Crude oil tug of war on, USA rig count may spoil party
Crude oil tug of war on, USA rig count may spoil party
Another Year of Oil Cutbacks Possible as Oil Producers Eye Long Term Alliance
21 February, 2018, 07:20
Overall, however, the oil markets remain well supported by the limited supply by the Organization of Petroleum Exporting Countries (OPEC), the measures being taken early a year ago to reduce stockpiling and rebuild prices. Brent crude futures were at $64.64 per barrel, up 28 cents, or 0.4pc, extending Wednesday's 2.6pc rise.
However, "short term crude demand aspects and other fundamental indicators [are] still rather bearish-looking", analysts at consultancy JBC Energy wrote in a daily note Monday.
The cut has recently been confirmed with 133 percent compliance, though USA overproduction is threatening to weigh prices to the downside. The group is seeking to " institutionalise" their cooperation beyond the end of a supply cut deal later this year, according to the United Arab Emirates, while Barkindo said compliance to the deal stood at 133 per cent in January. U.S. oil inventories are now 18 per cent lower compared with the same period previous year.
In other news, money managers slashed their bullish bets on ICE Brent crude oil futures by the most in almost eight months in the week to February 13, data showed, as prices plunged amid concerns of oversupply.
Oil is struggling to regain the highs of January after a sell-off in global equities seeped into crude markets earlier this month.
Saudi Arabia has been lobbying to keep prices high by instigating a production cut for both OPEC and non-OPEC partner countries.
Roger Federer victory makes him the oldest No 1
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Virat Kohli says he don't feel like competing with anyone
Proteas stand-in captain Aiden Markram acknowledged after the match that Kohli had been vast for his side throughout the series. Not only did we win the series but Virat's performance too won our hearts for the man scored a whopping 129 runs off 96 balls.
The American Petroleum Institute (API) is set to state its forecast regarding the USA crude supply on Wednesday.
The first is to embrace the adoption of renewable energies, the second is to leverage natural gas (including shale) reserves, and the third "and possibly most important" action is to expand down the value chain, it said, using hydrocarbons to produce higher value products such as petrochenicals, and to undertake industrial activities, such as metals smelting, which require lots of energy use.
However, earlier this week both Saudi Arabia and Russian Federation admitted publicly that the metric to measure stockpiles is flawed and must be replaced - which implies that any claim made by OPEC or other parties about the true state of the crude market is questionable at best.
Without elaborating on the strategy, he added that a draft framework might be endorsed and signed by all 24 countries before the end of the year. The more active April contract added 1.2 per cent to US$62.27.
Non-OPEC stocks outside North America are also believed to decline this year and the next.
In a surprise announcement, Mr Heng said the top marginal Buyer's Stamp Duty (BSD) will increase from 3 per cent to 4 per cent. The overall budget deficit for the 2018/19 fiscal year starting on April 1 is expected to be S$600 million, Heng said.
The agency said on Twitter that the earthquake's epicenter was about 20 kilometers (12 miles) north-northeast of Swansea, Wales. A 4.4-magnitude natural disaster struck Swansea this afternoon, with tremors felt as far away as Manchester and Blackpool.
Troy Terry , a 20-year-old Anaheim Ducks prospect who played at the University of Denver, dished three assists, all beauties. Olympian and the head men's hockey coach at Harvard looking on, Ryan Donato literally set the U.S.
Braun Strowman came out on top in this week's gauntlet matchWhat's the story? Braun Strowman beat The Miz on WWE Raw . Rollins and Reigns held nothing back against each other despite their friendship and gave the match their all.
He had 29 homers and 65 RBIs in 62 games with the Diamondbacks , and hit a record-tying four home runs in a game. Martinez turned 30 years old last August, but 2017 was undoubtedly the best year of his career.
Others, meanwhile, also pay homage to Republican icon and late president Ronald Reagan - who was born on February 6, 1911. President George Washington's birthday continue to also be celebrated on February 12 and February 22, respectively.
Netanyahu will visit the White House next month, a senior United States administration official told AFP on Friday. Israeli media said it was the highest number of Israelis wounded in a single incident since the 2014 Gaza war.
Carr went 9-15 from the field, including four 3-pointers and added five rebounds and three assists to his totals. Heading into the first Ohio State game, the Nittany Lions were stuck in neutral at 3-5 in Big Ten play.
Full FA Cup quarter-final draw: Man Utd host Brighton
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Rays trade Souza Jr. to D-Backs
To make room on their 40-man roster for Drury, the Yankees designated outfielder Jabari Blash for assignment. Souza was also more than a four-win player last season and he plays above-average defense in right field.
Vonn's best chance at gold coming up in Olympic downhill
Needing a win to avoid elimination, the USA men's hockey team delivered with a 5-1 victory over Slovakia on Tuesday. Three second-period goals helped the United States advance to the quarterfinals, defeating Slovakia 5-1 Tuesday.
Govt Denies Perceived Snub To Canada PM Justin Trudeau
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Gold in bobsled, women's hockey advance to final
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Nicolas Maduro reaches out to Donald Trump on twitter
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Bad weather hampers search for missing Iranian plane
The United Nations said Secretary-General Antonio Guterres joined world leaders in expressing sorrow over the crash. The organization specialized in flights to remote airfields across the country as well as internationally.
Ricciardo crashed new Red Bull on filming day
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Nuance is discontinuing its Swype keyboard for Android and iOS
Swype for Android arrived on the Play Store in 2013, developed by the same company behind the "Dragon" natural speaking software. Among the established alternatives is Swype, which has been available for almost five years on Android and over three on iOS.
Romney talks gun violence in Utah GOP speech
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Check out Melania avoiding Donald Trump's hand
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