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Strong Demand Expectations To Lift Oil Prices
12 July 2017, 12:40 | Melanie Burgess
Opec 'won't discuss' further oil production cuts in July, says Secretary General
Oil may slip below US$40 a barrel unless there are sustained inventory declines and a drop in the rig count, while evidence of further Opec actions could help prices rally, Damien Courvalin, an analyst at Goldman, said in a note dated July 10.
West Texas Intermediate crude, the US benchmark, fell 2.6 percent to $44.32 a barrel as of 7:58 a.m.in NY on Friday. Brent crude, the benchmark for more than half the world's oil, slipped 0.6 per cent to $46.59 in London.
"The market right now is questioning the efficacy of Opec's supply cuts", Tchilinguirian said.
Crude prices continued to rebound after a sharp sell off last week, the sixth weekly loss in seven weeks driven by concerns over a market glut.
West Texas Intermediate (WTI) prices were 1.87 per cent up at $45.23 per barrel.
The producers elected in May to extend their curbs through March 2018, as the oil market has yet to stabilize.
Oil prices rose modestly on Monday, but increased drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook.
U.S. bombers challenge China in South China Sea flyover
The flights come as both US President Donald Trump and Chinese President Xi Jinping attend the G-20 meeting in Hamburg. B-1B bombers took part in a joint drill with Japan in the East China Sea , then flew over the South China Sea.
Former Kansas Jayhawk Traded to the Boston Celtics
Avery will become a free agent at the end of next season and it may have been hard to retain both him and All-Star Isaiah Thomas . Bradley is in the final year of his current contract and is set to make a little more than $8.8M this upcoming season.
The disappointment with the slow pace of the deal that surfaced in the spring was exacerbated by resurgent USA shale oil output, attracted back by the higher prices, and more recently by the recovery in production in two exempt Opec members, Nigeria and Libya.
OIL traded near the lowest closing price in two weeks, erasing earlier gains after an OPEC minister said Libya and Nigeria may be requested to cap their production.
The two countries (both are OPEC members) have been exempted from the obligation to cut crude production because their industries had been crippled by civil unrest.
With deeper cuts now not on the agenda, according to OPEC Secretary-General Mohammad Barkindo, the group is exploring other ways the agreement could be adjusted.
"The simple truth is that OPEC and Russian Federation have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply", Tchilinguirian said.
If Libya and Nigeria are able to stabilise their output at current levels, they will be asked to cap supply as soon as possible, Almarzooq said.
SC inmate captured after second escape
At approximately 1 a.m., one of those leads pointed law enforcement officials toward Austin and SLED notified Texas Rangers. The inmate, Jimmy Causey , is believed to have received wire cutters via drone to aid in his escape from the prison.
Rigoberto Uran wins brutal ninth stage of Tour de France
Thomas had crashed on another descent, made treacherous by rain, earlier in the day, suffering a suspected broken collarbone. Monday is a rest day and the fight for the overall title is set to resume next Thursday with the first big Pyrenean stage.
Wimbledon dream continues for nerveless Johanna Konta
The seventh seed had to battle hard and show true resolve on Centre Court to overcome Caroline Garcia of France 7-5 4-6 6-4. She will now face the victor of the match between Victoria Azarenka and Simona Halep in the quarter-finals.
United States opens Gold Cup with draw vs Panama
With matches remaining against Martinique and Nicaragua, the US should get at least four points before all is said and done. Eight of the Americans starters come from Major League Soccer, and five entered with fewer than 10 worldwide appearances.
Camera maker stoked on holographic smartphone, RED HYDROGEN
The company says that it's built an H3O algorithm into the phone's OS to convert stereo sound into multi-dimensional audio. Despite this statement, RED is taking pre-orders for the Hydrogen One , which is set to reach the public by early 2018.
U.S. will test THAAD system in Alaska
The joint statement claimed that Washington was using North Korea as a pretext to expand its military infrastructure in Asia. Mr Turnbull said that in terms of a missile defence shield for Australia there had been talk of the THAAD system .