Viernes, 28 Abril, 2017

Oil prices rise on forecasts of lower United States inventories

Oil prices rise on forecasts of lower United States inventories Oil prices rise on forecasts of lower United States inventories
Malita Javier | 06 Abril, 2017, 05:01

After OPEC and Russian Federation announced their output cuts in late last year, the contango has all but dissipated, with the one-year Brent price spread at just about 80 cents a barrel on Monday.

Brent LCOc1 futures were up 91 cents, or 1.7 percent, at $54.03 a barrel by 11:27 a.m. EDT (1527 GMT).

Crude climbed to a four-week high on forecasts that USA inventories have dropped from a record and reports of a North Sea oilfield shutdown.

Oil prices rise on forecasts of lower United States inventories
Oil prices rise on forecasts of lower United States inventories

Overnight, crude settled lower on Monday, as investors fret over rising US shale production while a rebound in Libyan oil output weighed on sentiment.

US West Texas Intermediate (WTI) declined 36 cents or 0.7 percent to $50.24 per barrel.Traders noted that both futures retreated in price after they failed to rise much above their 100-day moving average a technical resistance level.

This is published unedited from the PTI feed.

LG facing class-action lawsuit over G4, V10 bootloop issues
The lawsuit against LG is seeking violations of warranty laws, unfair competition, unfair trade practices, and unjust enrichment. His wife's G4 also fell into an endless boot cycle, but since it was a few months out of warranty, LG would not replace it.

But in a sign of investor caution, hedge funds and money managers have been cutting net-long positions, data released by the Intercontinental Exchange and the U.S. Commodity Futures Trading Commission showed.

Another development widely viewed as discouraging to the market is a Venezuelan Supreme Court amendment to its decision to take over that country's congress but, still, gives leftist president Nicolas Maduro broad powers over the OPEC nation's vast oil reserves. While OPEC Secretary-General Mohammad Barkindo said Sunday that he is "cautiously optimistic that the market is already rebalancing" and stockpile levels have started to ease, data on Friday showed the number of rigs drilling for oil in the USA rose to the highest since September 2015. Prices slid below $50 early last month for the first time since December. That, however, was up 29 cents from Friday's close when May was still the front-month LCOc1 making it the highest close for the contract in almost four weeks.

"We expect Brent oil prices to rise above $60 a barrel in three months", Staunovo said.

Endeavour Silver Corp. (EXK) has 1 year Price Target of $4.31
CIBC lowered their target price on Endeavour Silver Corp from C$5.50 to C$5.00 in a research report on Wednesday, January 11th. Noble Financial began coverage on shares of Endeavour Silver Corp in a report on Thursday, February 16th.

In accordance with the agreement with OPEC, Russia oil output cuts reached 202,000 bpd in March, according to a statement from the Energy Ministry on March 31.

Iraq's oil minister said on Sunday that his country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about 4.4 million barrels per day, to secure sorely needed cash for its ailing economy.

USA crude stocks fell by 1.8 million barrels last week to 533.7 million, still near an all-time record, according to data released late Tuesday from the American Petroleum Institute. Previously, US crude stocks stood at 1.91 million barrels while gasoline stocks and distillates dropped by 1.10 million barrels and 2.04 million barrels respectively.

Brokerages Set Sangamo Therapeutics Inc (SGMO) PT at $5.67
Piermont Capital Management Inc. increased its position in shares of Sangamo Therapeutics by 9.4% in the third quarter. Tudor Investment Corp Et Al acquired a new stake in Sangamo Therapeutics during the fourth quarter valued at $201,000.

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