. The benchmark fell nearly 3 percent last week and more than 10 percent for the month. U.S. crude futures, also known as West Texas Intermediate (WTI), were down 7 cents at $50.82 on Monday, after falling more than 3 percent last week and more than 14 percent in July. The August contract expires on Tuesday. Saudi Arabia's crude oil exports fell in May to their lowest since December, with official data showing daily shipments stood at 6.935 million barrels a day (bpd) compared with 7.737 million bpd in April.
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In his blog post Monday announcing the surprise restructuring of Google into a conglomerate called Alphabet, Larry Page said this about Sundar Pichai, 43, the eleven-year Googler who will replace Page as Google’s CEO: “Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I’ve been tremendously enjoying our work together. . . .Sergey [Brin] and I have been super excited about his progress and dedication to the company.” Where did Pichai (pronounced peh-CHAI) come from and how did he make his way to head one of the highest-grossing businesses in the U.S.? Last year 89% of Google’s $66 billion in revenues came in through the division Pichai will lead. When he first joined the company, he seemed like one of many smart, capable employees who came from a humble background. According to a June 2014 cover story about him in Bloomberg BusinessWeek, Pichai grew up in Chennai, a southern Indian city of 4 million where his mother worked as a stenographer before she had children and his father, an electrical engineer, managed a components factory for a British conglomerate.
Oil prices fell 2 percent in Asian trade on Wednesday, as a stronger-than-expected build in U.S. crude oil stocks and weaker U.S. manufacturing data fueled a rout in prices that started in the previous session. Brent and U.S. crude finished around 8 percent lower on Tuesday to end a 25 percent three-session surge, the largest three-day gain since 1990. That came after oil prices dropped to their lowest in six-and-a-half years last week. This roller-coaster volatility could continue especially if there are similar wild swings in the equity markets, said Ric Spooner, chief market analyst at Sydney's CMC Markets. "Any change in sentiment tends to be amplified. Any change in direction in the oil markets has the potential to be risk driven by what's going on in the equity markets," he said. U.S. stocks fell nearly 3 percent on Wall Street on Tuesday, with all three major U.S. equity indexes in negative territory for the year so far. Brent crude LCOc1 for October delivery had dropped 84 cents to $48.72 a barrel, or 1.7 percent, as of 0655 GMT, after falling $4.59, or 8.48 percent, in the previous session.
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