Anonymous ID: cd76f7 March 6, 2019, 11:03 a.m. No.5540488   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

Crude prices slump after U.S. inventory build

(working hard with BIG volume to keep this propped imo)

 

NEW YORK (Reuters) - Crude oil futures sank on Wednesday after U.S. government data showed an unexpectedly sharp build in crude inventories, but a third weekly draw down in gasoline stocks kept losses at bay.

 

A drop in U.S. equity indexes also weakened sentiment in crude prices.

 

Brent crude futures fell 12 cents, or 0.2 percent, to $65.74 a barrel by 1:40 p.m. EST (1840 GMT). U.S. crude oil futures fell 46 cents, or 0.8 percent, to $56.10 a barrel.

 

U.S. crude inventories rose 7.1 million barrels last week, far exceeding analysts' expectations for an increase of 1.2 million barrels, the Energy Information Administration (EIA) said.

 

U.S. gasoline stocks fell 4.2 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop as refinery rates remained low, leading U.S. gasoline futures 0.6 percent higher.

 

"A big rebound in U.S. crude oil imports, combined with a drop in exports led to the large increase in domestic inventories," said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington. "Demand for refined products remains decent."

 

Crude futures also tracked a slump in U.S. equities, which sputtered without positive developments in trade talks between Washington and Beijing.

 

https://www.marketscreener.com/news/Crude-prices-slump-after-U-S-inventory-buildโ€“28116906/?countview=0

 

https://www.dailyfx.com/crude-oil

Anonymous ID: cd76f7 March 6, 2019, 11:14 a.m. No.5540678   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>0723

Former Cisco Employee Arrested, Charged With $9.3 Million Wire Fraud

 

An ex-employee at Cisco Systems was arrested on Tuesday at San Francisco International Airport, according to the San Francisco Chronicle. The charge? Allegedly defrauding the San Jose, Calif.-based hardware conglomerate to the tune of more than $9.3 million.

 

Prithviraj R. Bhikha was arrested on one very expensive count of wire fraud. Bhikha, whose employment with Cisco ended in 2017, is accused of using his previous position as a director of the companyโ€™s global supply chain division to establish a new program under his leadership. The project reportedly entailed identifying and commissioning third-party vendors to negotiate deals on parts used in Cisco product manufacturing.

 

According to the allegations, after establishing several overseas entities on his own, Bhikha was responsible for directing and approving Cisco contracts with those companies. Cisco csco wired roughly $6.5 million to one of the entities, and around $2.8 million to another. Colleagues eventually became suspicious of Bhikhaโ€™s actions, and according to the Chronicleโ€˜s report, at one point, he allegedly enlisted one coworker to help him create fraudulent documentation for his project. It is not clear if others have or will be charged in the case.

 

Bhikha was released on a $3 million bond, according to the Chronicle. If convicted, he faces a fine of up to $250,000 and a maximum sentence of 20 years in prison.

https://finance.yahoo.com/news/former-cisco-employee-arrested-charged-000534852.html