OPEC likely to extend supply cuts

The country's light oil price was reported $50.39 on average since the beginning of 2017 until November 3.

Crude oil futures inched higher Monday, staying near 2-year highs after OPEC predicted oil demand will surge in 2018.

Despite expectations for uptick in US output, traders remained confident that Opec's output curbs would continue to support upside momentum in crude prices ahead of the upcoming Nov, 30 Opec meeting, at which it's widely expected that Opec will extend its global accord on production cuts beyond March.

He added while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided, Kallanish Energy learns.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November past year. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day (MMBPD) off the market.

His Omani counterpart also voiced confidence there would be an agreement this month.

It also said industrialised countries' September commercial oil inventories, a key marker OPEC uses to measure market balance, fell by 23.6 million barrels to 2.985 billion barrels.

The price of oil collapsed from roughly $114 a barrel in June 2014, due to weak demand, a strong dollar and booming USA shale production.

Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.

Related News:

  • Lenovo debuts new Android tablet with Moto Tab

    Lenovo debuts new Android tablet with Moto Tab

    On the connectivity front, it supports 4G VoLTE, WiFi 802.11.ac, Bluetooth 5.0, GPS, GLONASS, NFC and USB Type-C port. As part of the launch offer, Flipkart is offering up to Rs. 3000 discount on the exchange of compatible smartphones.

    Analyst Scores Summary: Palo Alto Networks, Inc. (PANW), Colfax Corporation (CFX)

    Analysts await Metlife Inc (NYSE:MET) to report earnings on February, 7. 1832 Asset Management Lp reported 6,495 shares. Keybank National Association Oh holds 0.03% of its portfolio in Palo Alto Networks Inc (NYSE:PANW) for 39,892 shares.
    Steve Jurvetson out at DFJ, VC firm he helped found

    Steve Jurvetson out at DFJ, VC firm he helped found

    They include Justin Caldbeck of Binary Capital and Dave McClure of 500 Startups". A spokeswoman for DFJ did not immediately return a request for comment.
  • US Appeals Court Allows Partial Enforcement of Trump Travel Ban

    US Appeals Court Allows Partial Enforcement of Trump Travel Ban

    Judges have said the president's bans either violated immigration law or were unconstitutional in discriminating against Muslims. The ruling does not affect people from the two other countries listed in Trump's ban, North Korea and Venezuela .
    Unqualified Trump Nominee Fails to Mention Glaring Ethical Conflict

    Unqualified Trump Nominee Fails to Mention Glaring Ethical Conflict

    According to the New York Times , Talley is married to Ann Donaldson , the chief of staff to the White House counsel, Donald F. The Times notes that McGahn has been influential in the nomination of young conservatives to fill judicial appointments.
    Fidelity National Financial, Inc. (FNF)

    Fidelity National Financial, Inc. (FNF)

    With 1.51 million avg volume, 4 days are for Chubb Limited (NYSE:CB)'s short sellers to cover CB's short positions. Silvercrest Asset Mngmt Gru Inc owns 0.5% invested in FNF Group of Fidelity National Financial, Inc. (NYSE:FNF).
  • STOVE TOP Stuffing Launches Thanksgiving Dinner Pants

    STOVE TOP Stuffing Launches Thanksgiving Dinner Pants

    The pockets are also lined with fabric that looks like stuffing. The trousers are available in a small to extra large size. Scroll down to see more of the pants-and shop them here.
    British doctor punches shark on the nose to escape surf attack

    British doctor punches shark on the nose to escape surf attack

    It kept coming at my board and I was kicking and screaming, ' Fanning said in the aftermath of the attack in 2015. Mr Fry told the Today show he was out surfing with three friends when he felt a "massive thud".
    American Eagle Outfitters (AEO) EPS Estimated At $0.39

    American Eagle Outfitters (AEO) EPS Estimated At $0.39

    After posting $0.19 EPS for the previous quarter, American Eagle Outfitters's analysts now forecast 105.26 % EPS growth. The company had revenue of $845.00 million during the quarter, compared to analysts' expectations of $823.84 million.
  • CVS Health Corporation (NYSE:CVS) Underpriced by 16.2%

    CVS Health Corporation (NYSE:CVS) Underpriced by 16.2%

    The firm has "Buy" rating by Stifel Nicolaus given on Thursday, June 29. 44,270 were reported by Fincl Bank Pictet And Cie (Asia). Currently, 53.37 million total shares are owned by the public and among those 47.05 million shares have been available to trade.
    Apec leaders to address unfair trade practices

    Apec leaders to address unfair trade practices

    The US president described a world in which countries compete for advantage one against one without the mediation of large-scale trading deals.
    Trump unlikely to rebuke Duterte for drug war killings

    Trump unlikely to rebuke Duterte for drug war killings

    President Donald Trump has arrived in the Philippines to attend a pair of global summits and close his five-country tour of Asia. Previously, Trump also praised Duterte's handling of the war on drugs, saying that Duterte was doing an "unbelievable job".


Most liked

Taliban used night-vision goggles to attack Afghan forces
The Taliban claimed responsibility for the attack, in addition to other attacks on Monday, according to multiple reports. A Taliban spokesman, Qari Yusuf Ahmadi, said that 13 Afghan police officers were killed in the Monday attack.

Watford tell Everton to buzz off after approach for Marco Silva
Silva wants the chance to talk to Everton but does not have a release clause in the two-year deal he signed over the summer. The Merseyside club are on the lookout for a new manager after sacking Ronald Koeman in October.

Facebook and Messenger will now share the same Stories
The company recently took steps to address that by adding the ability to cross-post Instagram Stories to Facebook Stories . Facebook is also working on shutting off its Facebook Direct feature for the personal brief texting.

Disneyland Shuts Down Cooling Towers Amid Legionnaires' Disease Outbreak
Disneyland was notified about the outbreak on October 27 and stopped using the two cooling towers on November 1. Pamela Hymel, chief medical officer for Walt Disney Parks and Resorts, said in a statement Friday.

Sessions weighs second special counsel to probe Clinton-related matters
A special counsel can be appointed when the Justice Department or a U.S. The letter comes in response to the repeated appeal of Rep. Let's hope that is what the Attorney General has in mind.

North Korean Guards Shoot Fellow Soldier as He Defects
View of a South Korean flagpole from Dora Observatory near the Demilitarized Zone (DMZ) dividing two Koreas, October 13, 2017. North Korea likely doesn't have 200 aircraft to scramble even under the best circumstances, as it sorely lacks aviation fuel.

Jeff Lynne's ELO Details First US Tour In 36 Years
Jeff Lynne's ELO will also release their new live package titled Wembley Or Bust on the same day that tickets go on sale. Tickets will be available while supplies last and pre-sale codes do not guarantee inventory.

Frenchman Poisson dies in training accident
Poisson, a bulky racer with a broad smile nicknamed "Caillou" ("small stone"), was a popular figure on the World Cup circuit. The French skiing federation says downhiller David Poisson has died following a training crash in Canada.

Will listen to people's 'mann ki baat' if voted to power
Gandhi remarked, "Jadugars (magicians) have been earning money through tricks and Modiji too has been doing the same in 22 years". He later visited UNESCO world heritage site, Ran Ki Vav, in Patan before holding an interaction with a group of Dalits there.

Microsoft Corporation (MSFT) Shares Bought by Palladium Partners LLC
Criteo SA had 43 analyst reports since July 21, 2015 according to SRatingsIntel. (NYSE:RRC) earned "Neutral" rating by Robert W. It fall, as 19 investors sold CRTO shares while 55 reduced holdings. 65 funds opened positions while 161 raised stakes.

Time Warner's (TWX) "Buy" Rating Reiterated at Deutsche Bank AG
The company has a market capitalization of $68,910.00, a price-to-earnings ratio of 14.95, a PEG ratio of 1.43 and a beta of 0.98. It is now the world's third largest entertainment company in terms of revenue, after Comcast and The Walt Disney Company.

Has $14.47 Million Holdings in United Parcel Service, Inc. (NYSE:UPS)
In the most updated research from a number of analysts on Wall Street, the company gets 5 Buys and 1 Sell among 25 analysts. CIBC Asset Management Inc's holdings in United Parcel Service were worth $11,247,000 at the end of the most recent quarter.

Raiders' first-round pick Gareon Conley placed on IR
Amerson's return would help the Raiders, however much that may be, with Oakland sitting just outside the AFC playoff picture. The Patriots have the best offense in the National Football League and Oakland owns one of the worst passing defenses.

Deputies pull woman from sinking vehicle
An elderly woman is recovering after she was seriously injured when her auto drove into a pond on Saturday night. The deputies said other passersby stopped to help the woman, but she was too far from reach.

YouTube clashes with iOS 11 causing heat and battery drain, fix incoming
The iTunes listing for YouTube shows that an update for the app was released today, but it doesn't appear to contain that bug fix. In the meantime, be careful about using the YouTube app if you're out and about and need to conserve some battery.