oil pares losses but rising supply a worry
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil pares losses, but rising supply a worry

Arab Today, arab today

Arab Today, arab today Oil pares losses, but rising supply a worry

OPEC has agreed with some non-OPEC members to curtail production
London - Arab Today

Oil dipped on Monday, paring some earlier losses triggered by rising drilling activity in the US and no let-up in supply growth from both members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC exporters, but the outlook remained gloomy.
Brent crude futures were last down 11 cents on the day at $46.60 a barrel by 1430 GMT, while US crude futures were last down 13 cents at $44.10 a barrel.
“The market is in trouble and looks very vulnerable to lower numbers,” PVM brokerage said in a note.
OPEC has agreed with some non-OPEC members to curtail production until March 2018 but the move has failed to eliminate a global glut of crude.
Several key OPEC ministers will meet non-OPEC Russia on July 24 in St. Petersburg to discuss the situation in oil markets.
Kuwait said on Sunday that Nigeria and Libya had been invited to the meeting and their production could be capped earlier than November, when OPEC is scheduled to hold formal talks, according to Bloomberg.
Libya said on Monday it was ready for dialogue but added that its political, economic and humanitarian situation should be taken into account in talks on caps.
Brent prices are 17 percent below their 2017 opening despite strong compliance by OPEC with the production-cutting accord.
BNP Paribas joined the growing list of investment banks and analysts that have cut their crude oil price forecasts for the coming year.
“The simple truth is that OPEC and Russia have to contend with the fact is that there is output growth elsewhere diluting their efforts at reducing supply,” the bank said in a note.
US energy firms added seven oil drilling rigs last week, marking the 24th week of increases out of the last 25 and bringing the count to 763, the most since April 2015, energy services company Baker Hughes said.
US oil production has risen more than 10 percent since mid-2016.
“This is the response of prices to news of increasing oil production in the US,” Commerzbank said in a note. “The US Department of Energy reported a marked rise in production that virtually reversed the previous week’s decline.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil pares losses but rising supply a worry oil pares losses but rising supply a worry

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil pares losses but rising supply a worry oil pares losses but rising supply a worry

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday