Oil market heads towards ‘smooth rebalancing’: OPEC

After long years of punishingly low oil prices, the global oil market is moving closer to reaching a healthy balance between supply and demand, OPEC said on Thursday. In its monthly oil market report, the Organization of Petroleum Exporting Countries said there were “growing indications that the oil market is heading smoothly toward rebalancing.” Prices were… Please follow and like us:

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Most Asia markets down after New Year rally but Hong Kong runs on

The rally across Asia that welcomed in 2018 looked to have run out of steam on Wednesday with most markets slipping into the red on profit-taking but energy shares climbed with another surge in oil prices. Strong economic fundamentals and corporate earnings as well as optimism about the impact of Donald Trump’s massive US tax cuts… Please follow and like us:

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The Bulls Return: Brent Crude Could Hit $70, Says Morgan Stanley

With Brent Crude oil driving higher on Wednesday — up nearly $1 and trading at $67.59 in early afternoon New York trading – Morgan Stanley analysts Martijn Rats and Amy Sergeant point out that European refining margins have weakened recently. This is creating a negative correlation, where refining stocks head lower as the underlying product, Brent… Please follow and like us:

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Dollar suffers further losses as Fed fails to inspire

The dollar suffered fresh losses on Thursday as Asian investors followed their New York counterparts in shifting out of the unit, unmoved by another interest rate hike and an upbeat assessment of the world’s top economy. The greenback sank after the much-anticipated central bank meeting, which provided little to excite buyers, despite tentative hopes US lawmakers… Please follow and like us:

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Is Vladimir Putin tired?

There is suddenly too much entropy in the Russian political universe. At least some people are acting as if there are no adults in the house. Political campaigns seem to start without the Kremlin’s blessing, state TV channels contradict each other in their coverage of important stories, and infighting between Kremlin factions gets into the open.… Please follow and like us:

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Asia stocks down as plunging oil prices hammer energy firms

Asian energy firms extended a global sell-off Wednesday, dragging regional equity markets, as oil prices continued to tumble on the back of warnings of slowing demand and rising stockpiles. Both main contracts were down more than one percent as investors were spooked after the International Energy Agency (IEA) cut its forecast for crude consumption, saying recovering… Please follow and like us:

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As Oil Prices Rise Again [editorial]

On Tuesday last week, crude oil prices rose to about $61 per barrel in the international market, its highest since July 2015. There are indications that it rise to $70 and above in the next few weeks. This development is attributed to tightening market due to on-going OPEC-led efforts to cut supplies. The oil production cut… Please follow and like us:

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World Bank Predicts Further Rise in Commodity Prices in 2018

The World Bank has predicted that oil prices would rise to $56 a barrel in 2018 from $53 this year, as a result of steadily growing demand, agreed production cuts among oil exporters and stabilising United States shale oil production. In addition, the Bank predicted that the surge in metals prices was expected to level off… Please follow and like us:

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IMF raises global growth forecasts, calls for reforms

The International Monetary Fund on Tuesday bumped up its global growth forecasts, saying an upswing in the world economy would likely gather pace into next year. But the global crisis lender called on governments to strike while the iron was hot, saying dangers for the current recovery lurked on the horizon and ambitious reforms were necessary… Please follow and like us:

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WTI oil futures hold neutral to bearish bias in short term; key support at 50

WTI oil futures hold neutral to bearish bias in short term; key support at 50 WTI oil futures dropped below the recent consolidation range and prices are now targeting support at the key 50 level. Risk is clearly tilted to the downside in the near term, while technical signals are bearish. The MACD and RSI are… Please follow and like us:

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Socialist Policy Tanked Venezuela’s Economy, Not Falling Oil Prices

Left-wing commentators are struggling to come to grips with Venezuela’s economic collapse. In early August, Stanford University professor Terry Lynn Karl joined the chorus claiming that falling oil prices are the problem. It’s true that the price of oil fell from around $100 per barrel in 2014 to around $50 in 2017. But socialist policies exacerbated… Please follow and like us:

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Harvey Update: Price Impacts And The Need For Patience, Consideration

The U.S. Energy Information Administration (EIA) reports on rising gasoline prices in the wake of Hurricane Harvey and notes that the storm’s impact on prices is similar to the big hurricanes of 2005, Katrina and Rita. EIA: Compared with other hurricanes that have made landfall in the United States since 2000, Hurricane Harvey’s impact on U.S.… Please follow and like us:

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Crude Oil Prices Drop By Nearly 2 Percent

Oil prices fell yesterday by nearly two per cent, pulling back from last week’s rally built on signs the global market is starting to rebalance from chronic oversupply. Global benchmark, Brent crude futures lost two per cent, or $1.07, at $51.65 per barrel after surging more than three per cent on Friday. US West Texas Intermediate… Please follow and like us:

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Top 5 Things To Know In The Market On Monday

TOP 5 THINGS TO KNOW IN THE MARKET ON MONDAY IN THE MARKET Here are the top five things you need to know in financial markets on Monday, August 7: 1. OPEC / non-OPEC meeting kicks off Market players looked ahead to a highly-anticipated meeting of oil ministers from some OPEC and non-OPEC producers to assess… Please follow and like us:

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Crude Oil Price Inches Up to $49 As U.S. Drilling Declines

Crude oil price on Monday edged up to about $49 per barrel after fewer drilling rigs were added in the United States, thus easing concerns that surging shale supplies will undermine the efforts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to reduce the level of inventory in the oil market. While the Brent… Please follow and like us:

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