Oil ends lower as rising United States rig count, G-20 statement unnerves
21 March, 2017, 01:51 | Author: Leticia Walters
While the compliance to output cuts has been almost 100 per cent from the Opec side, relative non-compliance of Non-Opec coupled with steadily climbing United States production is keeping prices under pressure.
WTI (West Texas Intermediate) crude oil (RYE) (BNO) (IYE) futures for May delivery are near a four-month low as of March 20, 2017.
Traders said that prices came under pressure from rising USA drilling and ongoing high supplies by the Opec despite its pledge to cut output by nearly 1.8 million barrels per day (bpd) together with some other producers like Russian Federation.
USA drillers added 14 oil rigs during the past week, bringing the total to 631 barrels, the highest number since September 2015. The much faster return of USA shale production and soft fuel prices have stimulated discussions within OPEC to extend the six-month deal until the end of the year.
Traders responded to the news, increasing oil prices by $1.14 per barrel on Wednesday to close at $48.86.
Halfway into an Opec-led oil supply cut, Asia remains awash with fuel in a sign that the group's efforts to rein in a global glut have so far had little effect.
"The market is looking at lower demand, while supply is to see a marginal increase", said a futures trader from Kuala Lumpur.
OPEC next meets to decide output policy on May 25 in Vienna.
EIA noted that gasoline supplies fell by 3.1 million barrels, and distillate stockpiles dropped 4.2 million barrels last week, too.
"Hard negotiations are on the way", another one of the sources said.
Palm oil looks neutral in a range of 2,767-2,810 ringgit per tonne, and an escape could signal a direction, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Low demand and rising production could weigh down palm oil prices.
US oil this month dropped below $50 a barrel for the first time this year as the nation's near- record crude stockpiles and increasing production weighed on the output reductions by the Organization of Petroleum Exporting Countries and its allies.
If global economic growth improves going forward and OPEC continues to limit production (in conjunction with some other major producers), oil prices could certainly move higher.
They kept up the pace, attacking the OR defense and leading by as much as 11 points with more than 13 minutes left in the game. Dorsey's heroics were a fitting conclusion to a day in which he scored 27 points and sank 9 of 10 shots he attempted.
Leonie stated that his letter was a follow up to an "initial inquiry" which "left several questions unanswered". He added the district would've liked the opportunity to clarify the confusion before the letter was sent out.
Prime Minister Hwang Kyo-ahn, who has also been acting president since December, said earlier he would not run in the election. The aircraft carrier the USS Carl Vinson is in South Korean waters this week for exercises with South Korean forces.
The former "Ultimate Fighter" competitor could be sent to life without the possibility of parole as a result of the conviction. She also had a ruptured liver that prevented doctors from initially operating on her for fear of putting her under anesthesia.
Katie Holmes arrives at the TAO, Beauty and Essex, Avenue and Luchini Los Angeles grand opening on Thursday, March 16, 2017. My child is the most important person to me, and her upbringing is paramount to my work right now.
But once Barron's school year wraps up in June, he and his mother will be living at 1600 Pennsylvania Ave year round. According to TMZ , first lady and the first son soon-to-unite President in their new residence in D.C.
Vanguard gathered that the medical practitioner, who was without a life-jacket, jumped into the lagoon at about 4: 30 pm. As at press time, there has been no trace of Orji, who jumped into the lagoon by Adekunle area of Third Mainland Bridge.
Comey also confirmed there is an active investigation looking into alleged Russian interference in the United States election. Comey said that neither the Federal Bureau of Investigation nor the Justice Department has any corroborating evidence.
Barcelona superstar Neymar has revealed he would love to play Premier League football at some stage in his career. These are coaches with whom any player would like to work. "Leicester are very good".
18 people crushed to death by tree
The broadcaster said rescue teams used chainsaws to cut through the fallen tree and free those trapped underneath. The waterfall, located near the town of Kintampo, was extremely busy with weekend day trippers.
Supreme Court refuses to hear appeal from Sen. Menendez
Menendez said he was targeted by the Justice Department because he opposed President Obama's actions toward Cuba and Iran. Menendez and Melgen have pleaded not guilty to the charges they faced in the 22-count indictment.