Oil prices fall for second day after stockpiles rise

Oil prices fall for second day after stockpiles rise

Oil prices extended gains to hit their highest level in almost three weeks on Monday, supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global supplies.

Mazrouei told the Global Financial Markets Forum in Abu Dhabi that "I am optimistic that this year, we will achieve a market balance" between supply and demand.

The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russian Federation have agreed to cap output by about 1.8 million bpd in a deal running from January previous year until the end of 2018.

Compliance to the cuts hit 133 per cent in January, which Mazrouei said exceeded the percentage required in the deal.

As expiration nears, the front-month Brent futures' premium over its second-month contract is at 11 cents, the smallest since November.

Most of this liquidation seems to be attributable to profit-taking after the big rally in oil prices over the last seven months. "We see more downside for oil". Meanwhile, refinery maintenance in Europe has dampened demand for Brent, causing the two benchmarks to converge. USA crude exports bounced around between 0.5 million barrels per day (mb/d) and 1 mb/d in the first half of the year, a level that jumped to a range between 1 and 2 mb/d in the third and fourth quarters.

Pakistan's Ruling Party Picks Nawaz Sharif's Brother Shahbaz As Chief
While speaking to the media, Kaira said Shehbaz was on good terms with the bureaucracy but had been disrespectful towards PPP. Marriyum Aurangzeb said that targeting a single party was undermining the parliamentary process.

The American Petroleum Institute (API) reported Tuesday an increase in USA oil inventories by around 933,000 barrels for the week ending February 23.

But soaring United States production is upending global oil markets at a time when other major producers - including the Middle East-dominated OPEC and Russian Federation - have been withholding output to prop up prices. The U.S. will overtake Russian Federation as the world's largest oil producer "definitely next year", if not as early as this year, he said.

After posting the best January in more than a decade, worry over record USA output and broader market turmoil has dragged crude down this month. "The US will become the No.1 oil producer sometime very soon", Reuters quoted Birol as saying. Rather than quitting too early and finding out we were dealing with less reliable information. stay the course and make sure that inventories are where the industry needs them, ” the kingdom's energy minister said on February 14.

That would take it past top producer Russian Federation, which pumps just below that mark.

In giving its reasons for this, the document said, "Global crude oil prices continued to increase in 2017, with the price of West Texas Intermediate (WTI) crude oil averaging just under US$51 per barrel, compared with an average of US$43 per barrel in 2016".

Most of the drawdown has come from the liquidation of bullish long positions rather than the establishment of new bearish short ones and it has been proportionately greater in fuels rather than crude.

Related Articles

  • International Olympic Committee  chief Bach says Games not 'tainted' by doping cases

    International Olympic Committee chief Bach says Games not 'tainted' by doping cases

    Biathalon team said Saturday they would boycott next month's World Cup Final in Russian Federation as an anti-doping message. And they're doing so in an arena filled with fans hoisting Russian flags.
    Turkish Army cuts off Kurdish troops from Syria border

    Turkish Army cuts off Kurdish troops from Syria border

    The Turkish justice ministry said in a statement that "efforts have started for the extradition (of Muslim) to Turkey". Muslim was detained in Prague on February 24 on a warrant from Ankara .
    Texas students protesting gun laws could face suspension

    Texas students protesting gun laws could face suspension

    The student uprisings follow the February 14 shooting that killed 17 at Marjory Stoneman Douglas High School. Comments on social media criticized the superintendent for stifling students' freedom of speech.
  • Kylie Jenner Makes Daughter Stormi Webster's Snapchat Debut

    Kylie Jenner Makes Daughter Stormi Webster's Snapchat Debut

    The lucky girl was seen taking her new ride out for a spin with Travis in Malibu, marking their first public appearance together. Looking back at photographs of Kylie Jenner from before 2014, we see a very different woman than the one many know today.
    Woman's Body Parts Found Across Japan, American Arrested

    Woman's Body Parts Found Across Japan, American Arrested

    That same day, police apprehended the suspect in Nara Prefecture on suspicion of confining the woman in the Higashinari residence. The local media identified the woman as a 27-year-old company employee from Sanda city, in neighbouring Hyogo prefecture.

    Nationals elect new leader

    A successful run would have capped a meteoric rise for Mr Littleproud, who was a backbencher until December. His party will elect a new leader on Monday.
  • Spanish Cave Art Was Made By Neanderthals

    Spanish Cave Art Was Made By Neanderthals

    Modern Man's closest evolutionary cousins have been found to share similar artistic tastes as well as advanced mental capacities. The most common dating method can only be used on organic material, like bones, so it usually doesn't work for cave paintings.
    Everyone Is Talking About What Ronaldo Did With Benzema

    Everyone Is Talking About What Ronaldo Did With Benzema

    However, Real Madrid boss Zinedine Zidane dismissed all the speculations and focused on the importance of Welsh global to his side.
    Shrine, house of leader hit, two J&K cops killed

    Shrine, house of leader hit, two J&K cops killed

    Kultar Singh was injured in suspected militant attack at the shrine and he later succumbed to the injuries. Two policemen have been killed in two separate terrorist attacks on Sunday in Jammu and Kashmir, .
  • Houthis killed in Red Sea coastal area of Yemen in 2 days

    Houthis killed in Red Sea coastal area of Yemen in 2 days

    Having him address the council, Haley said, "discredits" the council "by allowing serial human rights abusers to hijack its work". Security Council to take further action against Iran for breaching the arms embargo.
    Vivo's Apex concept phone gives you a peek into the future

    Vivo's Apex concept phone gives you a peek into the future

    Since there is no place for earpiece on the top, the Screen SoundCasting technology will turn the whole display into an earpiece . It's always nice to see a company that's willing to try new things and the APEX certainly looks like a killer device.
    Guns fall silent on LoC, people flee to safer places

    Guns fall silent on LoC, people flee to safer places

    Uri has witnessed firing from both sides, after a gap of few years. And the number has increased to 881 CFVs till November 2017.