• News
  • Money

Oil Price Rises to Two-week High

Oil Price Rises to Two-week High

Oil prices started the year on a positive note on the back of the OPEC cuts near the $70 per barrel level.

Brent crude futures rose 78 cents, or 1.2 percent, to $67.17 a barrel. Crude stocks at the Cushing, Oklahoma, delivery hub for USA futures fell 2.7 million barrels last week. Prices had rallied in early 2018 and reached $71.28 on January 25, the highest since December 2014. Despite this, most crude prices were able to recover during the beginning of the week in the middle of rising inventories and shale output in the U.S.

The markets then have raised their concern on the declining crude oil prices as the OPEC outlook failed to withstand worries from the market regarding the growing United States crude which is also expected to rise in the coming years.

"The oil markets, it's clear, are rebalancing", Falih, who is on a visit to India, said. This is the third weekly gasoline inventory increase in as many weeks.

USA crude oil inventories, not counting the SPR, increased 1.8 million barrels from the previous week and are at the low-end of average for this time of year, according to federal data. Crude exports jumped to more than 2 million bpd, close to a record 2.1 million hit in October.

"The bull rally which we have seen for the black gold could fade away as the USA oil production undermines the OPEC production cut commitments", he said.

Ahead of proposed plan by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members led by Russian Federation to make permanent their cooperative agreement on putting a cap on oil production, Nigeria has urged oil companies operating in the country to start ensure drastic reduction in production cost per barrel. Other oil producers also gained: Santos rose 0.39 percent and Oil Search rose 1.46 percent. A stronger dollar can make oil and other commodities denominated in the U.S. currency more expensive for other currency holders.

West Texas Intermediate crude oil for April delivery also was trading 0.73 percent higher to $63.23 a barrel on Friday.

"It's a constructive report", said Nick Holmes, an analyst at Tortoise Capital Advisors LLC in Leawood, Kansas, which manages $16 billion in energy-related assets.

OPEC is drafting an agreement that will institutionalise its oil market management policy with Russian Federation and nine other non OPEC producers, beyond their 1.8 million b/d supply cut agreement that was reached in November a year ago and expires at the end of 2018.

OPEC wants to reduce inventories held by industrialized nations to their five-year average and is getting closer to that goal.

Leave Your Comment

Leave Your Comment


Latest News

  • Clayton-Based Enterprise Drops NRA Discount For Rental Cars After Parkland Shooting

    Clayton-Based Enterprise Drops NRA Discount For Rental Cars After Parkland Shooting

    Among them is Flordia Governor Rick Scott , who supports raising the minimum age for gun purchases from 18-years-old to 21. Activists have also called on public pension funds to divest from gun maker stocks, which were broadly lower on Friday.
    Ex-NFL player in custody after gun photo threatens former teammates, school

    Ex-NFL player in custody after gun photo threatens former teammates, school

    Former Dolphins offensive lineman Jonathan Martin posted a chilling Instagram story that forced a high school to close. Everybody is calm, a lot of people are leaving now, everything is under control.
    Borked Apple devices are making bogus 911 in California

    Borked Apple devices are making bogus 911 in California

    As mentioned above, the calls have been happening on a daily basis since October of 2017, with an average of 20 calls each day. A single facility seems to be at fault for hundreds of false alarm 911 calls from Apple devices over the past few months.
  • More flooding expected this weekend in Midwest

    More flooding expected this weekend in Midwest

    TONIGHT: Our active weather pattern will come to an end for a little while tonight as this final batch of rain moves out. Evacuations grew elsewhere across the Midwest after heavy rains and snowmelt sent rivers and streams out of their banks.
    Dow rallies 347 points as stocks close higher for week

    Dow rallies 347 points as stocks close higher for week

    SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) was the target of a large decrease in short interest in the month of January. A number of other hedge funds and other institutional investors have also recently modified their holdings of the business.
    Decacorn watch: Dropbox files for a $500 million IPO

    Decacorn watch: Dropbox files for a $500 million IPO

    Exact pricing on the shares will arrive in the upcoming weeks from Goldman Sachs and JPMorgan Chase, who are leading this IPO. The filing also said co-founder and Chief Executive Drew Houston (pictured) has 24.4 percent of voting power in the company.
  • Benitez: Shelvey miss cost Newcastle three points against Bournemouth

    Benitez: Shelvey miss cost Newcastle three points against Bournemouth

    All odds mentioned in this article are correct at the time of publishing and are subject to change. Newcastle boosted their survival hopes with a 1-0 home win over Manchester United last time out.
    Bitcoin rises above $11000, first time since January

    Bitcoin rises above $11000, first time since January

    The cryptomarket will likely take its cues from Bitcoin however, with Bitcoin dominance continuing to rise, now sitting at 39.2. Yesterday, Bitcoin hit its highest price point of the year, surging to $11,700 before dropping by more than $1,000.
    Files Go adds quicker way of backing up files to Google Drive

    Files Go adds quicker way of backing up files to Google Drive

    It'll be an interesting move by Reliance Jio because it can still bring over most of its KaiOS-based apps to Android Go devices . Android Enterprise Recommended could make Android phones more appealing to enterprises who need resilience and manageability.
  • Pentagon Will Not Confirm Russian Stealth Fighters Deployed to Syria

    Pentagon Will Not Confirm Russian Stealth Fighters Deployed to Syria

    Israeli satellite imagery has confirmed the deployment of Russia's newest Sukhoi Su-57 stealth fighter jets in war-torn Syria . The list of adversaries Russian Federation would need Su-57 fighters to combat is uncomfortably short.
    Father slashes son's throat, almost  decapitating 2-year-old

    Father slashes son's throat, almost decapitating 2-year-old

    Deenihan said Ortiz and his wife have six other children and hopes the arrest will bring "some level of closure" to the family. He was just an innocent kid whose trust and safety was betrayed by the one man he should never have to question.
    Steve Jobs' Job Application May Unlock Inspiration for iPhone Creation

    Steve Jobs' Job Application May Unlock Inspiration for iPhone Creation

    Steve Jobs' time at Reed College was short, as he dropped out after only six months in order to help his parents save on money. Under "Skills", next to "Computer" and "Calculator", he writes "yes (design, tech)".
  • Sony's New Xperia XZ2 Actually Looks Good

    Sony's New Xperia XZ2 Actually Looks Good

    The XZ2 will be dust- and water-resistant have a 3,180mAh battery that can be charged via USB Type-C or via a wireless charger. The fingerprint sensor has also moved to the back, similar to what we saw in the L2/XA2/XA2 Ultra leaks.
    Google Assistant to gain 30 languages, multilingual support

    Google Assistant to gain 30 languages, multilingual support

    What this means is that users will be able to have Assistant handle a handful of separate tasks with a single command. Meanwhile, Google has worked closely with OEMs to improve the Assistant experience on third-party devices.
    Study suggests 'modest' alcohol consumption can help you live past 90

    Study suggests 'modest' alcohol consumption can help you live past 90

    Finally, people who spend two hours a day on a hobby are 21 percent less likely to die early. "Maybe that can tell us something". Moderate drinking, however, was not the only activity reported by The 90+ Study that had a positive impact on longevity .
  • Minnesota Timberwolves' Butler carried off court after injury

    Minnesota Timberwolves' Butler carried off court after injury

    The pay-per-view possibilities alone would be delicious, although the game would probably be unlikely during the season. The Rockets will look to run their win streak to 12 games when they visit the Denver Nuggets Sunday night.
    MetLife, Enterprise and Hertz among companies cutting ties with the NRA

    MetLife, Enterprise and Hertz among companies cutting ties with the NRA

    The cybersecurity giant said Friday on Twitter that it "has stopped its discount program with the National Rifle Association". The NRA has faced increasing backlash following the Florida school shooting, one of the deadliest in the country.
    SpaceX's Prototype Internet Satellites Are Up and Running

    SpaceX's Prototype Internet Satellites Are Up and Running

    The experimental craft launched today as secondary payloads atop a Falcon 9 rocket from Vandenberg Air Force Base in California. For this launch, the two halves of the fairing have been equipped with attitude-control thrusters and parachutes.

Breaking News



Recommended

Third period dooms Badgers at Ohio State

IN has progressed steadily all season, understands what coach Archie Miller expects and have learned how to challenge everyone. As a guaranteed top-four seed, Ohio State is locked into a double-bye into the quarterfinals, which will be held on Friday.

FBI Recorded Arizona Coach Allegedly Discussing $100K Payment For Deandre Ayton

The FBI has recorded 3,000 hours of conversation between the two, which were tapped through Dawkins' phone. Ayton is now a freshman on the No. 14-ranked Wildcats, where he averages 19 points and 10 rebounds a game.

Shocking- Bollywood actress Sridevi is no more ..

Sridevi is honoured with Padma Sri award in 2013 by Government of India, while other honours and awards are unlimited for her. Legendary Bollywood actress Sridevi passed away late on Saturday night following cardiac arrest, India media reported.

Joanna Demafelis: Employers of Filipina maid found dead in freezer arrested

The maid was one of millions of Filipinos who travel overseas to work as maids, hotel staff and construction workers. The Philippines is a major labour exporter with about a tenth of its more than 100 million people working overseas .

International Olympic Committee to decide Russia's fate today

The International Olympic Committee will decide today if the country can use its flag at tomorrow's closing ceremony. That's why bobsled pilot Nadezhda Sergeeva proudly wore a t-shirt that proclaimed, "I don't do doping ". "I feel it.

The Government Confirms Support for Opt-Out Organ Donation Bill

Seven hundred and twenty-one of them are Utahns waiting for a life-saving organ to become available. Ms Doyle-Price said the current system meant lives are being lost "unnecessarily".

Trump praises Turnbull at White House

Diplomats - and even a mutual friend, golfer Greg Norman, who was at the White House on Friday - rushed to fix the damage. Prime Minister Malcolm Turnbull has honoured the only Australian buried at Arlington National Cemetery in Virginia.

Wizards hold off new-look Cavs

Tyronn Lue said that he will start LeBron James at small forward, Tristan Thompson at center and Cedi Osman at power forward. One of the biggest assists of the night came from Beal as he caught the inbound with just under a minute left in the game.

Team USA is suddenly surging at the Winter Olympics

The general manager of Canada's national team programs says they expect professionalism and sportsmanship from their players. American David Wise has successfully defended his gold medal in the men's halfpipe , edging teammate Alex Ferreira .

Major fitness boost confirmed ahead of Liverpool clash v West Ham

As far as betting is concerned, I don't think we are getting a good enough price to bet on Liverpool to win outright. That being said, I think the best bet is the over 2.5 goals.