Home » Money

Crude Oil Recovers After Going Sub-$50

01 December, 2018, 06:27 | Author: Kristi Dunn
  • Oil and gas tanks

Russian Federation has started to concede that it needs to join a fresh Saudi-led oil production cut, but is still bargaining with its key partner in OPEC over how much, how fast, and for how long it would potentially reduce its oil output, Reuters reported on Thursday, citing two industry sources.

Although today's early sell-off contributed to the largest one-month decline in crude oil since the financial crisis of 2008, the intraday technical reversal is the first sign in weeks that the buying may be greater-than-the-selling at current price levels.

A seemingly relentless rise in crude supply from the United States, now the world's top producer, together with Saudi Arabia's insistence that it will not cut output on its own to stabilize the market, earlier sent Brent crude to another 2018 low below $58 a barrel.

The market kept a close eye on what signs of the global oil policy will come out from the gathering of world' s major oil producers at the G20 Summit, scheduled for November 30 to December 1, especially among heads of states of Saudi Arabia, Russia and the United States.

The American benchmark for crude, the West Texas Intermediate futures for January fell by $1.27 in yesterday's trading to $50.29 per barrel on the New York Mercantile Exchange.

Russian Federation is happy with the current oil price level of around $60 dollars per barrel, President Vladimir Putin said on Wednesday, despite a recent dramatic oil price slump on global oversupply worries.

USA gasoline futures fell 2.1 percent to $1.4241 a gallon.

However, US President Donald Trump has called for refraining from output reductions and help to lower oil prices further.

Apple defends iPhone app fees as USA court weighs suit
Apple's lawyers rely on a long-standing court doctrine that holds only "direct purchasers" may bring an antitrust claim. Its argument: the company is merely providing a marketplace for the apps.

Will the negotiations OPEC the oil market? Traders remain uncertain about whether the OPEC and non-OPEC producers like Russian Federation will agree to curb output at their Vienna gatherings next week.

USA crude inventories for the week to November 23, added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.

The country's resilience is often credited to low oil production costs and a weakening rouble which allows for attractive exports.

USA stockpiles were expected to build again in the latest week, traders said, citing data from energy information service Genscape.

USA crude production C-OUT-T-EIA is at a record high of 11.7 million barrels per day (bpd).

"We have seen huge increases in supply and the demand picture is in question".

Attention later in the session will focus on the new round of US inventory data to see if it reinforces expectations of an emerging supply glut.

Also, increased cautiousness ahead of Friday's Trump-Xi meeting on trade keeps the black gold on the defensive.

Recommended:



Popular

TMZ releases video of Chiefs RB Kareem Hunt attacking a woman
Hunt spoke of this incident at training camp in August, along with another incident in which he was accused of punching a man. As shown in the video embedded below, Hunt pushes the woman in the lobby and later kicks her while she is on the ground.

Stephen Curry meets viral sensation Zachary Walker ahead of Warriors game
Morrison's letter and Curry's heartfelt response quickly went viral, with many Twitter users applauding Curry's honest response. Curry also invited his young fan to join him at a special event planned March 8 for International Women's Day.

Kate Middleton Is ‘Absolutely’ Excited About Meghan Markle’s Pregnancy
Getting excited for Christmas time because they've started all their Christmas songs and Christmas trees are going up and stuff. Asked if she's excited about Meghan's pregnancy , she told a well-wisher in Leicester: "Yeah, absolutely".

Donald Trump's 'fixer' pleads guilty to lying to Congress
The document does not identify "Individual 1", but according to people familiar with the case, that person is President Trump. Trump revived the idea in 2013 during his visit to Moscow as owner of the Miss Universe pageant.

Sarri called Chelsea players for one-to-one meetings after Spurs loss
In the first 10 games of the season, the 26-year-old striker scored five League goals and three assists. 'It's very hard for me to understand why.

[H]ardOCP: Facebook Documents Seized by UK Government
The firm is engaged with court action against Facebook in the USA , where the records were acquired through lawful methodology. Six4Three is involved in court action against Facebook , where the documents were obtained through U.S. legal mechanisms.

Ukraine reveals details of Russian attacks on its naval vessels
Ukraine is under threat of full-scale war with Russian Federation ", the president said in an interview with national television. A video filmed from aboard a Russian vessel shows Russians chasing the Ukrainian tugboat and ramming the vessel.

Saudi Crown Prince Visiting Arab Allies
Saudi Crown Prince Mohammed bin Salman is encountering something in Tunisia that he doesn't see often: public anger. Some critics have likened the Tunisian Ennahda party to the Muslim Brotherhood, which is banned in Saudi Arabia.

Donald Trump throws his weight behind race-row senator Cindy Hyde-Smith
Hyde-Smith said the " public hanging " comment was "an exaggerated expression of regard" for a fellow cattle rancher. For her part, Hyde-Smith eventually apologized but said her remark was an exaggeration and was being "twisted".

Union clings to GM plant in area where Trump promised jobs
In 2009, for instance, GM announced that it meant to close a huge assembly plant in Orion Township, Michigan, north of Detroit . Kudlow says it felt as though GM "kind of turned" its back on President Donald Trump by closing the plants in the Midwest.