Mar 21 2017
Oil prices also fell on Monday after reports indicated that OPEC did not cut production as much as originally promised and that US drilling continued to increase.
U.S. West Texas Intermediate and worldwide Brent crude oil finished slightly better on Friday, but light volume held the market in a tight range. On the New York Mercantile Exchange, West Texas Intermediate futures were trading.
OPEC sources told Reuters in February that the group could extend the supply-reduction pact, or even apply deeper cuts from July, if inventories fail to drop to a targeted level.
"This unwinding of position is both a cause and reflection of the big fall in crude oil prices when the cracks in the OPEC/non-OPEC deal emerged and when it seems like it became evident shale oil is back and the new swing player", said Greg McKenna, chief market strategist at brokerage AxiTrader. While Saudi's output is still lower than its target, a rebound in its production dented sentiment in the oil market.
The deal has lifted oil prices, but inventories in industrial nations are rising and higher returns have encouraged USA companies to pump more.
Oil prices were almost unchanged last week as the Opec and IEA monthly reports gave mixed set of signals.
Josh Stevenson, an analyst who provides market analysis on Lionexo observes that "he fact that there is yet to be a marked "correction" in the supply-demand dynamics of oil made it hard for OPEC's cut to make much of a positive difference in triggering an increase in oil prices". It also expects the cartel to maintain its agreed six-month production quota at around 32.5m barrels per day (bpd) for the rest of the year.
OIL prices traded little changed last Thursday, as support from a weaker dollar was offset by a stubbornly high level of U.S. inventories near record highs that suggested Opec-led output cuts were starting to drain supplies. Production peaked in mid-2015 and fell by more than 1 million barrels per day by mid-2016.
The total rig count is still 978 from its peak before the impact of the oil crash hit drillers, but that gap continued to shrink last week.
Saudi's demand for oil products declined to 1.959 million bpd in January to from 2.21 million bpd the month before.
The first issue that has dragged oil prices down is that US inventories have continued to rise year to date. "As such, average oil prices for 2017 are not expected to exceed $60 per barrel".
In other related vegetable oils, soybean oil on the Chicago Board of Trade climbed as much as 0.9 percent, while the September soybean oil contract on the Dalian Commodity Exchange rose up to 0.8 percent.
Mar 19 2017
Sick Kyrgios out of Indian Wells clash with Federer
Roger Federer has admitted that the match against Rafael Nadal was easy "physically" unlike their three and a half hour battle at the Australian Open final earlier in the year.
Mar 19 2017
Orlando chief prosecutor rejects death penalty for all future cases
He also announced his intention to look into whether the state attorney's decision is a possible violation of public integrity. She acknowledged that her husband had served time in prison for drug conspiracy and counterfeiting checks years ago.
Mar 19 2017
Pastor Finds and Then Gives Away 706-Carat Diamond
The pastor turned the diamond over to the government in hopes that the proceeds from its sale will help the impoverished country. He handed it over to President Ernest Bai Koroma , who thanked him for not smuggling it out of the country.
Mar 18 2017
42 dead in air attack on refugee boat near Yemen
Yemen's Houthi rebels reported shooting down a Saudi Apache helicopter in Hodeideh province on Thursday. Saudi-led coalition aircraft had taken part in the assault, the same sources said.
Mar 17 2017
A Volcanic Explosion in Italy Injured 10 People
Global science reporter Rebecca Morelle described the scene in a series of tweets. An explosion at the volcano in 1979 killed nine people and wounded 23 others.
Mar 16 2017
Donald Trump gives Central Intelligence Agency authority to carry out drone strikes
The White House did not immediately respond to questions from the Daily News. Bush, according to the Bureau of Investigative Journalism .
Mar 15 2017
TAG Heuer unveils its new android modular smart watch for $1650
Available now is the Calibre 5 with time-and-date automatic movement and the Calibre 02T, the company's entry-level tourbillon . The new model comes as the Swiss watch market has been showing tentative signs of a recovery from its longest slump on record.
Mar 13 2017
NCAA Tournament printable bracket 2017
The Tar Heels' potential path to the Final Four starts in Greenville, S.C. on Friday as the top seed in the South Regional. The Tar Heels are making their 48th all-time appearance in the NCAA Tournament, second behind Kentucky's 56 appearances.
Mar 13 2017
Wales end Ireland's Six Nations hopes
However, the former scrum-half has opted to name an identical matchday 23 to the one that lost 29-13 at Murrayfield last time out. Ireland have the superior front row, while Alun Wyn Jones dominated the much vaunted Gray brothers in the Test against Scotland.
Mar 12 2017
Arsenal offers no certainty on Wenger's future as manager
"We have had the opportunity to pit our wits against the very best, the opportunity to be involved in really big games". We are the sort of team that is not going to be distracted by anything that is going on outside the club.
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