oil prices dip as markets stay bloated despite opec cuts
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 prices dip as markets stay bloated despite OPEC cuts

Arab Today, arab today

Arab Today, arab today Oil prices dip as markets stay bloated despite OPEC cuts

Oil prices dip as markets stay bloated despite OPEC cuts
London - Arab Today

Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected. 


Brent crude futures were trading at $56.62 per barrel at 0707 GMT, down 8 cents from their previous close. 


West Texas Intermediate (WTI) crude futures were down 13 cents at $53.73 a barrel. 


The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang. 


There was scepticism that producers would make the promised cuts, but compliance with the announced reductions is now estimated around 90 percent. 


"Traders will be keenly awaiting the release today of OPEC's monthly report. If production cuts are coming through as suggested, we should see oil prices push higher," ANZ bank said on Monday. 


While traders said that crude was well supported in the lower to mid-$50s per barrel due to the curbs, they pointed to a host of reasons that were preventing prices from rising further unless production is cut deeper or for a longer period. 


In the United States, rising drilling activity is pushing up production and undermining OPEC's efforts to reduce output. 


Drillers added eight oil rigs in the week to Feb. 10, bringing the total U.S. count to 591, the most since October 2015, Baker Hughes said on Friday. 


During the same week last year, when prices were around $30 per barrel, there were just 439 active oil rigs. 


Underscoring the U.S. fuel glut, traders are preparing to export gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region. 


In Russia, which is participating in the cuts, there are signs that output may be falling but that exports remain high, as its producers shield their core export markets at the cost of lower domestic supplies or by cutting into inventories.--REUTERS

Source :NNA

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 prices dip as markets stay bloated despite opec cuts oil prices dip as markets stay bloated despite opec cuts

 



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 prices dip as markets stay bloated despite opec cuts oil prices dip as markets stay bloated despite opec cuts

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
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