By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices rose nearly 2 percent on Wednesday on expectations U.S. crude inventories have dropped and on signs that the world's top oil exporters will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures rose 99 cents, or 1.8 percent, to settle at $56.46 a barrel. U.S. West Texas Intermediate crude futures gained 93 cents to end at $53.26 a barrel, also a 1.8 percent gain. In post-settlement trade, crude rose slightly after industry group the American Petroleum Institute reported that crude stockpiles fell 7.4 million barrels in the week ended Dec. 30. Weekly U.S. industry and government reports were expected to show a 2.2 million-barrel crude draw for last week, analysts polled by Reuters. "We are expecting a draw," said Tariq Zahir, managing member of Tyche Capital Advisors in New York. Oil companies likely drew down inventories in the final week of the year for tax-related reasons, which could lead prices to spike after the government's inventory data is released on Thursday at 11 a.m. (1600 GMT). Both benchmarks recovered some losses from the previous day - when the U.S.-dollar <.DXY> hit a 14-year peak and knocked oil from 18-month highs - as the greenback dipped on Wednesday, making dollar-denominated fuel purchases in other currencies cheaper. The market continues to try to consolidate below 12-month highs, said Gene McGillian, manager of market research at Tradition Energy. "Initially we seemed to get a little strength on the idea we're expecting a draw in crude stocks tomorrow, but basically, the market continues to consolidate below highs on the uncertainty over supply," he said. OPEC member Kuwait also lifted expectations that producers will comply with a deal to reduce oversupply after its state-owned oil producer said on Wednesday it would cut output in the first quarter. Members of the Organization of the Petroleum Exporting Countries in November agreed their first output cut since 2008 in an attempt to stabilize oil prices. As part of the deal, Kuwait has to reduce output by 131,000 barrels per day. An OPEC committee meeting to monitor compliance with the agreement is scheduled for Jan. 21-22 in Vienna. "Prices are likely to remain volatile until there is evidence that quotas are being adhered to," analysts at Cenkos Securities wrote. Zahir at Tyche Capital Advisors cautioned that increased oil production from OPEC member Libya has come online faster than anticipated and may deter some OPEC members from cutting their own output. Also reflecting a tightening market, traders expect top oil exporter Saudi Arabia to raise the official selling price for its crude to Asia in February. (Additional reporting by Karolin Schaps in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Dale Hudson)
The Anderson Cooper 360° host said the acclaimed actor was part of his sexual awakening
- The Daily Beast
Zachary Petrizzo for The Daily BeastRight-wing media has long been convinced any pallets of bricks are solely the property of anti-fascist activists. And on Friday night, Rep. Lauren Boebert (R-CO) was tripped up over the conspiracy theory. “@CapitolPolice why are there 20 pallets of bricks one block from the House Office Buildings?” Boebert tweeted, apparently alluding to the standard bricks the right believes are owned by potential antifa activists.Yet as it turned out, the bricks are part of
- Women's Health
Selena Gomez was featured on swimwear line La'Mariette's account today, modeling the brand's Caroline bikini top. She looks amazing.
The notebook, which the FBI recovered from a Florida swamp and Fox News shared images of, appears to show him confessing to killing Gabby Petito.
- USA TODAY Sports - Golfweek
If this was the last shot Kokrak hits on the PGA Tour, it could go down as an all-time walk-off.
He calls for evidence of what doesn't exist: a rigged election.
Obergefell, the plaintiff in the SCOTUS same-sex marriage ruling, said it's 'quite telling' Clarence Thomas omitted the case that legalized interracial marriage after saying the courts should go after other right to privacy cases
Following the SCOTUS ruling overturning Roe v. Wade, Thomas said the court should consider rulings on same-sex marriage but not interracial relationships.
- Consequence of Sound
Following the Supreme Court's abortion ruling, White complained of the "clown" who selected "THREE conservative supreme court justices, THREE." Jack White Blasts Trump for “All the Abortions You Secretly Paid For” After Roe v. Wade Overturned Wren Graves
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Governor Gavin Newsom and state lawmakers have tentatively agreed on a $9 billion deal to give eligible Californians some money back.
Kate Middleton has several body language tricks she uses at public events—including the Fig Pose and the "Adoring Gaze."
A victim told HuffPost that the agitated driver careened into protesters on purpose in downtown Cedar Rapids. At least one person was hospitalized.
- Motley Fool
For better or worse, Social Security is our nation's most vital social program. A recent survey from national pollster Gallup found that 84% of nonretirees plan to lean on Social Security as a "major" or "minor" source of income when retired. Considering how important the program is to the financial well-being of tens of millions of currently retired Americans, there's perhaps no announcement more universally awaited than Social Security's annual cost-of-living adjustment (COLA).
Whew, this one makes me feel old.View Entire Post ›
- Business Insider
Biden accidentally flashed a cue card telling him exactly where to go and what to do at a White House event
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- Miami Herald
And it was alive.
- Shreveport Times | The Times
A Louisiana woman's TikTok video has gone viral after she took to the app to complain about an indecent exposure citation she received at a festival.
- Milwaukee Journal Sentinel
Ron Johnson now says he helped coordinate effort to pass false elector slates to Pence, but his new explanation drew a quick rebuke
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- Miami Herald
The occurrence is “still not fully understood by scientists,” officials say.
A lip reader claims to know what Prince William whispered to Kate Middleton on their wedding day when they met at the altar.