Oil prices climb for 2nd day as OPEC report shows production drop

Oil prices climb for 2nd day as OPEC report shows production drop

Oil prices climb for 2nd day as OPEC report shows production drop

EIA also revised its 2017 and 2018 USA oil output forecast figures lower to reflect, in part, effects of Hurricane Harvey. In July, OECD stocks declined by 19 million barrels to 3.02 billion barrels but stocks remain 219 million barrels above the 5-year average.

Cushing inventories recorded a build of 1.02mn barrels on the week which was close to consensus expectations.

In November a year ago, when OPEC members agreed to cut production for the first time since the Great Recession, it was welcomed with great optimism and oil price jumped more than 20 percent, from $45 per barrel to as high as $55 per barrel (WTI).

Oil prices hung onto earlier gains as government data showed US crude stocks rose sharply last week.

Also ahead, the Organization of Petroleum Exporting Countries' monthly report to assess global supply and demand levels is due. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up around 0.6%, at $47.78 a barrel. In Europe, ARA product stocks rose 1.4% last week but are 2.8% lower y/y at 44.64 million barrels.

Royal Dutch Shell Plc's Deer Park, Texas, refinery was said to have some units heating up in preparation for restarting this week, according to a person familiar with operations. Inventories of gasoline and distillate were expected to fall 4 million barrels and 300,000 barrels, respectively. Some OPEC and non-OPEC ministers have been in discussions in recent days over their production cut strategy, with one of the options on the table being to extend the output restraint agreement beyond its current expiration at the end of March 2018.

Oil prices were mixed early today, but largely held on to gains in the previous session after Opec said it expected higher demand for its crude next year.

Oil prices are weighed down by concerns the world has reached the limits of demand, which is crippling valuations more than the threat from electric cars and national policies geared at banning vehicles running on gasoline and diesel in the future, according to RBC's chief commodities strategist.

Since the drop in Libya's oil production has persisted into September, I would not expect a significant rise in OPEC-14's crude oil production just yet.

Notícias recomendadas

  • Jennifer López y su candente baile privado a Alex Rodríguez

    También los hemos visto haciendo ejercicios juntos y viajando por lugares paradisiacos, casi siempre acompañados de sus hijos. Jennifer López ha hecho enloquecer a sus fans con su baile del tema Safari , el hit del cantante colombiano J Balvin .
    Florida Power & Light: More than 2 million without power amid Irma

    Florida Power & Light: More than 2 million without power amid Irma

    The hurricane center warns that winds affecting upper floors of high-rise building will be much stronger than at ground level. Mass evacuations sent throngs onto jammed highways heading north and created a severe gas shortage in some parts the state.
    Facebook tightens rules on earning platform ad money

    Facebook tightens rules on earning platform ad money

    It's a move that is created to keep the social network relatively family friendly, and Facebook also wants to address advertiser concerns about the type of content their ads appear next to.
  • Quel est le niveau de vie des Français ?

    Quel est le niveau de vie des Français ?

    Le niveau de vie médian partage la population en deux: une première moitié gagne plus de 20 300 €, l'autre moins. Surtout les très riches, les 5 % les plus aisés, dont le niveau de vie a augmenté de 2,3 % entre 2014 et 2015.
    Overwatch teases Junkertown map in new behind the scenes trailer

    Overwatch teases Junkertown map in new behind the scenes trailer

    Then there's the scrap yard, a gladiatorial arena with a rotating turbine spinning above it that players can battle across. The Junkertown map will be heading to Overwatch on 20th September for Xbox One, PlayStation 4 and PC.
    Vince McMahon Is Playable in WWE 2K18

    Vince McMahon Is Playable in WWE 2K18

    As noted, Owens destroyed Vince after the WWE Chairman re-instated Commissioner Shane McMahon and announced Owens vs. Owens on the other hand was still adamant about suing the WWE after the beating.
  • "Großer Respekt" für Bibiana Steinhaus

    Die Trainer beider Teams lobten Steinhaus. "Großer Respekt, sie hat viel laufen lassen, obwohl es ein körperbetontes Spiel war". Auch Steinhaus selbst zog ein positives Fazit: "Für uns ist es entscheidend, nach 90 Minuten nicht im Fokus zu stehen.
    Heures du Mans. BMW a dévoilé sa nouvelle GTE

    Heures du Mans. BMW a dévoilé sa nouvelle GTE

    BMW profite du salon de Francfort pour dévoiler la version de compétition de son nouveau grand coupé, . L'histoire de BMW est intimement liée à celle des championnats d'endurance et des 24 Heures du Mans .
    Nick Clegg speaks about son's blood cancer diagnosis

    Nick Clegg speaks about son's blood cancer diagnosis

    His anxiety was more about keeping up with his classmates, keeping up with the school - it was very impressive actually'. Nick Clegg and his wife Miriam Gonzalez Durantez have revealed their eldest son's secret battle with blood cancer .
  • "L'Emission politique": Michel Onfray se retire de l'émission avant même d'avoir commencé

    Le philosophe et essayiste Michel Onfray ne participera pas à L'Émission politique , faute de contrat et de rémunération. Nous regrettons vraiment cette situation".
    Russian Federation : 10000 people evacuated from 20 sites across Moscow over bomb threats

    Russian Federation : 10000 people evacuated from 20 sites across Moscow over bomb threats

    Bomb threats were also issued for Moscow's three railway stations - Kazanskiy, Leningradskiy and Kievskiy. Many were city halls, schools and other official buildings, according to local news reports.
    Coeur de Pirate nue pour dévoiler son nouveau tatouage... (PHOTOS)

    Coeur de Pirate nue pour dévoiler son nouveau tatouage... (PHOTOS)

    Ce nouveau tatouage vient s'ajouter à la vingtaine d'autres que possède déjà Béatrice Martin , de son vrai nom. C'est afin de montrer cette œuvre d'art que Cœur de Pirate a décidé de tomber la petite culotte.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.