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.
Idea would have the sole right to appoint the chairman, while Vodafone would appoint the chief financial officer. Idea will hold 26 percent in the combined company and the merger will take up to two years to complete.
After all, if there is something that could be improved about the Surface Book 2, it would be its overall design and price. This makes the Microsoft Surface Book 2 a regular notebook without being detachable or even sporting the fulcrum hinge.
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.
This comes after critics highlight the glaring inefficiencies in the bill to address healthcare for Americans aged 50 or above. The House Republican health care bill, created to repeal and replace Obamacare, will go to Congress for a vote this Thursday.
First, Lakers forward Julius Randle fouled Cleveland guard Kyrie Irving , who made two free throws to tie the game at 106-106. "I think we have to treat those games like they're afternoon games, and you don't play the night before".
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.
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.
They include putting issues like continuing working together on issues like security at the core of what we are doing. He will also summon the leaders of the countries for a summit to endorse the final guidelines, expected in early May.
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.
As part of the agreement, NetApp will offer backup and archival solutions that integrate with IBM Cloud Object Storage.
Ex-MMA fighter guilty of 29 felonies in kidnap, beating case
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.