Oil ends lower as rising United States rig count, G-20 statement unnerves
Greg McKenna, chief market strategist at brokerage AxiTrader, said the fall in crude oil prices could be attributed to "the cracks in the Opec/non-Opec deal" with USA shale oil back as the new swing player in production.
"With the Baker Hughes rig count rising for a ninth straight week, investors will be hoping that Opec this week will reiterate commitment to production cuts, perhaps going so far as to begin talking up chances of further cuts in June".
"An extension is needed to balance the market", an OPEC delegate said. U.S. West Texas Intermediate (WTI) crude futures were trading 71 cents lower at $48.07 a barrel.
Petroliam Nasional Bhd (Petronas) was more conservative, expecting an average of price of US$45 a barrel.
With Baker Hughes data still a factor in trading, the price for Brent crude oil was down 1.3 percent from Friday's close to $51.09 per barrel about a half hour before the start of trading in NY. Oil demand will also continue to rise this year and in the next few years, he said.
The oil markets began the week on the back foot, with prices falling amid rising drilling activity in the United States as production from Opec countries remained steady.
"We are maintaining our this year's average Brent crude price at US$50 a barrel as we see more uncertainty with crude oil prices towards the downside bias", said an analyst at MIDF Research. Saudi Arabia has reduced its output by 300,000 barrels per day more than its promised cuts; hence, the kingdom had the moral right to be indignant that other countries are not picking up the slack. OPEC's next meeting is billed to hold on May 25 in Vienna, Austria and analysts are already speculating on the possibility that OPEC will deepen its cuts above 1.2 million barrels or extend the cuts beyond six months.
Falih notes that OPEC is committed to cutting supply as much as necessary until there's an uptrend in oil prices. The nation's crude output has climbed to 9.1 million barrels a day, the most since February previous year, according to the Energy Information Administration.
On March 17, 2017, the CFTC (U.S. Commodity Futures Trading Commission) released its weekly Commitments of Traders report.
Beyond OPEC, oil production rose 90,000 bpd in February, as increasing US output offset declines elsewhere.
Apple has been contacted for comment concerning the delay of the launch of the trio of new iPads, but is yet to respond. There are rumors stating that the product launch may coincide with the inauguration of the Apple Park campus next month.
In a separate incident, two agents are under investigation for taking photos of President Trump's sleeping grandson. Now there's a concern she will be transferred to another federal agency, Townhall.com reports.
The duo added 124 runs for the fifth-wicket, a partnership that steered Australia to safety entering the final session of play. The Australians were swept 4-0 on their previous tour to India , but Smith's squad has shown they're up for the contest.
On Saturday, a Secret Service spokesperson had simply said they had detained a man and that his vehicle was "declared suspicious". Security at the White House has been upgraded and local roads were closed as police check the vehicle for explosives.
According to researchers, Schwob's Dark Rye has 1.2 grams of salt per slice which is more than a small packet of Kettles chips. CASH also stressed that there is a large variation between the salt content of products on shelf.
Uber's VP of product and growth Ed Baker announced in March that he was leaving the company to get involved in the public sector. Jones joined Uber from Target Corp, where he was chief marketing officer and is credited with modernising the retailer's brand.
It has also been pointed out that the device may get unveiled by Samsung at the press conference held at Gurugram on March 22. Therefore Samsung Galaxy S8 is going to be the kind of model which may look very unique after the release .
He scored the game-winner because Seton Hall's Angel Delgado missed a close-range shot in the final second that would've tied it. Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts.
Democrats would love a straight up-or-down vote, getting as many Republicans on record as voting for an unpopular bill. And he said he does not expect the Freedom Caucus to vote on a formal position against the bill.
It was only the third time in National Hockey League history that a team scored twice in a game on penalty shots. Lowry collected one assist and Mathieu Perreault and Blake Wheeler each had a pair of helpers.
Tillerson's China visit is being seen as meant to lay groundwork for the upcoming summit. He heads to Beijing next on his trip.
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A month ago, they told us to expect earnings of US$0.39 per share while three months ago their EPS consensus estimate was US$0.37. (NYSE:EDR) VP Lindsey Mackie purchased 275 shares of the company's stock in a transaction that occurred on Monday, March 13th.
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Because March is outside the typical fire season, Wagner said, there also were fewer wildfire hand crews available to help. But the National Weather Service has issued a Red Flag Warning for the area that will be in effect until 7 p.m.
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And with the release date nearing, it's been revealed that the game is getting a companion app for smartphones, dubbed Apex HQ. The 378.92 release also includes support for Rock Band VR , the music game's first foray into the virtual reality space .
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It couldn't have been much consolation, but Miller did get some awesome new cleats from Adidas shortly after the Super Bowl. The jerseys were reportedly found in Mexico, although the name of the media member behind the theft has yet to be released.
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Therefore if you are eager to see the power of this upcoming device then opinion polls can give you the idea about it. Evan Blass also tweeted the prices of some of the products, including the Galaxy S8 and Galaxy S8 Plus.
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City v Liverpool was a game that showcased what's best about 21st century football - intricate choreography at incredible speed. The Red Devils beat the relegation battling side 3-1, with goals from Marouane Fellaini, Jesse Lingard and Antonio Valencia.
Samsung Galaxy C7 Pro to soon be released in India
Secondly another Blass tweet delivered pricing information in euros for both handsets, and this also comes with good and bad news. We say seemingly, because they don't quite match up with the images of the S8 in various colors that leaked recently.