oil falls as signs of us output rise overshadows opecled 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 falls as signs of US output rise overshadows OPEC-led cuts

Arab Today, arab today

Arab Today, arab today Oil falls as signs of US output rise overshadows OPEC-led cuts

A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq.
London - Arab Today

Oil prices fell one percent on Monday as signs of a strong recovery in US oil drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December.
Global benchmark Brent crude prices were down 53 cents to $54.96 a barrel at 1026 GMT, while US West Texas Intermediate (WTI) crude futures traded at $52.61 a barrel, down 61 cents, or 1.1 percent, on Friday’s close.
Ministers representing members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers said at a meeting on Sunday that of almost 1.8 million barrels per day (bpd) they had agreed to be taken out of the market, 1.5 million bpd had already gone.
“A lot of this is already priced in and the US rig count keeps rising and gathering pace,” said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt.
US drillers added most rigs in nearly four years last week, data from energy services firm Baker Hughes showed on Friday.
This extends an eight-month drilling recovery and is supporting signs that US production will continue to rise strongly just as other producers are cutting output.
Baker Hughes said that 35 new rigs were activated last week, fueling fears of a significant rise in US production which would offset the reduction by OPEC.
US oil production has risen more than 6 percent since mid-2016, although it remains 7 percent below a historic high in 2015. It is back to levels of late 2014, when strong US crude output contributed to a crash in oil prices.
Oil market speculators added to bullish bets last week, however, showing they were more optimistic about higher prices.
They raised long positions on Brent crude futures by 13,931 contracts, weekly data provided by Intercontinental Exchange showed on Monday.
Equatorial Guinea, a signatory of the production cut deal, said on Monday it had made an application to join OPEC as its 14th member.
The offer was made when Mines and Hydrocarbons Minister Gabriel Mbaga Obiang traveled to Vienna on Friday but his statement provided no further details about the west African nation’s bid for OPEC membership.

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 falls as signs of us output rise overshadows opecled cuts oil falls as signs of us output rise overshadows opecled 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 falls as signs of us output rise overshadows opecled cuts oil falls as signs of us output rise overshadows opecled cuts

 



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