Oil Steadies Near $62 After Rallying on US Employment Data

Share
Oil Steadies Near $62 After Rallying on US Employment Data

It is not clear when the deal to restrain output will end, but Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019, the Wall Street Journal reported.

While the producer group complied with a pledge to curb output and ease a glut in 2017, USA flows that are gaining a bigger slice of the prized Asian market may prompt some nations to boost supplies, said Warren Patterson, a commodities strategist at the Dutch bank. Prices were 0.4 percent lower Monday.

"The longer the deal goes on, it's going to start falling apart", Patterson said in an interview in Singapore, referring to an output-cut agreement between the Organization of Petroleum Exporting Countries and other producers including Russian Federation.

"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large tariffs and barriers they use against the United States of America", he stated.

Helping the dip, hedge funds and money managers cut their bullish wagers on US crude oil for the first time in three weeks, data showed on Friday. Prices were at more than $115 in mid-2014, before a global glut sparked the biggest crash in a generation. "We have monthly reports from the International Energy Agency and OPEC in the coming days to influence prices, but for now, crude is having a downbeat start to the week, unwinding some of Friday's effervescent rally". Still, America is pumping record amounts of crude and forecasts for even more output are keeping prices below the highs of January.

Asia is "a market that the Middle East does not really want to give up", Patterson says.

The US has become the world's second-largest crude oil producer, ahead of top exporter Saudi Arabia.

"A falling rig count and the strong employment data may have helped support prices", said William O'Loughlin, investment analyst at Rivkin Securities. Only Russia pumps more, at almost 11-million barrels a day.

Hours before late Tuesday's American Petroleum Institute's and Wednesday's U.S. Energy Information Administration's weekly inventories report, traders are eying a surge in U.S. production that could push inventories in the U.S. higher.

Share

Advertisement

Related Posts

Fugitive Economic Offender Bill 2017 presented in Lok Sabha
An administrator will be appointed to manage and dispose of the confiscated property under the Act. The proposed law will apply for economic offences with monetary value in excess of ₹100 crore.

Pierce Sells 16286 Shares of Boston Scientific Co. (NYSE:BSX) Stock
The firm has a market capitalization of $39,239.96, a price-to-earnings ratio of 407.71, a PEG ratio of 2.07 and a beta of 0.82. Northwestern Mutual Wealth Management invested in 23,354 shares. 95 funds opened positions while 408 raised stakes.

'Zoya Factor' actors Sonam Kapoor, Dulquer Salmaan reveal release date
According to Mumbai Mirror , the film is expected to go on the floors in August and will release on 5th April 2019. Sonam Kapoor shared the details of her new film - The Zoya Factor - on Tuesday morning and we can't keep calm.

Muthalik, 30 others acquitted in Mangaluru pub attack case
However, in 2010, Muthalik said that the attack was a "big mistake" as it had affected his group's reputation. Post the attack, the pro-Hindu organisation had become notorious for its moral policing.

HBO calls on David E. Kelley and Nicole Kidman for 'The Undoing'
Abrams' Demimonde , Jordan Peele's Lovecraft Country, True Detective, Sharp Objects, The Deuce and Here and Now, among others. She's the Oscar-winning Hollywood actresses who's been universally praised for her role of Celeste Wright in Big Little Lies .

Taliban 'elements' interested in talks: USA defense secretary Jim Mattis
Mattis told reporters that he thinks victory is still possibly defined as a political settlement with the Taliban. Last week, senior US intelligence officials gave Congress a decidedly mix forecast for Afghanistan.

Constitutional amendment good for China's enduring stability
Chinese legislators have passed a historic constitutional amendment that abolishes term limits and will enable President Xi Jinping to rule indefinitely.

Becton Dickinson and (NYSE:BDX) Coverage Initiated at BMO Capital Markets
The stock of Becton, Dickinson and Company (NYSE:BDX) earned "Equal-Weight" rating by Morgan Stanley on Monday, January 4. Following the sale, the vice president now directly owns 9,391 shares of the company's stock, valued at $2,123,117.28.

Can legislators practice law? Supreme Court notice to BCI
Arun Jaitley and Ravi Shankar Prasad too practised law when they were lawmakers but not ministers. Several MPs such as Kapil Sibal, Abhishek Singhvi, K.

US expects N Korea summit to happen despite Pyongyang's silence
North Korean media has reported on the South Korean visit to the USA , but not on details of the talks, according to Reuters . Last week President Donald Trump accepted an invitation to meet with North Korean leader Kim Jong Un .

© 2015 ExpressNewsline. All Rights reserved.