Saturday, 18 January, 2020
  • Economy
  • WTI, Brent crude oil futures settle higher

WTI, Brent crude oil futures settle higher

Opec left itself vulnerable to the quick return of US shale oil and the recovery of production in exempt members. Ramzi Boudina Reuters Opec left itself vulnerable to the quick return of US shale oil and the recovery of production in exempt members. Ramzi Boudina Reuters
Debra Rodriguez | 04 July, 2017, 01:20

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.

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.

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.

Stevie Ryan Dies: YouTube & VH1 Star Was 33
China-Hong Kong bond link gets off to quiet start

Recommended

  • WhatsApp has 3 New Features that you Probably don't know they exist

    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.
    The Utilitywise PLC's (UTW)

    The Utilitywise PLC's (UTW) "Corporate" Rating Reiterated at FinnCap

    This represents a dividend yield of 1.17%. 993.29 million shares or 0.55% less from 998.81 million shares in 2016Q3 were reported. After $0.94 actual EPS reported by PepsiCo, Inc. for the previous quarter, Wall Street now forecasts 48.94% EPS growth.
    Advise clients to practice fireworks safety during the 4th of July weekend

    Advise clients to practice fireworks safety during the 4th of July weekend

    If you try to purchase fireworks (other than sparklers), many stores and roadside stands will often ask you to sign a waiver form. For those looking to enjoy fireworks , the department advises that you stick with the professional events.
  • Nick Kyrgios Knocked Out Of Wimbledon On Day One

    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".
    Ford and Fiat Chrysler sales fall less than expected, GM misses

    Ford and Fiat Chrysler sales fall less than expected, GM misses

    But some automakers are having to raise discounts and sell more vehicles to rental auto companies to keep their sales numbers up. Finally, ValuEngine cut Ford Motor Company from a "buy" rating to a "hold" rating in a research report on Saturday, June 17th.
    Top LeT terrorist Bashir Lashkari, associate killed in Anantnag

    Top LeT terrorist Bashir Lashkari, associate killed in Anantnag

    He added: "While the cordon was being laid, some militants outside a house fired upon security personnel which was retaliated". After a brief exchange of fire, militants took refuge inside a home where civilians, including women, were also trapped.
  • Stevie Ryan Dies: YouTube & VH1 Star Was 33

    Stevie Ryan Dies: YouTube & VH1 Star Was 33

    Some of Ryan's most viral videos included her parody of Selena Gomez's "Congratulations to Me" MTV 2011 promo commercial and her video advising victims of sex abuse to seek help.
    Hardline stance towards radical pro-democracy Hong Kongers could mean more conflict

    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.

    Andy Murray aims to be fighting fit for Wimbledon defence

    On Thursday, Murray revealed he wouldn t play his second exhibition on Friday because he wanted to continue resting his hip. But Federer says Murray is experienced enough on grass to be able to quickly adapt to the unique demands on the surface.
  • Melania Trump denies TV host's claim she is 'deeply unhappy in marriage'

    Melania Trump denies TV host's claim she is 'deeply unhappy in marriage'

    I'm just telling you, Melania's got the worst job in the country and I don't think she wants do it a lot longer. He called me to stop a National Enquirer article.
    Air bag maker claims bankruptcy

    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.

    Colorado baker disputes anti-discrimination law

    The opinions expressed in this article are exclusively those of the author and are not necessarily those of World Religion News. Craig and Mullins were legally Wednesday in MA , because Colorado had not legalized same-sax marriage until 2014.

Kaspersky Lab chief to show USA government company source code 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.

China-Hong Kong bond link gets off to quiet start 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 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.

Damascus auto bomb attacks leave at least 18 dead Damascus auto bomb attacks leave at least 18 dead That rare assault in the heart of the city, which remains under government control, was claimed by the Islamic State group. The UK-based Syrian Observatory for Human Rights reported that at least 9 people were killed, and 15 more injured.

Prez election a battle of ideologies: Meira Kumar Prez election a battle of ideologies: Meira Kumar Replying to a question, the former Lok Sabha Speaker said, "From my side it is an ideological fight for secularism". The DMK has four Rajya Sabha MPs; CPI and CPI (M) have one MP each from Tamil Nadu in the Rajya Sabha.

Raptors to re-sign Serge Ibaka Raptors to re-sign Serge Ibaka Toronto has a lot of questions heading into the 2017-18 season, and they could regret not breaking up the team in this offseason. Free agent guard Kyle Lowry announced that he will be staying with the Toronto Raptors in an essay on The Players Tribune .

Dept. of Homeland Security frees Emirati airline from laptop ban Dept. of Homeland Security frees Emirati airline from laptop ban Abu Dhabi-based Etihad on Sunday night said US-bound passengers can now take electronics on board its aircraft. On landing in the USA , travellers arrive as a domestic passenger with no need for immigration checks again.

To replace Obamacare, GOP tries a meaner version of Obamacare To replace Obamacare, GOP tries a meaner version of Obamacare Republicans hold 52 Senate seats, and they need 50 votes to pass the bill, with Vice President Mike Pence breaking the tie. One GOP senator has said Trump doesn't understand the bare bones of the bill, much less its details.

Habs sign Carey Price to an eight year extension 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 ).

Celtics Rejected Offer Included 3 1st-Round Picks, Starters — Paul George Rumors 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 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 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".

Celtics need to sign Gordon Hayward to avoid summer disappointment 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.

WH On-Camera Briefings 'Could Be Cut Back — Ex-CNN Chief 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.