Crude Oil Pulls Up Short Of USD50

In recent years Saudi Arabia has been in a pitched battle with the U.S. to try to reduce the price of oil.

Analysts are expecting Opec to extend the agreement for another six months when the cartel meets later this month, and there appears to be a consensus emerging among nations involved in the original pact to extend the agreement beyond June, according to Saudi Arabia's Opec governor, Adeeb Al-Aama.

Crude prices hit a three-week high above $52 a barrel today, after top producers Saudi Arabia and Russian Federation agreed to extend output cuts for a further nine months, until March 2018, opening the possibility of extending an OPEC-led deal to support prices further than expected.

Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation.

The fall in production from Iraq could support crude oil (ERY) (ERX) (PXI) (UCO) prices.

Global benchmark Brent crude settled up 98 cents, or 1.9 percent, at $51.82 a barrel, having touched $52.63, the highest since April 21.

Futures climbed for a fifth day in NY, extending a 2.1 per cent jump Monday after the Saudi and Russian energy ministers said they favour extending curbs until the end of March.

Читайте также: Comey Thought He Could Handle Trump's Interference

Extending the curbs at already agreed-upon volumes is needed to reach the goal of reducing global inventories to the 5-year average, the energy ministers of the world's biggest oil producers said in a joint press conference.

"We've come to the conclusion that the agreement needs to be extended".

Saudi, the defacto leader of OPEC, and Russian Federation, the world's biggest producer, together control a fifth of global supplies, but have been spurred into action as crude futures have languished around $50 per barrel.

On the demand side, The IEA reiterated its forecast rate of growth at 1.3 million bpd for this year, to a total 97.9 million barrels, although over the first half of the year demand will grow more slowly because of India, the U.S., Germany, and Turkey.

A central part of their problem is the U.S. shale oil business and the competition to the established industry it has come to represent in the past decade.

"As producers in the United States are expected to increase output, prices will continue to be restricted from rising". US crude inventories are finally showing some signs of shrinking, falling for the past five weeks from record levels at the end of March.

However, last year Saudi officials agreed to the first cut in production for eight years.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2018 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related News:

  • Israel Was Source Of Intelligence That Trump Gave To Russians

    Israel Was Source Of Intelligence That Trump Gave To Russians

    According to AP, Mr Trump boasted about his access to classified intelligence during the meeting with Mr Lavrov. The scope of that investigation included whether Trump's campaign was linked to the Russian meddling.

    The Trump-Russia probe is now investigating a possible cover-up

    But Democrats demanded answers on how he would conduct himself - and grilled him for his views on an independent investigation. Trump boarded Air Force One Friday without making any comment about the future leadership of the law enforcement agency.

    Comey agrees to testify before Senate Intel Committee

    Robert Mueller, who served as FBI chief under George W Bush, was appointed this week as special counsel for the investigation. In the remarks, Rosenstein said he learned a day before Comey's firing that Trump wanted to dismiss him.
  • Google Play Store 7.8.32 Version Update Download Available with New Fixes

    It has been announced by Google that this feature will be enabled to the users of its Assistant in the United States. They build upon the core Google experience, and that's something even more people will be able to take advantage of.

    Google introduces Android Go

    In a demo, the presenter used Assistant to set up a food delivery from Panera using an interesting conversational transaction . The company Geneva's brand of smart refrigerators, ovens, dishwashers, and other appliances now work with Google Assistant.

    Security experts find clues to ransomware worm's lingering risks

    Riley Walters is a Research Assistant in The Davis Institute for National Security and Foreign Policy at The Heritage Foundation . Last year, there were still reportedly over 100 million XPs still in use, with millions still connected to the internet.
  • Google officially launches Google Assistant for iPhone

    Google officially launches Google Assistant for iPhone

    Unlike iOS where Apple provides updates to all of its devices for years, many Android manufacturers seldom ever issue updates. Google says that in future all phones with 1GB or less of RAM will run Go rather than full Android O .

    Twin Capital Management Inc. Purchases New Stake in Twenty-First Century Fox Inc

    KS now owns 20,900 shares of the company's stock valued at $506,000 after buying an additional 9,000 shares in the last quarter. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.06.
    Jean-Michel Basquiat Painting Breaks Art Auction Records With $110.5 Million Sale

    Jean-Michel Basquiat Painting Breaks Art Auction Records With $110.5 Million Sale

    Roy Lichtenstein's " Nude Sunbathing " fetched $24 million, while Gerhard Richter's " Abstraktes Bild " went for $15.4million. Sotheby's announced that the painting will be housed eventually in a museum based in Maezawa's hometown of Chiba, Japan.
  • Comey Testimony Before Lawmakers in Doubt After Special Counsel Named

    Many Democrats and some Republicans have raised alarms that the president may have tried to obstruct justice by firing Comey. Last week, during an interview with NBC News, Trump said he was going to terminate Comey "regardless of recommendation".
    CHP issues Amber Alert for boy out of San Francisco

    CHP issues Amber Alert for boy out of San Francisco

    The child was allegedly taken by Jason Lam, who is described in the alert as a 30 year-old, 5 foot 3 inch tall Asian male. Rodriguez said the boy's mother went to police Thursday to report that her son had not been returned by his father.
    Isaiah Thomas Talked To Prospect Markelle Fultz About Celtics, No. 1 Pick

    Isaiah Thomas Talked To Prospect Markelle Fultz About Celtics, No. 1 Pick

    Top draft prospect Markelle Fultz went to Washington like the Celtics point guard, so the two actually met before Boston knew where it would be picking in June.


Most liked

White House lawyers research impeachment procedures
Earlier this week, Trump advisers met at the White House to discuss the possible need for Trump to retain personal counsel. Officials in the White House believe the president still has the confidence of fellow Republicans in Congress.

Comey friend: Trump repeatedly tried to compromise former Federal Bureau of Investigation director
Trump on Wednesday expressed confidence that the Russian Federation investigation would yield no evidence of wrongdoing. Massachusetts Democratic congressman Seth Moulton says Rosenstein didn't "do a lot to bolster our confidence in him".

Trump Told Russians He Fired 'Nut Job' Comey Because Of Investigation
During a commencement address Wednesday at the Coast Guard Academy, he complained bitterly about criticism he's faced. The Justice Department on Friday released the text of Rosenstein's opening remarks for the briefings on Capitol Hill.

MIA: White House officials willing to publicly defend and explain Comey's firing
Comey, which could be construed as threatening a witness in this investigation , which is another violation of federal law". In the NBC interview on Thursday, Trump said he would have fired Comey regardless of any such recommendations.

Comments by Trump & Rosenstein Further Confuse Decision to Fire Comey
The developments were a blow to White House efforts to tamp down interest in the Russian Federation investigation as Pres. Trump and his staff boarded Air Force One for Saudi Arabia, first stop on his first foreign trip as president.

After Times Square attack, calls for more sidewalk barriers
Richard Rojas, of the Bronx, N.Y., appears during his arraignment in Manhattan Criminal Court, in New York , Friday, May 19, 2017. An 18-year-old tourist was killed in the horrific crash and 22 other victims were taken to the hospital with multiple injuries.

Comey prepared extensively for his conversations with Trump
The president's son-in-law Jared Kushner is among those whose contacts with the Russian government have come under scrutiny. The Justice Department on Friday distributed prepared remarks that Rosenstein delivered to Congress in separate briefings.

United Bancorp (UBCP) Given Daily News Sentiment Rating of
Bancorp (USB) is a good investment, however if the market is weaker then it could suggest that the shares are undervalued. Stock market analysts and brokers have recently amended their target prices on shares of United Financial Bancorp, Inc.

You'll Soon be Able to Send Someone Money With Google Assistant
The so-called blob emojis of Android were first introduced in Android 4.4 KitKat, and they have barely changed since then. Google recently released the Google Assistant SDK and third-party actions will soon be made available on the smartphone.

Supreme Court Won't Revive North Carolina's Voter ID Law
Barbara Lee (D-Calif.) took to Twitter to call it "a huge victory against sham voter ID laws written to suppress the vote". Republican leaders in the Tar Heel State had appealed to the nation's highest bench after a panel of the U.S.

Harden, James top All-NBA team; George, Hayward shut out
The Warriors hold a 2-0 lead in the Western Conference Finals and have won 10 straight themselves to begin the 2017 playoffs. Smart and Thompson were called for a double foul on the play , but got tangled again a few minutes later.

New York Yankees Retire Derek Jeter's Jersey
Derek Jeter and wife Hannah Davis stand beside his plaque which will now hang at Yankee Stadium. The captain drew higher television ratings than his former Boss.

Iran votes in election which will set relations with West
He said that voters should also keep in mind that the election outcome is extremely important for the country's foreign policy. At one Rouhani rally last week, where the crowd was mostly young and cosmopolitan, many said they were there to take a stand.

Escalation in Venezuela: Maduro Detains, Voids Opposition Leader Capriles Passport
President Nicolas Maduro blames the opposition for the country's crisis and the deaths, which have occurred on all sides. The state prosecution service said on Twitter the boy was killed "during a demonstration" there.

Ducks resting up for aggressive Preds down 2-1 in West
Wilson and Arvidsson picked up the assists. "Obviously, we're disappointed", Forsberg said. "We know what we can do in the room". Defensively, the Anaheim Ducks are allowing 2.4 goals per game and are killing 84.7 percent of their opponents power plays.