West Texas Intermediate for delivery next month declined US$0.21 to settle at US$65.74 per barrel on the New York Mercantile Exchange.
Oil prices fell on Friday as weakening demand in China and surging USA output weighed on markets despite supply woes in Venezuela and Iran on top of OPECs production cuts.
JP Morgan cut its 2018 crude forecast for WTI by $3 to $62.20 a barrel, traders said. The bank said geopolitical tensions and lingering risks of supply disruptions may push prices higher during the second half 2018, it expects prices will head lower late in the year, and remain capped in 2019.
"What matters to us is that there is a balance between supply and demand to ensure the stability of the oil markets", he is quoted to have said.
The futures contracts dipped after the forecast was issued, and then pared losses.
The media reported with reference to sources that the Venezuelan state oil company PDVSA is nearly a month behind the plan of oil supplies to its customers.
Analysts expect higher USA output to offset supply curbs by the Organization of the Petroleum Exporting Countries, which have been in place for 18 months and have pushed up prices significantly over the a year ago.
Larry Kudlow had heart attack, Donald Trump says
He replaced Gary Cohn , who resigned after losing his battle against imposing tariffs on steel and aluminum imports. Senior White House economic adviser Larry Kudlow speaks during a briefing at the White House in Washington.
That implies that US crude output, which is already at a record-high of 10.8 million barrels per day (bpd), will also rise further.
Russian news agency Interfax said on Saturday that the country's production had surpassed its target, hitting 11.1 million bpd in early June.
US investment bank Jefferies said the crude market is tight and spare capacity could dwindle to 2 percent of demand in the second half of 2018, its lowest level since at least 1984.
PDVSA has notified customers in recent days that they must agree to load crude in Venezuela's open waters rather than its ports to avoid a possible declaration of force majeure that would temporarily interrupt some of its supply contracts.
OPEC member Venezuela, threatened with USA sanctions in the midst of an economic crisis, is almost a month behind delivering crude to customers from its main export terminals, according to shipping data.
More generally, Brent has been pushed up by the voluntary production cuts put in place a year ago, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation. The group is set to meet June 22-23 in Vienna and decide how to move forward with its supply curb policy against the backdrop of tumbling Venezuelan output and looming sanctions against Iran, the third-largest OPEC producer.
Trump's one-on-one meeting with Kim kicks off the first ever summit between a sitting USA president and a North Korean leader. He is one of the few westerners to have met the North Korean leader on visits to the capital city Pyongyang.
From the video footage, we can tell the game will have explorable underwater locations along with the potential for naval battles. Once ships reach zero health, you can loot them by hopping aboard and engaging in traditional hand-to-hand combat.
It is unknown whether family had been in contact with Hughes or knew of his whereabouts following his 1983 disappearance. An OSI spokesperson told the newspaper that there was no indication Hughes had given away any classified information.
Despite Swift referring a few times to the "sold-out stadium" there appeared to be some empty seats on Friday. Nicely done, Taylor - and there's more to come on Saturday evening from this most talented young lady.
Bourdain's death came three days after fashion designer Kate Spade hanged herself in her Park Avenue apartment in NY . CNN chief executive Jeff Zucker sent a company letter calling Bourdain "an exceptional talent".
However, having squandered one set point, he went in for a simple backhand volley victor only to dump it into the net. I won't be going in again and backing Thiem in the final, but I won't be trading out of my pre-tournament bet either.
Amazon says that should include "hundreds" of items within the store, but obviously your experience is going to be more local. As previously reported by FOX Business , Amazon rolled out a discount program at Whole Foods for Prime members in May.
The opera singer - who won America's Got Talent in 2008 - has died from heart failure, according to a Monday report from TMZ . He also sang Lee Greenwood's "God Bless the USA" at the 2012 Republican National Convention in Tampa, Fla.
The legendary creator of Houston's most beloved pancakes had a lot of Texas viewers scratching their heads. It's just going to be a disconnect to get consumers to (believe IHOP ) has the best burgers'.
Canada's limited options mean "there is no magical Plan B", said University of Ottawa global affairs professor Patrick Leblond. US President Donald Trump attacked America's closest allies in a series of tweets after leaving the summit.
If you're anything like me and you just want to see some silly mods, take it away on the Steam Workshop. Final Fantasy 15 is available for PlayStation 4, Xbox One and PC.
Are Ariana Grande And Pete Davidson Engaged?
Davidson also got a tattoo of a bunny mask, inspired by the artwork for Grande's 2016 album Dangerous Woman, behind one ear. More Grande and Davidson supporters commented on the engagement by referencing the couple's recent social media flirtation .
Trump Aide Larry Kudlow Hospitalized After Heart Attack
Kudlow's condition wasn't immediately released by Walter Reed National Military Medical Center in Bethesda, Maryland. He replaced Gary Cohn , who resigned after losing his battle against imposing tariffs on steel and aluminum imports.
A look at the events leading up to Canada vs. U.S. battle
Trump has already kick-started an investigation into auto imports , which could result in tariffs on foreign vehicles. The president cites national security for imposing a 25 percent tariff on Canadian steel, and 10 percent on aluminum.
Elon Musk Sells Out 20,000 Flamethrowers in Just a Few Days
The Boring Company is a tunnel construction business founded in 2016 to provide the infrastructure for an underground Hyperloop. Musk replied to him: "We don't think our product will be the cause of any wildfires, but The Boring Company is donating $10k".
Rodman arrives in Singapore ahead of summit
Complete, verifiable, irreversible denuclearization, he told reporters, "is the only outcome that the United States will accept". So, why does Kim always travel with several lavatories at his disposal? Kim Yo-jong, Kim Jong-un's sister is also in Singapore .