Economy

Oil prices stable as OPEC says market is rebalancing

Oil prices stable as OPEC says market is rebalancing

The production cuts have led to a decline in crude inventories and a better balance in the oil market, he said. Brent closed 2 percent higher the previous day.

U.S. West Texas Intermediate (WTI) crude futures were trading at $49.65 per barrel at 0327 GMT, up 7 cents, or 0.14 percent, from their last close.

Saudi Arabia and Russian Federation helped secure a deal between the Organization of the Petroleum Exporting Countries and 10 rival producers to cut output by about 1.8 million barrels per day (bpd) until the end of March 2018 in an effort to reduce a glut.

Iceland, Serbia advance to World Cup
The Republic of Ireland progressed to the play-offs from the group with a 1-0 win away to Wales in Cardiff. They will not be seeded in the playoffs draw, which takes place on Wednesday (NZT).

"Backwardation will be kept in place by the maturity mismatch of a much greater incentive for private and sovereign producers to hedge future production, tight physical product markets and high margins supporting refinery. spot buying", Goldman said.

OPEC nations promised production cuts, which have helped firm prices, but supply has not fallen enough to really drive oil prices higher.

Last year, average US oil production was 8.9 million bpd, lower than the 2015 level of 9.4 million bpd.

Trump offers to 'compare IQ tests' with Tillerson after 'moron' report
NBC , which shares a parent company with CNBC, stands by its reporting. "He made a joke, nothing more than that", Sanders said. While Mr Trump is quite comfortable with insult-trading, there's one topic that's clearly off-limits.

In the meantime, Investment Bank Barclays raised its Brent crude price outlook for the first quarter of 2018 to 56 dollars a barrel. “At the moment, there is no talk of an extraordinary meeting” beyond the session scheduled for next month in Vienna, he said. Of that 170-MMbbl surplus, 145 million were crude and 25 million were oil products.

Currently, the EIA expects total US crude oil production to average 9.3 million bpd for 2017 and 9.8 million bpd in 2018, which would mark the highest annual average production in USA history, surpassing the previous record of 9.6 million bpd from 1970.

After settlement, the American Petroleum Institute will release weekly U.S. fuel inventory data, and the U.S. Department of Energy reports official data on Thursday.

Major League Baseball playoffs: David Price helps Red Sox avoid elimination
Houston starter Brad Peacock was knocked out of the game by Boston during the third inning when the Red Sox plated 3 runs to take a 4-3 lead.

Haworth said the market and OPEC are "hoping USA producers slow down production and make further progress on inventory cuts". He said the picture was "not clear because you still have hurricane related news".


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