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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Crude Oil Price Hits May 2015 High At $67 Per Barrel

Oil price wednesday hit $67 per barrel for the first time since May 2015, before dropping to $66.27 despite the supply disruptions in Libya and the North Sea. The prices of both crude futures fell after hitting a near two-and-a-half year high in the previous session as analysts said the rally was gradually running out of… Please follow and like us:

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Pakistan Examines Chinese Proposal to Replace Dollar with Yuan

Officials in Pakistan say a Chinese proposal to replace the U.S. dollar with yuan for bilateral trade is under consideration. Beijing has already committed to investing around $60 billion in the country by 2030 under a long-term plan of development cooperation with Islamabad, known as the China Pakistan Economic Corridor, or CPEC. Bilateral trade between the… 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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Venezuela to launch “Petro” cryptocurrency

By Mike “Mish Shedlock With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US “blockade” with the “Petro”. Reuters reports Venezuela to launch cryptocurrency to fight ‘blockade’: Maduro. President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade”… Please follow and like us:

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OPEC Decides Nigeria’s Oil Output Today

The Organisation of the petroleum exporting Countries (OPEC) will today debate on whether to cap oil output from Nigeria and Libya, which have so far been excluded from supply curbs due to falling production amid unrest. Two sources with knowledge of the matter told LEADERSHIP that the 14-member OPEC will meet today to decide whether to… Please follow and like us:

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OPEC minister: “We used to have a WhatsApp group”

As a six-month-old spat between Saudi Arabia and Qatar deepens, OPEC’s Gulf ministers will have to scrap their tradition of meeting behind closed doors to agree on policy before the organisation holds its twice-yearly talks, OPEC sources say. “We used to have a WhatsApp group for all ministers and delegates from the Gulf. It used to… Please follow and like us:

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Crude Oil Suffers Setback As More Traders Opt for U.S. Blend

Nigeria’s crude oil is under serious pressure at the international market, as Asian refiners have increasingly been moving away from their usual favourite, frequently opting for United State (U.S) crude oil, the Organisation of the Petroleum Exporting Countries (OPEC) has said. Besides, Nigeria’s crude oil production declined by 54,200 barrels per day (bpd) from the 1.792bpd… 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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Crude Oil Price Rises Towards U.S.$59 Per Barrel

Crude oil price rose towards $59 per barrel Wednesday to sustain Tuesday’s rallies where it gained one per cent after the Saudi Energy Minister, Khalid al-Falih, said the focus remained on reducing oil stocks in industrialised countries to their five-year average. The minister’s statement had raised the prospect of prolonged output restraint once the supply-cutting pact… Please follow and like us:

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Will The Oil Industry Listen To Investors?

“Is the oil industry ready to give investors what they want?” asks a new research note from equity analysts at Sanford C Bernstein. After nearly three years of industry instability, as the price of oil has remained depressed, oil majors have cut costs and mega projects have been put on ice, is the industry finally ready… Please follow and like us:

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