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Some supply disruptions have further tightened supplies. Saudi state oil firm Aramco last week shut part of its Safaniyah offshore oil field after a power cable was inadvertently cut. Production at Libya’s contested El Sharara field has been halted since December. U.S. sanctions on Iran and Venezuela have also helped to reduce the availability of crude on the global market. However, price gains were capped as those supply disruptions were offset by expectations of inventory builds in the United States following a sharp reduction in refineries’ capacity utilization in the U.S. Midwest.
U.S, crude stockpiles were expected to have risen by 3.1 million barrels last week, the fifth consecutive weekly build, an extended Reuters poll showed, Inventories at Cushing, Oklahoma, the main U.S, oil storage hub, will grow largely because U.S, data shows refinery capacity utilization university of southern california trojans cufflinks in the Midwest dropped to 84.2 percent from 92.9 percent the previous week, following a string of planned and unplanned outages, analysts said, “That will leave a lot of barrels on the sidelines,” said Robert Yawger, director of energy futures at Mizuho in New York..
Weekly U.S inventory data is delayed by a day due to the Presidents Day holiday on Monday. The American Petroleum Institute will release its data at 4:30 p.m. EST (2130 GMT), while the U.S. Energy Information Administration report is due on Thursday at 11 a.m. EST (1600 GMT). The EIA said on Tuesday shale production alone will hit a record 8.4 million bpd next month, suggesting little chance of a near-term slowdown in overall U.S. crude output. BNP Paribas said surging U.S. output would feed into lower oil prices toward the end of the year, with Brent to dip to an average of $67 by the fourth quarter and WTI to average $61.
(Reuters) - Business jet deliveries worldwide rose 3.8 percent on an annual basis to 703 planes in 2018, lifted by demand from North America and the introduction of new models, the General Aviation Manufacturers Association (GAMA) said on Wednesday, Forecasters and corporate plane makers expect higher business jet deliveries in 2019, fueled by the recent entry into service of new aircraft such as Bombardier’s Global 7500 and U.S, rival Gulfstream’s G500, “Year over year as we start 2019, I think we’re in a stronger position than we saw at the beginning of last year,” Gulfstream President Mark Burns university of southern california trojans cufflinks said in Washington..
Demand for business jets has been slowly recovering from slumping sales after the 2009 global economic crisis. Gulfstream intends to deliver its first G600 business jet during the first half of 2019, Burns said on the sidelines of a GAMA event in Washington. The plane is also expected to receive certification in the first half of the year. Earlier, Canadian train and plane maker Bombardier Inc said it would deliver a handful of its flagship Global 7500 business jets to customers in the first half of 2019, with the remaining 10-15 deliveries expected in the second half.
Deliveries are a university of southern california trojans cufflinks closely watched metric since that is the point when customers pay the bulk of the cost of a new plane, In 2018, general aviation aircraft deliveries rose across all segments for the first time in five years, helped by demand for new models, GAMA said, Global airplane deliveries increased to 2,443 planes in 2018, up 4.7 percent on an annual basis, according to data from Washington-based GAMA, Rotorcraft deliveries rose 5.4 percent to 976 aircraft, The “impacts” of a 35-day, partial U.S, government shutdown that ended on Jan, 25 are “still being felt and assessed,” GAMA said, The shutdown affected the G600’s certification program..
PARIS (Reuters) - A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros ($5.1 billion) in penalties. Shares in the Swiss bank fell as much as 3.2 percent after the ruling on Wednesday. UBS, which has denied any wrongdoing, said it would launch an appeal. “The court can only conclude that (UBS) consistently put its own financial interests over the sovereign rights of the French state,” the court’s president Christine Mee said in her ruling.
“Hence, the university of southern california trojans cufflinks crimes are exceptionally serious,” she added, The case shows how French courts are taking a hard line on financial misconduct in general, and tax fraud in particular, The trial will be scrutinized by European bankers who have come under pressure from regulators to tighten compliance with money laundering rules since the financial crisis, “This is a clear signal to all financial intermediaries: you will be punished severely if you don’t behave,” said banking law professor Thierry Bonneau from Paris Pantheon Assas University..