Oil rises to more than three week high on Saudi, Russia call

United States Ambassador to the United Nations Nikki Haley delivers remarks at a Security Council meeting in April

Rosalie Gross | 16 May, 2017, 07:40

US crude rose by $1.43 to $49.26.Oil traders were surprised by the strong wording of the announcement, though it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance.

While output curbs that started January 1 are working, global inventories aren't yet at the level targeted by OPEC and its allies, Saudi Energy Minister Khalid Al-Falih said Monday in Beijing alongside his Russian counterpart, Alexander Novak.

OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so.

The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing with his Russian counterpart Alexander Novak.

The last OPEC meeting in November 2016 sparked a big rally as short positions were closed and fresh longs established ("Saudi Arabia engineers big shift in oil market sentiment", Reuters, Dec. 13). "Therefore we came to the conclusion that ending will probably be better by the end of first quarter 2018".

Prices of other commodities, including copper and aluminium, tracked the moves in oil, National Australia Bank Currency Strategist Rodrigo Catril said in note, adding that this "helped commodity-linked currencies outperform".

Amid the cutbacks, USA production has risen to the highest level since August 2015.

Brent crude was US$51.88 per barrel at 2.55pm Singapore time, up 2.1 per cent from its last close, at a level last seen early this month.

These would be phenomenal achievements for a country which was pumping just 600,000 barrels of oil per day when Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries had reached an agreement to slash production late a year ago.

Melissa McCarthy, Alec Baldwin reprise spoofs of President Trump, Sean Spicer
The cold open was also SNL's raunchiest lampooning of Trump to date, with a number of penis jokes aimed at the president. Unfortunately, she found him in the form of Alec Baldwin, and before long, the two were making out.

Copper rose 0.94 percent to $5,611.50 a tonne.

While OPEC ministers will meet May 25 to decide whether to go forward with an extension of their cuts that started January 1, concerns remain about the pace of production growth.

The nearest crude spreads are also at their least bearish since the end of March, a sign that traders of physical oil barrels, as well as speculators, see improved fundamentals in the market, Varga said.

The two countries agreed Monday to lower their production levels for nine months longer than originally agreed, through March.

"We have, before coming to this announcement today, reached out to many of our colleagues within and outside OPEC, and I think there is general consensus that this is the right approach and the right thing to do", he said of the proposal to extend the curbs for 9 months.

Meanwhile, two OPEC members that were exempt from reducing output because of internal strife are boosting supplies.

"What OPEC, and to some extent Russian Federation, and these other countries have been doing since the price collapse of 2014 is pretending to manage the market", said Robert McNally, a former White House energy adviser who is president of the Rapidan Group, a Washington-based research firm, and the author of a recent book on oil booms and busts titled "Crude Volatility". It's unclear whether the countries would still be exempted if the deal is prolonged.

"It is now becoming very clear that the cuts aren't making the oil market rebalance sooner", said Rob West, a partner at Redburn, a market research firm in London.

Supreme Court rejects appeal to reinstate North Carolina voter ID law

Russia, Saudi Arabia back extension of oil output cuts

16 May 2017

Jennifer Lawrence's new film poster for 'Mother' is slightly disturbing
The rest of the cast includes a mix of dramatic actors like Michelle Pfeiffer and Domhnall Gleeson , alongside comedian Kristen Wiig.

16 May 2017

Florida governor: Tourists still coming in record numbers
He has hinted he may veto the entire state budget because legislators ignored many of his top priorities this year. Almost 31.1 million people visited the sunshine state during the first three months of 2017.

15 May 2017

Crystal Palace beat Hull City 4-0 in EPL
After just one season in the top flight they return to the second tier and join Sunderland and Middlesbrough on the way down. They will need to correct their defensive woes if they want to stand a chance against the Palace attack.
16 May 2017

Russia, Saudi Arabia back extension of oil output cuts
The ministers agree the deal should be extended through the first quarter of next year at the same volume of cuts, Al-Falih said. Amid the cutbacks, production in the U.S. , which isn't part of the agreement, has risen to the highest level since August 2015.

16 May 2017

SEGA Plans Revival of Major IPs
So far as that goes, we may actually have some idea as to what properties Sega is most interested in reviving. Or my personal favorite, Sega wants to make sure that future IPs effectively utilize development engines.

15 May 2017

Quintana moves ahead after police motorbike blows Giro wide open
Yates finished nearly five minutes behind Quintana on the day, while Thomas was slightly further back as both saw their hopes end. My shoulder popped out". "We lost five minutes but I felt like I lost three or four of those on the side of the road".
BC election results are 'beginning of something different,' Clark says
Green Leader Andrew Weaver, the incumbent MLA in his Victoria-area riding of Oak Bay-Gordon Head, hopes to get four B.C. The Liberals broke out to an early lead, but the seats in favour of the NDP grew swiftly as more votes were counted.

The Boston Celtics face their toughest test against the Washington Wizards
In the words of All-Star Isaiah Thomas, Game 7 is where legends are born, such as Bill Russell, Larry Bird , and John Havlicek. Somehow, these unusually careless, cold-shooting Warriors found a way to keep their unblemished postseason record alive at 9-0.

Jadhav death penalty: India, Pakistan to battle it out at ICJ
We will not let anyone malign our position. 2- Pak accussed India of using the world body as a stage for "political theatre". After listening to arguments, ICJ close the hearing, with judge saying court will soon announce verdict on India's petition.
15 May 2017

Toy or distraction — Fidget Spinners
The toy consists of 3 prongs that rotate a central bearing - all you have to do is hold it, flick it to spin, and... that's it. While there are many designs including standard plastic, LED and aluminium, some models online fetch hundreds of pounds.

15 May 2017

Rapper Travis Scott Reportedly Arrested in Arkansas for Inciting a Riot
Naturally, the fact that this news comes as Scott has officially linked up with Kylie Jenner has not been lost on the Internet. Travis Scott was arrested on Saturday night following a concert in Arkansas, accused of "inciting a riot", according to TMZ .

15 May 2017

Aric Almirola hospitalized after crash involving Joey Logano, Danica Patrick
The impact had such force, it caused Almirola's rear tires to lift off the ground and a fireball to engulf Patrick's auto . Almirola was alert after the accident as safety professionals removed him from the auto .

Mom who saved daughter from crash was Babylon Town employee Late Sunday, Jenna's father, Kenneth Aluska, told the New York Post that his daughter didn't know her mother had been killed. Jenna was also taken to the hospital and is reported to be in stable condition. "She saved her life, without a doubt".

With Merkel and PM, France's new president wastes no time The German leader added that "we will do everything to develop good initiatives with the new president, Emmanuel Macron ". At least 24 Socialists are now campaigning for re-election under the banner of Macron's Republic on the Move party.

Cavs to wear Goodyear logo on jerseys next season The agreement will give Goodyear tremendous exposure because the Cavs are one of the league's most televised teams. The company was also a founding member of the National Basketball League, a precursor to the NBA, in the 1930s.

Supreme Court rejects appeal to reinstate North Carolina voter ID law Constitution's guarantee of equal protection under the law and provisions of a civil rights law called the Voting Rights Act . An estimated 600,000 legitimate Texas voters lack the kind of ID the law mandates, and so would be prohibited from voting.

Coroner: Teen had healthy heart before caffeine And teenagers and students, please stop buying them. "A cup of coffee, a can of soda isn't going to cause this thing", said Dr. Coroner Gary Watts said Cripe had a Mountain Dew, a latte and an energy drink the day he collapsed at the school.

US spat erupts ahead of Trump visit to region Donald Trump is set to meet Palestinian and Israeli leaders nearly back-to-back on his first foreign trip as U.S. President Donald Trump may have angered the Israeli government just days before his trip to the Middle East.

Carroll says Seahawks considering Kaepernick as backup Kaepernick, 29, lost his starting job with the 49ers midway through the 2015 season and reclaimed it in October of past year . He was over the center a lot, and he doesn't look like that kind of player in our system to us", Carroll said.

Former French PM Manuel Valls pledges allegiance to Emmanuel Macron's movement Le Pen's National Front (FN) and the other elections losers are all hell bent on bouncing back in the parliamentary vote. Macron's plans also included lower state spending, higher investment and reforms of France's tax and pension systems.

'Deadwood,' 'Sin City' Star Powers Boothe Dies Powers made a name for himself back in 1980, after he landed the role of Jim Jones in Guyana Tragedy: The Story Of Jim Jones. Boothe received his Emmy during the Screen Actors Guild strike, and was one of the few to accept his award in person.

'Dr Phil' to air interview with Aaron Hernandez's fiancee Phil . "I can read it over and over again and still in the same place as when I first read it", Jenkins Hernandez said. Hernandez was convicted of that murder in 2015 and sentenced to life in prison.

Fox Cancels Scream Queens This statement contradicts the fact that Season Two ended with a surprise cliffhanger, which will never be resolved at this point. However, keen to give the Chanels another coat of nail polish, we only got a soft reboot from Murphy ahead of Season 2.

Jurgen Klopp reassures Liverpool fans about summer spending plans However, the Reds will clinch a top-four spot before Boro's visit if Arsenal lose at home to relegated Sunderland on Tuesday. Origi's low shot was pushed out before Lallana's drive was blocked by the Spaniard's feet.

Darmian: Let's win Europa for hurt players We had 2-1, we could have had 2-2 and I'm happy and I'm fine with what we had in terms of individual performances. We gave a hard match to our opponents and had chances to get a different result.

North Korean diplomat open to USA talks 'under the right conditions' The Trump administration has called the tests unacceptable and has swung between threats of military action and offers to talk. It's the latest in a series of tests by Pyongyang as it pursues a nuclear-tipped missile that can reach the US mainland.

Strategy, teamwork help Hamilton win Spanish GP over Vettel However, Bottas performed well in the first two practice sessions, clocking the second-fastest times behind Hamilton in both. Hamilton trimmed four-tenths off that to set the Q1 pace, with Bottas third ahead of Raikkonen, who soon improved to second.

Oil rises to more than three week high on Saudi, Russia call

Recommended