gamesindustryblog.com
gamesindustryblog.com June 24, 2017


Oil mixed; global crude glut drags despite big USA inventory draw

06 June 2017, 06:38 | Ignacio Smith

The government data boosted oil prices, acting as a salve for the market's ongoing concerns about a global glut.

Oil prices extended losses on Friday to hit a three-week low, after rising USA production and President Trump's withdrawal from the Paris Climate Accord overrode the fall in crude inventories there.

Nasdaq в статье Oil prices at 3-week low as rising output risks OPEC-led deal that Benchmark Brent oil was down $1.63, or 3.1 percent, at $50.21 a barrel by 1341 GMT, after earlier touching $50.12 a barrel, the weakest since May 10.

On Wednesday, a Reuters survey found output from the Organization of the Petroleum Exporting Countries (Opec) rose in May, the first monthly increase this year, as higher supply from two states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others. It was the 20th straight weekly increase in the number of active US oil rigs.

Brent crude tumbled below $50 on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.

Futures advanced as much as 1.2 percent in NY after losing 3 percent the previous two sessions.

November's deal between the Organization of the Petroleum Exporting Countries and non-OPEC members like Russian Federation has been slow to take hold, as many nations sold inventory out of storage before truly cutting exports.

U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.

In 2017, KLR expects USA oil demand to increase roughly 0.25% year over year to 19.7 million barrels per day.

Derek Jeter to exploding Yankee Stadium: Thank you
But he was, unofficially, The Face of Baseball from nearly the moment he burst onto the scene until the day he retired. His 358 steals are good for 19th, and no other shortstop in history ranks better than 20th in all of those categories.

President Donald Trump has vowed to provide extra support for USA oil production and is widely expected to pull the United States out of a landmark global climate accord.

However, US crude production rose to 9.34mn bpd last week, up almost 500,000 bpd from a year ago.

Reuters sources say OPEC officials discussed deepening the cuts last week and could revisit the proposal.

Traders said that prices had received support from a tightening physical crude market.

"We have to see the market and I think by the end of June, in July we will see that the action we have taken has a big impact", TASS quoted him as saying.

So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in US shale oil output.

But Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance, said the US decision to walk away from the climate agreement was not likely to impact oil markets.

On Friday, Igor Sechin, chief of Russia's largest oil producer, Rosneft, said US oil producers could add up to 1.5 million bpd to world oil output next year.



Other News

Trending Now

North Korean missile can carry 'heavy nuclear warhead'
North Korea claims the missile is a new type of rocket, capable of carrying a large nuclear warhead. Yesterday the United Nations Security Council condemned North Korea's recent missile tests .

Trump Praises Gianforte Victory a 'Great Win' in Montana
The incident in question happened Wednesday night ahead of a campaign event for Republican candidate Greg Gianforte . They bashed him as a tool of liberal Democrats like House Majority Leader Nancy Pelosi.

Trump calls for global coalition against terrorism, 'isolation' of Iran
Although they chose to forgo the headwear, both women were dressed conservatively in long pants and dresses. Trump was joined by first lady Melania Trump, son-in-law Jared Kushner and daughter Ivanka Trump.

Japan vows action against North Korea's missile test
May 14: North Korea test-fires its newly developed Hwasong-12 missile, which it says can carry a heavy nuclear warhead. A US Navy spokesman in South Korea did not give specific timing for the strike group's planned drill.

Oracle beats Kiwis in Bermuda for America's Cup bonus point
As such, they will take a bonus point with them into the best-of-13 Cup Match, effectively the regatta final, later in the month. Oracle started that series down two points after being penalized for the biggest cheating scandal in America's Cup history.

AMD's Threadripper struts onstage with Radeon RX Vega and a big surprise
Asus will use the new socket in its first Ryzen Threadripper motherboard, called the Zenith Extreme. A working sample of a sub-15mm thin 2-in-1 with a Ryzen Mobile processor was shown on stage.

Senate panel backs bill to authorize new sanctions on Iran
The Trump administration has been considering whether to formally designate the IRGC as a terrorist organization. A number of other officials on the board have argued against the sanctions legislation.

Root: 'Thrilled to get off to a start like this'
Opener Jason Roy, under pressure coming into this tournament, received a vote of confidence from his skipper despite falling for just one.

Thousands pack streets of Huddersfield to celebrate promotion
If you look at the players we have, I think they have done very well to finish third in the league and then to reach this final. So, now its time to rest and get ready for the 2017-2018 season, time to improve, reflect and get where we want to be.

Summerhays takes advantage of Dufner collapse at Memorial
Bubba Watson (68) and Justin Thomas (69) are level with Dufner at nine under, while Rickie Fowler (72) is a shot further back. Calm as ever, Dufner was mostly pleased with taking the stress out of his putting by not having any tough par putts.