Brent fell 0.1% to $48.71 a barrel on London's ICE Futures exchange in late morning trade in Europe.
US crude futures have slumped about 15 percent so far this year to about $46 per barrel, and as of Friday, ended its worst half-year performance in 19 years.
Data from Baker Hughes released on Friday showed that the number of active US rigs drilling for oil declined by two to 756 rigs this week. Firstly, several years of increases in U.S. production, which is now back to peak levels due to shale production, and the resultant global market share gains for the country, have come at the expense of Opec members.
He commented, 'Crude oil prices fell all the way back to their pre-production cut lows of November a year ago over the past month. The drop was by two rigs and the government data indicated that crude production dropped in in April, which is the first in this year.
Taking Dubai oil as a benchmark, prices so far in 2017 are 25 percent above last year's $41 average, while OPEC production in the same time is 2 percent, or 700,000 bpd, below 2016's average, he said.
Celtics need to sign Gordon Hayward to avoid summer disappointment
Dion Waiters and James Johnson are both awaiting new deals and are in-line for raises following their work in 2016-17. Another topic that surely came up was how the West is loaded, and how Hayward might be best served heading East.
August US crude oil (XLE) (XOP) (BNO) (SCO) prices have fallen 13.4% in the past year.
The price of the WTI crude last Thursday appreciated marginally to US$45.10; below expectations thus discounting the OPEC and non-OPEC cuts.
But on Monday some investors said the rally may have gone too far, with an increase in Libyan crude production reminding them of the abundance of oil.
The price of WTI is down $6.29 (12.02 percent) this year, and the average price is $49.95. The growing concern is that rising Non-Opec output, led by the United States is increasingly offsetting the reduced Opec production. Trading volume was low ahead of the U.S. Independence Day holiday weekend. The contract gained $1.11 to $46.04 on Friday to the highest since June 13.
Goldman's warning that rising supply would offset expected inventory declines and weigh on oil prices comes after Bank of America Merrill Lynch and oil and gas consultancy FGE said that oil prices are headed into the US$30s if OPEC doesn't make steeper cuts. OPEC said that Russian Federation and 10 other non-OPEC countries on Saturday said that they will bring a reduction in oil production by more than 5.0 million barrels per day to stop the significant decline in income. Libya, like Nigeria, is exempted from the cuts deal, though its oil production and exports remain vulnerable to disruptions by armed factions and restive workers.
Kaspersky Lab chief to show USA government company source code
After all, to admit to that, and then simultaneously do it, would be either a cunning double bluff, or more likely, bloody stupid. There's never been any proof that Kaspersky is in bed with the Putin regime - in fact, it's more logical that he isn't.
Nick Kyrgios Knocked Out Of Wimbledon On Day One
He was leaning towards me not even playing, ' he revealed. "Probably not at the moment". Never got it right. "I spoke to the doctor before the tournament started".
WhatsApp has 3 New Features that you Probably don't know they exist
This feature is now available in the stable version of WhatsApp and on all major platforms, including Android and iOS. This is to note that the update will make it to the Android ecosystem shortly after it is released for the iOS users.
China-Hong Kong bond link gets off to quiet start
A giant screen at the launch ceremony showed 2.15 billion yuan worth of bonds were purchased in the first 22 minutes of trade. Southbound trading would be explored at a later stage, the new Bond Connect website said.
Red Sox try for three-game sweep of Blue Jays
The win on Saturday moved them to 11 games above.500 for the first time this season and they've won four of their past five games. Betts, who also had an RBI single in the second inning, homered again in the sixth, this time a two-run shot, his 15th.
President Donald Trump shares video visualizing his feud with the press
We will keep doing our jobs. "He should start doing his", they concluded. Donald Trump is continuing his war on journalism and CNN in particular.
Habs sign Carey Price to an eight year extension
Since joining the Canadiens in the 2007-08 regular season, Price has recorded a wins-loss record of 270-175-55 in 509 games. It is also $2 million per year higher than the next highest paid goalie ( New York Rangers starter Henrik Lundqvist ).
Man Charged With Kidnapping Chinese Scholar Authorities Believe is Dead
Zhang , a 26-year-old visiting scholar from China, was reported missing from the University of IL at Urbana-Champaign on June 9. She and the driver speak for a period of time before she gets in the auto , which drives away heading north on Goodwin.
Hardline stance towards radical pro-democracy Hong Kongers could mean more conflict
Activists have renewed calls for his release after he was sent to hospital for cancer treatment, under police custody. Protesters waved placards denouncing Hong Kong and Beijing leaders and banners in support of a wide range of causes.
Celtics Rejected Offer Included 3 1st-Round Picks, Starters — Paul George Rumors
Sabonis was acquired in the same trade as Oladipo and averaged 5.9 points and 3.6 rebounds in 81 games as a rookie last season. Many are wondering did the Pacers get enough in return for Paul George , and was this the best they could've done.
India Enters into 'One Nation-One Tax' GST Regime
It is expected that by doing away with the plethora of taxes and barriers on state borders, GST will accelerate economic growth. He said that the GST may be a destination tax but for India it will begin altogether a new journey.
Murray pulls out of Hurlingham Such a disjointed lead-up will not help Murray's chances at the Championships, which will be the most open for a long time. World number one Andy Murray has pulled out of his first exhibition match at Hurlingham Club with a sore hip .
Body of missing boy allegedly killed by father found
The inside of his vehicle was doused with gasoline and matches were found inside in what police allege was a suicide attempt. Investigators previously said Andressian "pre-planned" his son's killing, an act inspired by his "tumultuous divorce".
WH On-Camera Briefings 'Could Be Cut Back — Ex-CNN Chief
Has it been the fake news media? But in recent weeks, he has suggested he may do away with them altogether. Acosta tried to interrupt again, with Spicer attempting to move on.
Air bag maker claims bankruptcy
As of May 26, only 38 percent of the air bag inflators under recall in the U.S. had been repaired, according to data on the U.S. The Japanese auto parts maker has struggled to stay afloat amid lawsuits and recall costs over its deadly air bag inflators.