Economy

Oil Slips as OPEC Meeting Disappoints

Oil Slips as OPEC Meeting Disappoints

To prevent the current $50-per-barrel price of oil from collapsing again, OPEC extended its 1.8 million barres-per day production cut for another nine months on May 25.

Futures were little changed in NY following Friday's 1.8% advance.

The ringgit was slightly lower against the U.S. dollar in early trade today despite the extension in crude oil production cuts.

Rigs targeting crude in the U.S. increased for a 19th straight week to 722, the longest gaining streak since August 2011, Baker Hughes data showed on Friday.

Samsung Galaxy Feel Smartphone with Android Nougat and 4.7-inch display announced
The device is up for pre-booking in Japan on NTT DoCoMo site, and the sales are expected to begin sometime in the middle of June. The device, on the one hand, with another - it is very similar to the Galaxy Alpha, so this is probably her reincarnation.

US crude gave up early gains in Asia on Monday and fell following the 9th ballistic missile test by North Korea this year ahead of a day with China, the USA and US on public holidays.

"It's going to be all about inventories and whether they fall as much as Opec thinks", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Oil in NY clawed back from its tumble toward US$45 in the run up to the meeting in Vienna as Saudi Arabia and Russian Federation rallied support for the deal. With the OPEC extension out of the way, this means the focus for investors will shift to monthly inventories reports from the International Energy Administration and the weekly inventories report from the U.S. Energy Information Administration.

West Texas Intermediate for July delivery traded at US$49.67 a barrel on the New York Mercantile Exchange, down 13 cents, at 3.45pm in Dubai. Total volume traded was about 12% below the 100-day average.

BA flights disrupted for third day after IT crash
An airline spokeswoman said, per Press Association: "We have operated a full schedule at Gatwick today on Sunday". In 2016, an electrical fault at the headquarters of American airline Delta grounded more than 1,500 flights.

The local currency, which was heavily influenced by oil price movements, was quoted at 4.2680/2730 against Friday's close of 4.2670/2700.

Brent for July settlement was 11 cents lower at US$52.04 a barrel on the London-based ICE Futures Europe exchange. The contract gained 69 cents, or 1.3%, to settle at $52.15 on Friday. WTI is now trading at $49.7 per barrel and Brent at $2.3 per barrel premium to WTI.

US oil and gas drilling also peaked in June 2015 at 1938 wells drilled, before falling by 77 percent to a 70-year low of 447 for the week of May 26, 2016. USA explorers added two rigs, Baker Hughes Inc. said Friday, the smallest increase this year and a sign that a surge in American production may be slowing.

North Korea Fires Unidentified Projectile, South Says
It has a strong arsenal of short- and medium-range missiles and is working to flawless its longer-range missiles. The North already has the ability to strike USA allies in the region, such as South Korea and Japan.


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