oil prices fall as focus shifts to us output
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Oil prices fall as focus shifts to US output

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Oil prices fall as focus shifts to US output

Oil prices fall as focus shifts to US output
London - Arab Today

Oil prices slipped on Friday, giving up gains from earlier in the day, as the market shifted its focus toward production increases in the US from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to support prices by cutting supplies.
Brent crude futures, the international benchmark for oil prices, were trading at $55.55 per barrel at 1050 GMT, down 69 cents from their last close.
US West Texas Intermediate (WTI) crude futures were at $53.30 a barrel, down 48 cents. 
“The market is really torn between a relatively healthy compliance from OPEC and non-OPEC countries on the one side, and an increase in US crude production on the other,” PVM Oil Associates analyst Tamas Varga said.
Prices had risen during Asian business hours, though activity was low due to the start of the Lunar New Year holiday in most countries of the region, including China and Singapore.
OPEC and other oil producers, including Russia, agreed to cut production by almost 1.8 million barrels per day (bpd) for the first half of 2017 to fight a two-year supply overhang.
But US oil production has been rising, with the International Energy Agency (IEA) forecasting total US production growth of 320,000 bpd in 2017 to an average of 12.8 million bpd.
Analysts said investors who bet on rising prices were taking profit in advance US rig counts due later in the day from oilfield services provider Baker Hughes, which could signal further increases in US production.
Oil research firm PetroMatrix said the rig count data, “will be a weekend risk as another surge will negatively impact the start of next week.”
There were fundamental factors that impacted prices this week, such as gains in Iran’s monthly oil exports in February and resilient production in Libya. A glitch in North Sea Buzzard crude production provided support.
But market participants warned of more volatility ahead as speculators were reacting to even small developments in the physical markets.
“Given that speculative net long positions in Brent and WTI are already at a record-high level, the correction potential is therefore growing all the time,” Commerzbank analyst Carsten Fritsch said in a note.

Source: Arab News

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 fall as focus shifts to us output oil prices fall as focus shifts to us output

 



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 fall as focus shifts to us output oil prices fall as focus shifts to us output

 



GMT 05:04 2024 Tuesday ,06 February

Skincare PR Performance Full Year 2017

GMT 10:08 2018 Wednesday ,24 January

Microsoft to open 4 data centres

GMT 19:57 2018 Tuesday ,23 January

Farm-fresh from Kerala to the UAE, in just one day

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 10:18 2018 Thursday ,30 August

Iran incapable of closing Hormuz, Bab Al Mandeb

GMT 10:48 2017 Tuesday ,14 March

The Who to play Vegas residency as final tour ends

GMT 11:19 2012 Wednesday ,08 February

No Christian, Jew prejudice

GMT 14:14 2017 Saturday ,14 January

Microsoft buys Canadian AI startup Maluuba

GMT 18:57 2016 Monday ,16 May

Al Azhar imam arrives in Nigeria

GMT 05:43 2012 Thursday ,12 April

Oz Seven Network buys The Woodlies

GMT 16:25 2017 Friday ,11 August

HRH Crown Prince thanked by HM Sultan Qaboos

GMT 13:30 2017 Saturday ,17 June

Lawyers refute Qatar blockade claims

GMT 19:15 2012 Saturday ,14 January

Saving CeeCee Honeycutt

GMT 14:57 2015 Saturday ,18 April

I know who I am
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice 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 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice