Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the USA government said on Tuesday, ahead of a meeting of major oil producers later this month to discuss extending supply cuts. USA light crude oil was up 68 cents at $48.01.
"Soothing words from Saudi Arabia about extending the production cut deal, possibly into 2018, supported prices", said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
Iraq and Algeria said Thursday, May 11, 2017, that they support the extension of oil production cuts by OPEC and non-OPEC producers through the end of the year to try to boost prices.
U.S. West Texas Intermediate futures rocketed back above $47 a barrel and global benchmark Brent topped $50 after the Energy Information Administration reported a much larger drop in the nation's crude stockpiles and a strong rebound in gasoline demand.
The EIA raised its USA oil production forecast to an average of 9.3 million barrels per a day (bpd) in 2017 and 10 million bpd in 2018 while it lowered its projection for average oil prices in 2017 to $52.60 a barrel for Brent and $50.68 for WTI.
Prices surged after that deal, but have come under pressure in recent weeks as USA production has climbed, undermining OPEC-led efforts to balance supply with demand. USA light crude was up 35 cents at US$46.57 a barrel, up from an intraday low of US$45.83.
Brent crude was down 8 cents at $49.02 a barrel at 1:45 p.m. EDT (1745 GMT).
Oil cartel OPEC are due to meet later this month, which could see an agreement to sustain oil cuts to help raise falling prices. Additionally, investors were also demonstrating a lack of confidence in OPEC's ability to rebalance the market through planned production cuts.
Rising pump prices have followed on higher prices for crude oil.
A third Asian refiner is getting contracted volumes for June, steady from the previous month, a separate industry source said.
Crude oil production estimates call for an average of 9.3 million barrels a day in 2017, up from 9.2 million barrels in last month's forecast.
Russian Federation said yesterday it was discussing prolonging cuts with other producers beyond 2017, without giving a clear timeline.
He explained further that recent price falls had been caused by the low demand season and refinery maintenance, as well as by non-OPEC production growth, especially in the United States.
Yasin Malik challenged the Indian media to prove whether he has bought any property in the name of freedom movement. When Yasin Malik asked about her coming without an appointment, she told him that they can wait outside.
American authorities have prepared charges to seek Arrange's arrest, CNN reported, citing US officials familiar with the matter. She was freed Wednesday, having had her sentence commuted by former President Barack Obama before he left office.
Owner Wyc Grousbeck was the lucky charm for a team that, despite its shamrock logo, hasn't had such good fortune in the lottery. It was pretty evident up to the draft lottery that the Lakers and the Ball family mutually felt like they would be a good fit.
Leonard or no Leonard, Popovich insisted the series is over if his team doesn't get an attitude adjustment. In his 24 minutes, he scored 26 points on 7-of-13 shooting, eight rebounds and three assists.
It is not an easy thing to match a better player in the absence of Stoke. "It has been helping me personally as well". Because the RPS surge up in the top four place in the IPL 2017 points table with his batting and bowling ability.
Rosenstein has done the right thing", Senate Minority Leader Chuck Schumer of NY said Thursday on the Senate floor. Trump continued to assert that there was "no collusion", between his campaign and Russian Federation .
Finally, Oberweis Asset Management Inc. increased its stake in shares of Ctrip.Com International by 0.4% in the fourth quarter. The stock of Ctrip.Com International Ltd (ADR) (NASDAQ:CTRP) earned "Buy" rating by Summit Research on Monday, September 21.
My assessment is the transfer can not be carried out in a foreseeable future". "The European Arrest Warrant no longer holds". Ny told a news conference in Stockholm: "He has tried to dodge all attempts to avoid Swedish and British legal authorities.
King said, "I'm anxious with all special counsels because there's no control over them and they can abuse their power". Oversight Committee Chairman Jason Chaffetz of Utah said late Wednesday that Mueller is a "great selection".
G7 keeps watered-down pledge to promote free trade
Trade issues are likely to be taken up at a G-7 leaders' summit on May 26 to 27 in Taormina, Sicily, that Trump will attend. The group's agreements aren't legally binding; instead, they represent the leaders' political commitment to follow through.