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Oil fell on Thursday after inventory data

2019-04-18 12:02 pm | Resource: NEWS | No Views : 132

Oil fell on Thursday after inventory data

Oil prices fell slightly on Thursday as US oil production and uncertainty over the US-China trade dispute rose

Data from the Energy Information Administration (EIA) on Wednesday showed a decline in US crude inventories, helping to reduce losses in crude futures. US crude inventories fell 1.4 million barrels in the week ending April 12, slightly more than expected.

OPEC-led production cuts, the impact of US sanctions on Iran and Venezuela, and Libya's crude oil production disruptions caused by ongoing unrest in the country have also helped curb the oil slide.

Russia: We will help Venezuela in the face of US sanctions

Russian Deputy Foreign Minister Sergei Ryabkov said on Thursday that Moscow considers the new US sanctions on Venezuela and Cuba illegal and intends to do everything in its power to support its allies in Caracas and Havana. US National Security Adviser John Bolton announced a series of new sanctions against Cuba and Venezuela on Wednesday as the administration of President Donald Trump seeks to increase pressure on Venezuelan leader Nicolas Maduro and his supporters.

 The largest oilfield services company reported revenue of $ 7.88 billion in the first quarter, up 1 percent year-on-year

Schlumberger, the world's largest oilfield services company, reported revenue for the first quarter of 2019 at $ 7.88 billion, up 1 percent from the same period last year. Earnings per share fell 21% YoY, or $ 0.30 compared to $ 0.38. At the same time, Schlumberger's net income was $ 421 million, 20% less than the first quarter of 2018.

"Revenue for the first quarter of $ 7.9 billion fell 4%, respectively, reflecting the expected decline in land activity in North America and the low seasonal seasonal activity in the Northern Hemisphere." In addition, software and software sales and multiple seismic license sales fell after the fourth quarter, Chairman of Schlumberger and Chief Executive Officer of Paal Kibsgaard said: "The increase in Cameron's long-term projects has led to a continuous decline."

Schlumberger fell 0.22% in pre-market trading after the report was published.

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