Oil prices extend gains on compliance with output cuts
- Author: Kelly Blake Feb 02, 2018,
Feb 02, 2018, 21:11
London Brent crude for April delivery was up 15 cents, or 0.2 percent, at $69.04, after settling up 3 cents in the previous session. Both are also hovering near three-year highs reached last week.
Nymex West Texas Intermediate, the United States benchmark, rose 0.09% to $65.86 a barrel.
Crude oil prices rebounded Thursday amid signs that OPEC is complying with supply quotas.
Sochi Congress Agrees Constitutional Committee
Participants of a Russia-hosted conference for peace in Syria have agreed to set up a commission to rewrite the war-torn country's constitution.
From late August through September 2017, Hurricane Harvey caused disruptions to the U.S. Gulf Coast refining sector, resulting in record-high U.S. crude oil exports when export facilities reopened after the storm and before many refineries returned to pre-storm levels of utilization.
On the supply front, production by the Organization of the Petroleum Exporting Countries rose in January from an eight-month low, as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey showed. It highlights that OPEC on the aggregate reduced imports by a total of ~180 million barrels (meeelion barrels) a year ago.
Even the US Energy Information Administration's report Wednesday that US crude production reached 10.04 million b/d in November, the highest in 47 years, could be masking tightness in some parts of the market, independent analyst Anas al-Hajji said. This is because of increased adherence by producers to the OPEC-led production cut program.
Swiss church mummy 'is Boris Johnson's ancestor'
It only became clear a year ago , based on newly discovered archives, that the mummy had been uncovered once before, in 1843. The woman's body was found during renovations of the Barfuesser Church in the northwestern city of Basel in 1979.
Goldman's bullish outlook is driven by its revised demand forecasts, reflecting stronger economic growth in emerging markets. Overall market conditions remained strong due to the production cuts and healthy demand-growth.
As a result, USA consumers should expect higher gasoline prices. They have to be willing to continue to buy strength in order to generate the upside momentum to take out resistance. Since the beginning of the year, oil and the US dollar index have had a correlation of -0.86, with -1 being a perfectly inverse relationship.
The Caribbean has always had the advantage of offering deepwater ports, where shippers have the chance to fill up Very Large Crude Carriers before sailing to their final destination, something USA terminals are unable to do.
Chung Hyeon v Roger Federer
Trailing 4-1 in the second set, the world No 58 sent for the trainer and took a medical time-out to have treatment on the blister. Just two players have beaten both of the modern-day giants on the way to a grand slam crown. "It was the weirdest thing".
In previous years, Canada received most of the US crude oil exports because it was exempt from restrictions on exporting USA crude oil.