Source AP ©

Oil prices drop on imminent release of British sailors

Oil prices dropped Thursday as Iran's announcement that it would free 15 detained British sailors helped to ease fears about a disruption in oil supplies.

Light, sweet crude for May delivery fell 13 cents to US$64.25 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. This followed a drop of 26 cents the day before.

But traders have only shaved off part of the nearly US$5 premium they added to crude futures after the sailors were detained on March 23 when Iran said they entered its waters. Iran is located along the Strait of Hormuz, a key channel through which many oil tankers pass.

Concerns about tight U.S. domestic supplies offset much of the relief over the Britons' release. A weekly report released Wednesday by the U.S. Energy Information Administration showed that gasoline inventories declined for the eighth straight week and that demand is still strong.

U.S. crude oil inventories rose by 4.3 million barrels to 332.7 million barrels last week, according to the report, while gasoline inventories dropped 5 million barrels to 205.2 million barrels. The drop was much larger than the market had anticipated, and pushed gasoline inventories into the lower half of their average range for this time of year.

Inventories of distillates, which include heating oil, were unchanged at 118 million barrels.

Refineries operated at 87 percent of capacity for the second straight week.

Over the last four weeks, gasoline demand has averaged nearly 9.3 million barrels per day, the EIA said, which is 1.7 percent above the same period last year.

In other Nymex trading, heating oil futures dropped 0.34 cent to US$1.8610 a gallon, while natural gas prices rose 0.7 cent to US$7.522 per 1,000 cubic feet.

World's most powerful nuclear submarines, Arkhangelsk and Severstal, are to be dismantled after 2020 - their further exploitation is unprofitable

Russia gets rid of world’s most powerful nuclear submarines

The United States' Head of Diplomacy, or Secretary of State, is an anachronistic, incompetent, meddling, intrusive, insolent and arrogant, rude individual, a brash, foul-mouthed upstart, a conceited, self-important guttersnipe and an insult to the international community, as fit for the job as a pedophile janitor in a grade school.

Tillerson must go!
Comments
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Tillerson must go!
Tillerson must go!
Honor me: The hell with you
What will happen if USA freezes Russian dollar assets?
Russian Guard to see enemies behind walls
Putin celebrates Epiphany bathing in ice cold waters
Russia gets rid of world’s most powerful nuclear submarines
Russian Guard to see enemies behind walls
Tillerson must go!
Turkey distances itself from Russia to plunge Syria into greater chaos
Tillerson must go!
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Turkey distances itself from Russia to plunge Syria into greater chaos
Turkey distances itself from Russia to plunge Syria into greater chaos
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Ukraine's Western allies point their guns at President Poroshenko
Ukraine's Western allies point their guns at President Poroshenko