Oil prices bounce amid Russia's output cut, Lybia's production shutdown
02:00, Dec 19, 2018
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At the same time, the forecast for supply growth for 2019 has been lowered by 80,000 barrels per day, to 2.16 million barrels, due to the fact that Canada will limit production, and also against the OPEC + agreement to reduce daily production by 1.2 million barrels in the first half of 2019.
"A large part of the move (lower) is due to a broader market sell-off, with both USA and Asian equity markets coming under pressure", said commodities strategist Warren Patterson at Dutch bank ING in Amsterdam. USA light crude CLc1 was 50 cents lower at $50.65. That followed a almost 11 per cent drop in October.
Analysts at FGE are saying that prices were "likely to hover in the $55-60 per barrel range for Brent, with WTI sitting some $5-10 per barrel below this, given current fundamentals". Crude rose on Wednesday to trade above $61 a barrel. U.S. West Texas Intermediate crude futures were at $52.16 U.S. per barrel, up 51 cents, or 1%.
On Wednesday, the API reported a massive build of -10.180M million barrels inventories, compared with analysts' expectations for -525K barrels draw.
Oil prices rose on Thursday, buoyed by a drawdown in USA crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action. Still, stockpiles at the storage hub of Cushing, Okla., gained 642,000 barrels last week, according to API. Gains from Saudi Arabia and the U.A.E. offset steep declines in Iran, which were the result of US sanctions against the Islamic Republic's oil industry, the IEA said.
Meanwhile, stocks rallied globally on signs of a positive outlook for trade talks.
A Canadian court granted bail to the chief financial officer of Chinese tech-giant Huawei Technologies Co., allowing the executive to stay in her Vancouver, British Columbia, home as she awaits a possible extradition to the United States over fraud charges.
"That said, OPEC itself raises doubts in its monthly report as to whether the agreed cuts will be sufficient".
A third OPEC watcher, who also saw the deal as vague, cited the potential for unplanned output losses such as at Libya's Sharara oilfield to give tailwind to pledges of lower supply.
Oil prices dipped on Thursday in tepid trading ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. Gasoline futures in NY increased for a second day to $1.4649 a gallon after rising 1.5% on December 11.
Fake News has been saying with certainty it was Nick Ayers , a spectacular person who will always be with our #MAGA agenda". Chief of staff to the vice-president Nick Ayers stands outside a meeting with Senate Republicans on Capitol Hill.
He told ESPN that he regrets kicking a woman after an argument turned violent and that he is "very embarrassed about it". He also said that if he saw the woman in the video again he would say "I am sorry for my actions that night".
A right hand stung Wilder (40-0-1, 39 KOs), 33, of Tuscaloosa, Alabama, midway through the seventh round. Judge Robert Tapper scored the fight 114-112 for Fury, while Alejandro Rochin favored Wilder 115-111.
Giant Eagle has announced that all stores are recalling red and green leaf lettuce after a possible E. coli contamination. That said, there have been no cases reported yet of actual illness associated to the consumption of these products, yet.
He has been published by Curzon Ashton FC, Late Tackle, Manchester City FC, The Mirror, Read Man City and Manchester Evening News. He said: "The biggest chance until that moment was Richarlison's chance - a big, big chance - but after that it changed".
Washington alleges that she covered up Huawei's links to a firm that tried to sell equipment to Iran despite sanctions . The re-imposed sanctions hit oil exports, shipping and banks - all core parts of Iran's economy.
Mourinho had also been unhappy that United's board failed to back his wish to sign a central defender in the offseason. Both Arsenal and Chelsea have managers who are competing in their first seasons at the clubs.
Hopefully, this meeting helped and the team can move forward from here, but something is telling me the circus is just beginning. We're going to honor the tough conversations, we're going to honor that we all have a goal of where we want to go.
Some senators had accused the White House of barring Haspel's participation in last week's briefing with Pompeo and Mattis. Saudi Arabia maintains the crown prince did not know anything about the murder, which it claims was an accident.
Salihamidzic said, quoted by UEFA.com: " Liverpool are the hottest team right now and top of the Premier League table". In the last couple of years they have dominated the German league in the best period of German football.
One refrain from President Trump is that Mueller can't be trusted with his probe because he and Comey are friends. While it was uncertain if Comey spoke under oath Friday, lying to Congress is a crime under any circumstance.
While he said he would "happily sign" a fair deal that addresses USA concerns, he warned: "remember, I am a Tariff Man". Chinese purchases of the goods collapsed after Beijing imposed tariffs on them in retaliation for USA import taxes.
North Korea marks 7th anniversary of Kim Jong Il's death
Despite the request - which have at times been more along the lines of threats - the US has maintained the crippling sanctions. President Donald Trump in June, . where both sides agreed to work on denuclearizing the Korean Peninsula.
Wantage MP urges Tories to support Prime Minister Theresa May
May added: "That must start here in Westminster with politicians on all sides coming together to act in the national interest". She's like a video game character who got an invulnerability power up just when she needed to face her most implacable enemy.
US, China agree not to raise tariffs on Chinese goods
Chinese state media on Monday cautiously welcomed the trade war truce on Monday, without mentioning the US January 1 deadline. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc .