WTI, Brent crude oil futures settle lower

WTI, Brent crude oil futures settle lower”

Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand. US West Texas Intermediate (WTI) crude futures settled up 57 cents or about 1.3 per cent to $US46.34 a barrel.

The lopsided market a year ago dragged crude oil prices below $30 per barrel.

Combined, Libya and Nigeria are adding about a quarter million barrels of oil per day to the market, while some of their fellow OPEC members cut production.

Ironically, or perhaps fulfilling earlier suggestions along these lines, OPEC's noncompliance may yet prove to be the best antidote-albeit a temporary one-to USA shale's aggressive growth, which has seen a near 50-percent increase to the number of active oil and gas rigs in 2017 alone.

Russian Energy Minister Alexander Novak said OPEC members and the 11 other countries should do even more to carry out their plan of reducing their overall output by 1.8 million barrels per day, compared to past year.

A promise from OPEC to cut production lifted oil prices to $50 last week, but few in the ene... Libya and Nigeria are already exempt from Opec cuts, and Ecuador very publicly broke ranks with the cartel last week and upped its production.

Nigeria, the top African oil producer, and Libya, both OPEC members, had been exempt from the agreement up to now due to problems affecting their industries.

OPEC production for July is expected to rise by about 145,000 barrels per day compared to June's output, according to preliminary estimates by Petro-Logistics, which tracks oil tanker movements.

Gold at 1254 broke above resistance at 1245 to register a high of 1257 Monday, but it may find it hard to rise above resistance at 1260 on the 1st run.

Falih said the issue of rising Libyan and Nigerian output would be addressed in the context of global supply and demand patterns, adding that demand was expected to grow by about 1.4 million to 1.6 million bpd next year, similar to 2017 and so should more than offset rising USA output.

FXTM research analyst Lukman Otunuga said: "With the oversupply fears still a major theme that continues to punish oil markets, investors will be paying very close attention to see if anything is discussed about the rising output in Nigeria and Libya".

Like this


24 July 2017
Six killed in violence over Jerusalem holy site
The attacker had posted on Facebook that he was upset by events in Jerusalem , according to Israel's Channel 10. Israeli police mobilised extra units and erected barriers to carry out checks at entrances to the Old City.

23 July 2017
Poland prime minister defends courts legislation
Sources close to the Presidential Palace told Reuters news agency that President Andrzej Duda was on holiday on the Baltic coast. Prime Minister Beata Szydlo says the legislation is an internal matter and the government will not bow to any foreign pressure.

23 July 2017
Hot Board: Ole Miss begins process to replace Hugh Freeze
MS coach Hugh Freeze resigned instead of being fired Thursday for what Ole Miss called a pattern of personal misconduct. A center at Ole Miss from 1995-98, Luke hails from a family that has deep roots in Oxford .

22 July 2017
3rd mosquito trap in Ada County tests positive for West Nile Virus
More than 70 percent of people who get bitten by a mosquito infected with West Nile virus won't show any symptoms, said Dr. Samuel Dorevitch, an environmental epidemiologist at the University of IL at Chicago's School of Public Health.

22 July 2017
Kuwait expels Iran envoys over alleged terror links
Iran responded to the expulsions by filing a complaint with the Kuwaiti charge d'affaires, the Iranian news agency ISNA said. The men were initially convicted by a lower court, but were later acquitted on appeals several months later and set free.

20 July 2017
There can be only one flag: Centre snubs state
The flag of Kannada pride has triggered a row only because of the 'bad-timing'. "We have only one flag and that is the national flag", he said .

17 July 2017
South Korea offers military talks with North Korea
North and South Korea remain technically at war since the 1953, when an armistice agreement ended the war but no truce was signed.

17 July 2017
Is Jagga Jasoos Ranbir-Katrina's last film together?
People are coming out to watch this movie in very good numbers and they are saying the very good word of mouth for the movie. Made on an incredible spending plan of Rs 110 crore, the film should do truly well to recuperate its generation cost.

16 July 2017
GOP lawmaker: Trump associates should open up about Russian contacts
They hoped to receive damaging information-courtesy of the Russian government-about Hillary Clinton . But despite several follow-up questions, she never quite clarified her meaning.

16 July 2017
Jaguar E-Pace compact SUV breaks cover
To get back in the vehicle all owners need to do is hold the wristband to the top corner of the of the number plate surround. The E-Pace will be offered with the choice of five 2.0-litre engines , which will span three diesels and two petrols.