Culture&Arts

Oil Falls to One-Week Low

Oil Falls to One-Week Low

Benchmark Brent crude futures were down 56 cents at $55.33 at 0618 GMT (2:18 a.m. ET).

If OPEC sticks to production cuts expect oil to reach $65 dollars by the end of the year.

Analysts said they expected crude inventories to have fallen by around 1,5 million barrels last week. The producers need to extend their deal to cut supplies through the end of the year amid concerns that Russian Federation is lagging behind on its pledged reductions, the bank said.

Crude output at major United States shale plays is forecast to climb to 5.2 million barrels a day in May, the highest since 2015, according to the Energy Information Administration's monthly Drilling Productivity report.

Oil prices fell in thin trade yesterday after the Easter holiday break shut many markets for as long as four days and as a United States government report indicated rising production.

Ronaldo happy to hit 100-goal milestone - Zidane
Cristiano Ronaldo is eyeing two more goals against Bayern Munich but expects April to be a "complicated" month for Real Madrid . Zidane's men are away to Sporting on Saturday, a match which will be followed by two crucial games in the space of a week .

Although crude inventories fell by 840,000 barrels in the week to April 14 to 531.6 million barrels, they held near record highs, while gasoline stocks rose by 1.4 million barrels as refinery runs increased by 334,000 bpd.

A surge in US production is a major threat to OPEC's effort to reset the still-oversupplied global oil market.

Oil prices were mixed on Thursday in a seesaw trading session, as investors weighed rising USA production against comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely.

The existing output pact reached late a year ago between OPEC and key non-OPEC producers lifted oil prices and encouraged USA firms to lift their own output, which has since put pressure back down on prices.

In London, June Brent crude LCOM7, -3.75% on the ICE exchange shed 16 cents, or 0.3%, at $54.73 a barrel.

Champions League: Real Madrid star Isco admits Bayern made them suffer
And he once again rounded on his critics after a restless Bernabeu crowd got on his back for an error-strewn first-half display. There are few players that are always there in the key moments, and the fans will be grateful for what Cristiano has done here.

On the New York Mercantile Exchange, May West Texas Intermediate crude rose 6 cents, or 0.1%, to $50.50 a barrel after tapping a low of $50.21.

Opec was due to meet on May 25 to weigh an extension of output cuts beyond June to alleviate a glut that has depressed prices for almost three years. Opec's average compliance for 2017 is 99 per cent, it said.

Thus, Saudi Arabia plans to develop 30 projects in the field of solar and wind energy to increase electricity production and reduce oil consumption, according to the Minister of Energy, Industry and Mineral Resources of Khalid al-Falih.

Saudi Arabia has pledged to do more than its fair share in trimming production in order to add influence to the multilateral agreement.

IS group claims Champs-Elysees attack on police officers
The Thursday evening attack took place in the city's Champs-Elysees district, which is hugely popular with tourists and shoppers. The claim of responsibility came unusually swiftly for the group, which has been losing territory in Iraq and Syria.


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