Crude Oil prices to trade positive: Angel Commodities

Crude Oil prices to trade positive: Angel Commodities

Trading activity was expected to be low on Friday due to the US Thanksgiving holiday.

U.S. oil prices hit their highest levels in more than two years on Friday after the continued shutdown of a pipeline running from Canada to the United States was expected to reduce supply into a major storage facility.

Analysts at S&P Global raised their expectations for Brent crude oil in 2018 to $55 a barrel on Friday. The shutdown on TransCanada Corp's 590,000 - barrel - per - day Keystone pipeline following a spill last week has helped drive oil prices higher because of expectations it will r educe crude stocks in the US storage hub of Cushing, Oklahoma.

WTI crude is being supported by the closure of the 590,000-barrel-per-day (bpd) Keystone pipeline following a spill last week.

The West Texas Intermediate for January Delivery added 0.93 dollar to settle at 58.95 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery gained 0.54 dollar to close at 63.86 dollars a barrel on the London ICE Futures Exchange. European Brent increased 49 cents and closed at 62.91 dollars a barrel.

Top crude exporter Saudi Arabia is lobbying oil ministers to agree on a nine-month extension to OPEC-led supply cuts, sources familiar with the matter said, as Riyadh seeks to ensure a price-sapping glut is eradicated.

"But all of these gains could go right down into the tubs a week from today if Russian Federation says they don't want to go along with any OPEC deal".

The oil market is getting updated for the meeting of the OPEC and partners in Vienna (Austria) on November 30.

"With the majority of OPEC members endorsing an extension, Russian support is the key risk", Jon Rigby - the head of oil research at UBS - wrote in a note.

The oil market fundamentals may be improving, however, some traders still feel that gains are being limited by rising USA production.

Related News:



Most liked

Best Black Friday 2017 Gaming Deals: PS4 Pro for $349
The Switch has a lot of games already, which means there's a good chance a lot of them will be on sale over Black Friday week. However, Microsoft's offer for the $189 S console includes one free game and a 1-month Xbox Game Pass Trial.

UCF unveils special helmets featuring pictures of players for USF game
UCF has been dominating all season with they're stifling defense and having the best offense in the Nation statically. South Florida is 6-2 SU and ATS in its last eight games against Central Florida .

Credit rating agencies to announce decision on South Africa today
This will also allow Moody's to assess the policy implications of political developments during the review period, the group said.

SNES Classic Doorbuster: Best Buy, Nintendo Store To Sell Console Saturday
Additionally, the SNES Classic Editions will be limited to one per customer, and the consoles will only be available in store. For people who might might be familiar with it, the ticket system is usually a store handing out numbers to customers.

Every player for TCU, Baylor called for penalty on single play
OU (10-1, 7-1) took the first meeting between the two teams, winning 38-20 in Norman on November 11. TCU (10-2, 7-2 Big 12) took down Baylor 45-22 on Friday to secure its spot in the championship game.

Tiger shot after roaming streets of Paris following circus escape
Earlier, the tiger was loose for "some time", police said, but it doesn't appear to have attacked or injured any humans. Circus employees initially have chase with a pole and piece of meat, but then told police to "use live bullets".

Cardinal Health (CAH) Stake Increased by Cambridge Financial Group, Inc
ILLEGAL ACTIVITY WARNING: "Zurcher Kantonalbank Zurich Cantonalbank Has $11.48 Million Stake in Cardinal Health, Inc ". The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09.

Teen seriously hurt in shooting outside Columbia, Mo., shopping mall
The Riverchase Galleria was a scene of panic at about 11 p.m. on Thursday night as multiple fights reportedly broke out. Clint Sinclair said they are interviewing people but don't believe they are looking for anyone else involved.

Eric Cantona has a surprise choice for United's next number 7
Cantona was asked who he feels would be the ideal player to take on the number and he had a surprise choice. I think he's a great player. "I love Pastore who plays for Paris [Saint-Germain] but he doesn't play".

Ahead of Ivanka's visit, security beefs up in Hyderabad
And another adds that Ivanka would be taken to Darussalam, telling her that it was Hyderabad's White House. Schedule for Ivanka, adviser and daughter of US President is drawn up for her visit to the GES.

International Day to End Violence against Women & Girls tomorrow By
Gender based violence is a universal and global issue that harms men, women and children in their most private spheres. The campaign is set to end on December 10, which coincides with the International Human Rights Day .

Apple is offering gift cards worth up to $150 on Black Friday
Samsung's Galaxy Note 8, Galaxy S8, and Galaxy S8+ are all free with a qualified activation at Target on Black Friday . IPhone 7 , iPhone 6S , iPhone SE will give you a gift card of $70 that equals $53 United States dollars .

Chaminade beats Cal in Maui Invitational seventh-place game
And, to start the game, MI was characteristically sure with the ball - the team committed just one turnover in the first half. VCU opened the game on a 9-2 run, but an 8-0 MI surge put the Wolverines in front, 15-10.

Black Friday shoppers get up early to get deals
The stores are all outdoors leaving many shoppers like Pam Byarley braving the cold all in an effort to snag some deals. Last year 2,000 people lined up overnight, and this year mall representatives believe it could be closer to 3,000.

Colin Kaepernick Spends Thanksgiving Day in Alcatraz in Support of Native Americans
Earlier this month, Kaepernick was named GQ Magazine's "Citizen of the Year" for his stance against injustice and activism. President Trump criticized Kaepernick for his actions throughout his 2016 campaign.