oil rises from onemonth low on hopes of output deal extension
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 rises from one-month low on hopes of output deal extension

Arab Today, arab today

Arab Today, arab today Oil rises from one-month low on hopes of output deal extension

analysts expect oil supply and demand to balance out by the end of this year
London - Arab Today

Oil prices rose on Friday after a slide to a one-month low the previous day prompted investors to buy at cheaper levels ahead of an Organization of the Petroleum Exporting Countries (OPEC) meeting next month at which producers could prolong output curbs.
Most analysts polled by Reuters expect the deal between OPEC and non-OPEC producers struck in December 2016 to be extended to the end of this year.
“OPEC ... effectively said the production cut will be extended, meeting the reality of the restart of a big Libyan oilfield and the continued expansion of US shale oil,” said Greg McKenna, the chief market strategist at AxiTrader.
Compliance with the output deal is still a major price driver and comments from Russia that it would meet its end-April target of cutting output by 300,000 barrels per day (bpd) also supported prices on Friday.
Non-OPEC member Russia said it would define its position on whether to support an extension of the output deal by May 24, a day before the official OPEC meeting in Vienna.
Benchmark Brent crude futures were trading 40 cents higher at $51.84 a barrel by 1406 GMT. US light crude fetched $49.53 a barrel, up 56 cents.
Despite Friday’s gains, both contracts were set for their second straight weekly and monthly losses after Thursday’s price drop, which was driven by news of oilfields in Libya resuming production.
“The markets see such a price drop as a nice buying opportunity within the relatively small trading ranges we see,” said Hans van Cleef, senior energy economist at ABN AMRO Bank in Amsterdam. “After all, the main drivers — OPEC production cut versus US production gains — are unchanged.”
An uptick in prices since the output deal has already increased profits at some major oil companies whose investments in new projects will also affect supply and demand balances.
France’s Total and US oil producers ExxonMobil and Chevron all reported better than expected first-quarter results this week.
A Reuters poll published on Friday showed analysts expect oil supply and demand to balance out by the end of this year if producers agree to extend the output cut.
Nevertheless, most cut their average yearly price forecasts, with Brent expected to average $57.04 a barrel, compared with last month’s forecast of $57.25.

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 rises from onemonth low on hopes of output deal extension oil rises from onemonth low on hopes of output deal extension

 



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 rises from onemonth low on hopes of output deal extension oil rises from onemonth low on hopes of output deal extension

 



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