Economy

Oil rescued from price lows by Libyan supply disruption

Oil rescued from price lows by Libyan supply disruption

Crude oil prices reached $65 on Monday after a drop in prices earlier in the year.

LONDON-Oil prices edged up Tuesday morning, even as fresh signs of rising USA shale production appeared to put a cap on prices. The futures on United States crude oil with delivery in April fell by 0.20% to 61.24 Dollars per barrel.

Oil held gains above $62 a barrel after US crude explorers curtailed activity for the first time since January.

Healthy demand and ongoing supply restraint by a group or producers led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation, however, are preventing further price falls. "They continue to give market share away to the U.S". ING forecasts Brent at US$57 in the second half of 2018.

An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S., May 3, 2017.

The secret behind David Warner's hand tape in South Africa
Kazi and Eksteen were then contacted by the fans and met them at the gates, where it was decided that they would be allowed in. Candice Warner was associated with Williams in a well-publicised toilet incident in Sydney in 2007.

Crude's rebound since a year ago is encouraging American drillers to pump even as they make efforts to be disciplined on spending, Patterson said.

The Energy Information Administration (EIA) said the U.S. may drastically reduce its import of crude oil from Nigeria by 2022, going by its projection of becoming a net energy exporter in four years.

While the U.S.is now pumping more than 10 million barrels a day, surpassing a record set in 1970, that boom is being accompanied by a surge in overseas shipments, helping drain stockpiles at the nation's largest storage hub.

New indications of growing USA output come as the Organization of the Petroleum Exporting Countries-which has been holding back output by 1.8 million barrels a day since the start of last year-is divided over how high the price of oil should be.

USA crude inventories probably expanded by 2.5 MMbbl in the week through March 9, according to a Bloomberg survey before EIA data on Wednesday.

Meghan Markle attends first official event with Queen Elizabeth II
Markle, dressed in a white coat and hat, joined Harry and member of the royal party for the service to mark Commonwealth Day . While we haven't seen her in a photo with Markle yet, the queen arrived at Westminster Abbey looking regal in ruby.

Energy Information Administration data shows that exports have averaged about 1.5 million barrels over the past six months, nearly double the level in the previous six months, with Asia being the biggest buyer.

"The rapidly growing USA shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank.

Refinery crude runs rose by 85,000 barrels per day (bpd), API data showed.

Asia is "a market that the Middle East does not really want to give up", ING's Patterson said.

Goldman Sachs president Schwartz to retire in April
He later took over the bank's investment banking division, where profits doubled and revenue rose 70% during his tenure. The resignation of Harvey Schwartz will leave David Solomon as the sole President and COO of Goldman Sachs Group Inc .


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