Oman's oil minister, Mohammed bin Hamad al-Rumhi, said on Monday that he is confident there will be an agreement among global oil producers later this month to extend output cuts.
On the supply side, tensions in the Middle East raised the prospects of disruptions, traders said, adding it was unclear whether a strong quake that hit Iran and Iraq on Sunday had impacted the region's oil production.
On the other hand, traders expected that the ongoing supply cut, which is led by the Organization of Petroleum Exporting Countries and Russian Federation, would likely prevent a very big fall in oil prices.OPEC and Russian Federation have contributed to the reduction in excess supplies.
The American Petroleum Institute (API) reports weekly crude and refined product inventories later on Tuesday.
Reuters reported last month, citing OPEC sources, that producers were leaning towards prolonging the agreement until the end of 2018, though the decision could be postponed until early next year depending on the market.
Crude Oil outperformed the commodities pack by rallying nearly 25 percent in the last 2 months on the back of production cut from OPEC countries and geopolitical tension that is going on in the world.
The U.A.E. favors maintaining the cuts, which are set to expire at the end of the first quarter, Minister of Energy Suhail Al Mazrouei said.
"A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed; already a net exporter of gas, the USA becomes a net exporter of oil in the late 2020s", the IEA said in its 2017 world energy report.
Opec raised estimates for the amount of crude it will need to pump to meet demand next year by 400,000 barrels a day to 33.4 million a day, according to a monthly report yesterday from the group.
Also, OPEC sees no reason for investors to expect oil to hit peak demand before 2040, the organization's secretary general said Monday.
Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate.
A year ago this week, markets reeled from the surprise election of US president Donald Trump, and eagerly awaited OPEC's November meeting as the last hope for an oil price rally.
Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.
Bahrain said at the weekend that an explosion that caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role.
The incident occurred during a promotional photo session which required the young actor to sit on Sizemore's lap. We're talking about consistent behaviour, just being " Tom Sizemore " on set every day. "Then this happens.
The stock of J C Penney Company Inc (NYSE:JCP) has "Equal-Weight" rating given on Monday, February 13 by Morgan Stanley. Investors as well as the sell-side will be paying close attention to how the actual numbers compare with the estimates.
Most parts of north coastal Tamil Nadu and some parts of south coastal Tamil Nadu would be getting rainfall on Sunday, said MeT. Thus, moderate to heavy rainfall activity may make an appearance over the city of Chennai for another 24 to 48 hours.
The killings began on October 9, when 22-year-old Benjamin Mitchell was shot and killed in front of his home, CNN reported . This comes almost a month after a killer shot and killed three people over the span of 10 days in Seminole Heights.
The victim, Vinod, who was being tried in a cheating case, was shot while being escorted into the court premises around 11:20 a.m. When the businessman came across the fact that Vinod had cheated him by handing him fake documents, he demanded his money back.
However, the fire damaged speakers, cables, setting lights and other equipment, at the main stage area at the auditorium. Way back in 2011 and 2013 also, there were fire accidents at Annapurna Studios due to short circuits.
FlyDubai at the show unveiled new lie-flat seats to attract business fliers accustomed to the opulent perks found on Emirates. At the 2017 Dubai Air Show, Emirates revealed the new Boeing 777-300ERs with first class suites estimated to cost over $9000.
In particular, Tesco does not supply the catering sector, which accounts for over 30 per cent of Booker's sales, the report said. The regulator is now inviting further comments and evidence before coming to a final conclusion.
As part of its strategy to swoon content creators, Amazon may share audience information with them alongside ad revenue. That would make its offering the Spotify of the video streaming industry, with both a premium and free offering.
Trump and Duterte's meeting was one of the most anticipated of the East and Southeast Asian leaders' summit in Manila . The White House has suggested the president may designate North Korea as a state sponsor of terrorism.
This is how today's Google doodle celebrates the 131st anniversary of the hole punch, a staple in offices, schools and colleges. The hole puncher doodle reaches countries across Europe, North America, Brazil, Australia, New Zealand and India.
Saif Ali Khan gifts Taimur a swanky Jeep worth Rs 1.30 crore
Saif Ali Khan and Kareena Kapoor Khan are the royal family of Bollywood and their Chote Nawab Taimur Ali Khan is loved and how. We can't wait to know what's more in the store for baby Taimur with Children's Day gift already being this grand.
Dawood Ibrahim's properties in Mumbai to be auctioned today
A spokesperson of SBUT said, "Saifee Burhani Upliftment Trust has won the auction for three properties of Dawood Ibrahim". A second property in Damarwala was sold for Rs 3.53 crore while Shabnam Guest House fetched a price of Rs 3.52 crore.
Sen. Rand Paul returns to Washington
Rand Paul has returned to Capitol Hill following an attack at his Kentucky home that left him with six broken ribs . The violent scuffle occurred November 3 at Paul's Bowling Green, Kentucky, home while he was doing yard work.
OPPO users to get up to 100GB additional Jio 4G data
Reliance Jio that has just shaked hands with smartphone company Oppo is going to launch additional data offers for it's users. Additional data voucher would be credited in MyJio application under My Vouchers section within 48 hours of recharge.