Overall, the renewed bullish sentiment in the market is a bet that global oil inventories will continue to drain as a result of both OPEC output cuts and stronger demand, and that this process will happen faster than USA shale and other producers outside the OPEC agreement can bring on new supplies and get them to market.
Figures released Wednesday by the Energy Information Administration revealed that crude inventories fell by 1.8 million barrels in the week to September 22, compared with analysts' expectations for an increase of 3.4 million barrels. "We have reached a price level with which even OPEC is likely to be satisfied".
PublicInvest Research has maintained its "overweight" recommendation on the oil and gas (O&G) sector, premised on the stabilisation of prices at higher levels, thereby encouraging a return in activity.
West Texas Intermediate, the US benchmark for the price of crude oil, was around $48 per barrel early Thursday.
Oil has entered a bull market on forecasts for rising demand, the return of U.S. Gulf Coast refiners after Hurricane Harvey, and as Turkey threatened to halt Kurdish crude exports through its territory.
Boeing says committed to United Kingdom , listened to concerns over N Ireland jobs
The Bombardier-Boeing trade dispute is now threatening to affect the trade relations between London and Washington. Boeing is pushing for an 80 per cent penalty, which some analysts have pegged at around $15 million per plane.
US crude futures slid 54 cents to $51.68 a barrel, after hitting a five-month high of $52.43.
Exports reportedly rose over 500,000 barrels a day on the week to 1.49 million barrels a day- "the highest weekly level ever on EIA records", said Vincent.
Abu Dhabi: OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday.
USA crude prices have lagged behind Brent's gains amid a large oversupply exacerbated by Hurricane Harvey, which forced the closure of almost 25% of US refining capacity, Reuters reported.
Over the same time span, WTI and Brent crude oil prices grew larger by 75 cents and $1.76 cents mounting up to $49.08 and $55.70 respectively. The OPEC deal seems to finally be bearing fruit in the form of a sharp decline in global crude oil inventories.
Packers players ask fans to link arms in unity before Bears game
Let us know your thoughts in the comment box below! He made some big catches after halftime, including the 72-yarder in overtime. For those who can not get in front of a screen for the game, head over to either teams home page to check out radio listings.
Oil prices were trading at multi-month highs on Monday, continuing a rally that brought Brent crude within $1 of its 2017 high.
The number of oil rigs operating in United States fields has plateaued recently.
The U.S. Energy Information Administration said production from wells in shale formations would rise for a 10th month in a row in October.
Roy Moore wins the Republican nomination for US Senate
Moore will face the Democratic nominee, Doug Jones , a former United States attorney, in the general election on December 12". Moore may be a more natural fit, but Trump appreciates that odd has supported his agenda and been a reliable vote. "Mr.
- Pochettino To Make 3 Changes: Predicted Tottenham XI vs APOEL
- Zinedine Zidane says Real Madrid 'brilliant' in win over Borussia Dortmund
- TAX REFORM - GOP tax plan nearly doubles standard deduction
- Detroit Lions fans: How outraged should you be about that final play?
- Thunder's Westbrook calls OKC "the place where I want to be"
- Senate GOP pulls Graham-Cassidy bill to avoid vote defeat
- Rodney Hogg accuses Steve Smith of picking "close mates" in team
- Hugh Hefner dies at the Playboy mansion at age 91
- Senate's bad medicine gets worse with new health care bill
- Saudi Arabia wins plaudits for ending ban on women driving