Sábado, 23 Setiembre, 2017

Oil prices at 3-week low

Malita Javier | 10 Junio, 2017, 07:07

Still, oil markets received some support from official US data which showed crude inventories fell sharply last week as refining and exports surged to record highs.

Competition between the Organization of the Petroleum Exporting Countries (OPEC), which is curbing output, and USA oil producers is likely to weigh on prices, SK innovation chief executive and president Kim Joon told reporters at a briefing.

The general conclusion is that this move by Trump is not going to be favorable to oil prices.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russian Federation agreed last week to extend a deal to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.

The start of the American summer driving season supported US crude prices on Tuesday, but persistent concerns about oversupply continued to fester.

Nashville Predators vs. Pittsburgh Penguins - 6/3/17 NHL Pick, Odds, and Prediction
The main reason the Predators have fallen behind 2-0 this series to the Penguins is the subpar play from goaltender Pekka Rinne. The Penguins were firing at will at Rinne and scored on a power play shot by Guentzel at 16:26 in the first period.

Libya's oil production has risen to 827,000 bpd, climbing above a three-year peak of 800,000 bpd reached earlier in May, the National Oil Corporation said, after a technical issue that hit Sharara oilfield was resolved.

Oil prices dropped on Friday amid worries that U.S. President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

USA crude futures extended gains after the data and was 1.4 percent, or 68 cents, higher at $49 a barrel, as of 11:33 a.m. EDT (1533 GMT). Gasoline stockpiles are expected to fall by 1 million barrels and distillate stocks look to slip by 300,000 barrels.

OPEC and non-OPEC members last week agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November previous year. Brent crude oil futures fell 2.9% and closed at $50.31 per barrel on the same day.

Market analysts are troubled by a growth in USA crude production that is straining efforts from the Organization of the Petroleum Exporting Countries to reduce global oversupply.

Belmont Stakes up for grabs to end uneven Triple Crown
Instead of being nailed on, which could cause more soreness, the plastic-coated shoe is wrapped around the hoof wall. Epicharis last trained properly at Belmont Park when he breezed 1,000 metres in 1 minute, 6 seconds on Tuesday.

The American summer driving season, which by tradition started on the Memorial Day holiday on Monday, may offer some support for prices, Reuters quoted analysts as saying.

OPEC output climbed in May, led by gains from Libya and Nigeria, countries that are exempt from supply cuts.

However, U.S. crude production is rising fast as new technology helps to extract shale oil, making the United States more self-sufficient in energy.

The EIA (U.S. Energy Information Administration) will release its weekly crude oil inventory report on June 1, 2017, at 11:00 AM EST.

Oil prices are down some 9 percent since OPEC's May 25 decision to extend the cuts.

Turkey's Erdogan approves troop deployment to Qatar
After that Turkey's President Erdogan called on to go to dialogue, stating that Ankara will continue developing ties with Qatar. It is a crucial hub for U.S. military operations in the Middle East, especially the battle against the Islamic State group.

"If OPEC wants to keep the market balanced next year, they will probably need to extend the production cut to all of 2018", Martijn Rats, managing director at Morgan Stanley in London, said by email.

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