S. Korea pledges strong action against USA trade protectionism
Rotomac loan turned NPA in FY16 : Bank of India
Brent Needs Production Cut Extension to Sustain Rally Over $60.00
29 October 2017, 02:58 | Kara Nash
The average price of Oman oil for November delivery stabilised at $54.02
Brent crude was supported by comments from Saudi Arabia's energy minister on Tuesday reiterating the country's determination to end a three-year supply glut.
Brent crude futures settled up 11 cents at $US58.44 ($F120) a barrel.
Echoing sentiments about a so-called Goldilocks number, Tamas Varga with London oil broker PVM said in an emailed market report that USA crude oil production numbers may be the governor on market direction. Analysts and traders surveyed by The Wall Street Journal had been expecting crude inventories to have decreased by 2.2 million barrels, on average. The report also showed that production rebounded from a steep decline due to Hurricane Nate, and imports rose as well.
Iraq, Bloomberg's data showed, shipped 18.8 million barrels to the U.S.in September, while Saudi exports to this destination came in 2.9 million bpd lower. The pact now runs to March 2018.
Prices for physical barrels of North Sea oil hit their lowest in nearly four months earlier in October, as cheaper USA imports into the region undercut local sellers. Underpinning the market is the supply disruption in the Middle East that has led to a drop in Iraqi inventories.
Ian Taylor, the head of top oil trader Vitol, told the Reuters Global Commodities Summit earlier this month, he believes USA oil output could be set for one last hurrah in terms of production growth in 2018.
Kurdish authorities on Wednesday offered to suspend their independence drive, but Baghdad said it would continue its offensive to retake Kurdish territory.
OPEC and some major producers outside the cartel, including Russian Federation, first agreed late a year ago to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.
Answering a question on whether he supported extending the production cut agreement, Prince Salman said "of course" and insisted that Opec "need to continue stabilizing the market", fuelling investor expectations that support for prolonged cuts is growing among Opec members.
The spread, or difference, between Brent and WTI means USA oil is more competitive against other benchmarks in some markets. WTI is likely to rally too. "If it goes too high, it is an indication to USA shale producers to produce more oil", a development that could undermine the oil market rebalancing under way, he said.
Microsoft up after Q1 beats, achieves $20B Cloud goal
Gaming revenue, however, only increased 1 percent, even as Xbox software and services revenue was up 21 percent. Revenue from Windows, gaming, and other PC businesses was flat overall this quarter, at $9.4 billion.
Body of missing teacher found
Lockhart was a part of the Schoolcraft Schools Family from 2015 to 2017, serving primarily as our Spanish teacher. The school district said grief counselors will be available to help students and staff cope with her death.
Dustin Pedroia out seven months following knee surgery
Dustin Pedroia underwent cartilage restoration surgery on his left knee this morning, reports Pete Abraham of the Boston Globe . He will make $16 million next year, $15 million in 2019, $13 million in 2020 and $12 million in 2021.
Twitter Admits of Overstating Monthly-User Figures For 3 Years
Monthly active users: 330 million, up from 326 million in the previous quarter and an increase of 4% from the year-ago period. Earlier this month, women boycotted Twitter in support of celebrities like Rose McGowan who were trolled on the platform.
Singer Kid Rock coming to KFC Yum! Center
At a September 12 concert, Kid Rock , 46, was introduced as Michigan's "next senator" and talked about running for president. Are you fucking shitting me?" "Let's get some signs made ..."