Pierre Gasly to Miss US Grand Prix for Super Formula Finale
BMW, Great Wall in Talks to Roll Mini Into China
Facebook is hungry for more data, so it's letting you order food
Northern Ireland weather: Warm today but storm ex-Ophelia on the way
(JPM) Shares Sold by Legacy Private Trust Co
Brent oil rallies as hopes grow OPEC will extend output deal
26 September 2017, 12:47 | Frank Carlson
Brent weekly chart
"London Brent crude delivery for November slipped 8¢ to $56.78 a barrel, while the USA crude fell roughly 15¢ to a value of $50.51 per barrel". This discount has doubled in the last six weeks as USA crude demand has been affected by hurricane damage to US refineries.
Light, sweet crude for November delivery edged up 11 cents, or 0.2%, to $50.66 a barrel on the New York Mercantile Exchange.
Opec and non-Opec members including Russian Federation met in Vienna last week to discuss their deal to cut production by about 1.8m barrels per day (bpd), which runs to the end of March 2018.
Asked when Nigeria was willing to join the supply limiting deal, the minister said the country already had, in effect.
-Still, prices of Nymex and Brent are hovering near their best levels in months, on optimism that the production cap deal has caused some oversupplied markets to start showing signs of tightening.
OPEC's compliance with an agreement among oil producers to reduce output has been acceptable, Iran's oil minister said on Monday, adding that some changes were needed if participants seek to balance the market.
Crude inventories rose for a third straight week, building by 4.6 million barrels, about a million more barrels than forecast.
"Oil ministers were patting themselves on the back in Vienna, and perhaps rightly so".
That explains the run-up in oil prices this quarter.
The entire Brent futures complex through June 2020 has also reached "backwardation", a situation where nearby oil was costlier to that meant for later delivery.
Markets were also eyeing developments in North Korea.
Even so, some market observers felt the price spike was overdone.
"I really want to be bullish here as the overall picture of oil globally is strong, but I still see red flags, which include CTA buying which implies they may be getting too long", Shelton commented, referring to Commodity Trading Advisors that include hedge funds.
Those risks have risen in the past two days after Iraq on Sunday urged countries to stop oil trade with its autonomous Kurdistan region in retaliation for the vote, and Turkish President Tayyip Erdogan threatened on Monday to cut off the Ceyhan pipeline that carries the Kurdish region's entire oil output to the outside world.
Trump Fires Back at Kim in Insult War
Tensions have risen with North Korea resisting intense global pressure to halt its nuclear and missile programs. Jong Un's ominous, at times rambling, retort threatens to make Trump "pay dearly" for his remarks.
Egyptian woman, who was world's heaviest, dies in UAE hospital
Following the procedure , which was paid for through a crowdsourcing campaign, she managed to reduce her weight to just 176kg. But after her family fell out with docs at Saifee hospital in May, she was later flown to Abu Dhabi's Burjeel hospital .
Iran successfully tests new 2000km-range missile
Iran denies its missile development breaches the resolution and says its missiles are not created to carry nuclear weapons. Friday's parade also showcased various Iranian army units and Revolutionary Guard forces, as well as the police.
Iraq's major Shiite Party opposed to Kurdish referendum
He said the move is opposed by Turkey, Iran and the Syrian government, but said "the will of the people will prevail in the end". Akar and al-Ghanimi emphasized the importance of cooperation in the fight against PKK and Daesh, the statement said.
Eagles-Giants Week 3 inactives, with analysis
But make no mistake: NY is brinking on disaster with another loss in a season that began with well-founded Super Bowl aspirations. This week the Eagles will play without cornerback Jaylen Watkins and safety Corey Graham, both nursing hamstring strains.