Oil prices near seven-month lows on global oversupply

Sveva Terracina | 20 Giugno, 2017, 20:16

Saudi Arabia uses more oil domestically during the summer months for its utilities. The deal's stated objective has been bringing global crude inventories down to five-year averages.

Brent crude futures were yesterday trading nine cents higher at $47.46 per barrel, while the US West Texas Intermediate (WTI) crude futures were seven cents higher at $44.81 per barrel. WTI prices have fallen more than 16% since OPEC agreed to extend production cuts that, along with support from non-member states such as Russian Federation, will remove 1.8 million barrels from the market each day until March 2018. American crude production has expanded to 9.33 million barrels a day, Energy Information Administration data show.

Oil inventories on land and at sea are falling, he said.

Opec supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production reduction agreement.

Libya's oil production has risen to about 900,000 barrels a day after some fields restarted and the country's biggest deposit, Sharara, increased output, according to a person with knowledge of the matter. Data on Friday showed a record 22nd consecutive week of increases in the number of United States oil rigs, bringing the count to 747, the most since April 2015. The oil production has kept a high level of oil stockpiles available globally, despite the OPEC taking steps to reduce their oil production in order to secure the market.

Frankie Dettori ruled out of Royal Ascot

The twist in expectations follows Opec's failed attempt to drive its U.S. competitors out of business.

In the meantime, non-Opec production from Canada to Brazil is also contributing to the mess, with traders expecting the prices to fall further.

This adjustment followed the May 25 announcement by the Organization of the Petroleum Exporting Countries (OPEC) of an extension to production cuts that were originally scheduled to end this month.

John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC that crude prices were "most definitely" heading to $40 a barrel, and would likely dip into the upper $30s. "Non-OPEC supply is going to be stronger than demand growth, suggesting OPEC are possibly going to have to make even more cuts or extend them". Momentum is negative as the MACD (moving average convergence divergence) histogram prints in the black with downward sloping trajectory which points to lower prices. In such a case, even good compliance can not help OPEC push oil prices up.

"While the oil and gas sector continues to languish, the bright spot for Singapore are the tech and electronics sectors, which are doing much better", he added.

Trump policies could roll back US-Cuba ties, says Mexican academic — Interview

Hodgkinson took target practice in Belleville before leaving, neighbor says

Consigliato

20 Giugno 2017

Paul George Planning To Leave Pacers
There is no mystery to what the Sixers will do with the first pick either as they will take Washington guard Markelle Fultz . Considering how many first round picks that Danny Ainge has accumulated, this might be the best offer the Pacers can get.

20 Giugno 2017

Patty Jenkins Isn't Signed On To Direct 'Wonder Woman 2' Yet
Leading lady Gal Gadot has an option thanks to her overall deal with DC Films Universe, including the upcoming " Justice League ". The Atom Tickets cross promotion offered $4 tickets to T-Mobile customers to see Wonder Woman during its opening weekend.

20 Giugno 2017

Golden State Warriors championship parade set for Thursday in Oakland
Some call him a snake, others refer to him as a cupcake after his decision to leave Oklahoma City and sign with Golden State. The 2017 Game 5, which averaged a 14.0 rating, ultimately fetched 20.5 million viewers and a 7.6 rating among adults 18-49.
20 Giugno 2017

Golovkin dismisses Mayweather v McGregor as 'circus show'
The fight all came about by chance, according to one of the leading negotiators in getting the deal done. Though it will make a ton of money, don't expect this to go down as one of the best fights in history.

20 Giugno 2017

Germany clings on to beat Australia after keeper's blunders
It was more poor goalkeeping from German custodian Leno again, as he spilled out a shot from Rogic straight to Tomi Juric to net. The Socceroos qualified for the World Cup warm-up tournament by winning the Asian Cup in 2015 to be crowned Asian champions.

20 Giugno 2017

Trump calls Emir to support Gulf solution
In response to the orders taken by the Arab countries, Qatar Airways suspended flights to UAE, Saudi Arabia , Bahrain and Egypt. He also said in another tweet that his recent visit to Saudi Arabia was "paying off" due to his warnings on funding terror.
Trump policies could roll back US-Cuba ties, says Mexican academic — Interview
And travelers seeking "people-to-people" contact will have to sign up with an organized tour group. Even among Cuban-Americans in South Florida, almost two-thirds want to lift the USA embargo.

Esami di maturità, mercoledì la prima prova
Il giorno successivo sarà la volta della seconda prova , con la materia specifica a seconda dell'indirizzo dei corsi. In vista dell'appuntamento che ogni anno toglie il sonno agli studenti , è partito il toto temi .

20 Giugno 2017

Predators even series with Penguins as Rinne shines again
Following the 4-1 win, WSMV NBC 4 reporter Chris Harris tried to do a live broadcast from the party outside Bridgestone Arena . After Sidney Crosby scored on a breakaway in the first period , it looked as if he may get another one in the second period .
20 Giugno 2017

Hodgkinson took target practice in Belleville before leaving, neighbor says
Law enforcement officials continued Friday to analyze Hodgkinson's social media activities and examine his Belleville, Ill., home. Investigators have not determined the goal of the list and they are still trying to determine its meaning.

Andre Ward Stops Sergey Kovalev By 8th Round TKO
Andre Ward has brushed aside claims his win against Sergey Kovalev was overshadowed by a questionable stoppage decision. Ward and Kovalev have previously met, battling out on November 19 previous year . "I wasn't hurt and I could continue".

58 people feared dead in London tower fire: United Kingdom police
Police say the harrowing search for remains had paused Friday because of safety concerns at the blackened tower but has resumed. The officer also confirmed that the actual total lives lost in the incident must be greater than what they have right now.

Pakistan cricket back on track with Champions Trophy win: Shahid Afridi We knew we'd prepared well, we knew that game was an aberration, we knew we were better than that. "That was an aberration". Pakistan made 338 for four, with Fakhar Zaman's 114 - the left-handed opener's maiden ODI hundred - the cornerstone.

Shockwaves in European Union as Amazon gobbles up Whole Foods Haeggquist & Eck, LLP a shareholder rights litigation firm, is investigating the proposed sale of Whole Foods Market, Inc . Amazon buying Austin-based grocery chain Whole Foods for $13.7 billion certainly falls into the latter category.

Tamim in ICC Champions Trophy team Early wickets are never good, especially in a chase. "Wow wow wow unbelievable performance by team green". They were up against arch-rivals and outright favourites India at the Oval in the all-important match.

President Trump on Rep. Scalise's condition: "He's in some trouble" Capitol Police checked bags with dogs in tow, in an atmosphere that attendees said seemed particularly alert. Daily Caller's Kaitlan Collins reported that "Scalise has received multiple units of blood transfusion".

Does LeBron James Think That Super Teams Exist in the National Basketball Association ? But the first-time champion made some points to show how unique this super team is. I would say that would happen on one of those two teams in Los Angeles...

Federal Bureau of Investigation seizes documents, computers from home of Augusta contractor They were accepted, Clarke says, but neither the Obama administration nor Trump administration appears to have implemented them. Prosecutors also said 25-year-old Reality Winner might try to flee the USA if released on bond. "She's, she's our victor ".

Facts About NBA Finals MVP Kevin Durant Some could argue that Game four of the NBA Finals was a rare or even a fluke for the Cavaliers. He averaged 35 points a game as the Golden State Warriors clobbered the Cleveland Cavaliers .

New study shows cats once conquered human world The team analyzed DNA from mitochondria, a structure known as the cell's powerhouse, which contains its own separate genetic code. Around 1950 B.C.E., someone painted an unusual creature on the back wall of a limestone tomb some 250 kilometers south of Cairo.

Apple Announces HomePod - The Smart Speaker for your Home The Amazon Echo and Google Home are under $200, but Apple folks argue that the higher price tag is worth it. It, too, comes with a built-in speaker and voice controls through the smart assistant Google Assistant.

Bill Cosby's attorney says he is anxious about entertainer's health When asked if Cosby had a message to share with his accusers, Wyatt bristled: "This is not about all the women, this was about Ms. Among the women who huddled with Constand was Victoria Valentino, who said Cosby assaulted her almost five decades ago.

Businessman Donald Trump could benefit from President Donald Trump's new Cuba policy American citizens and foreign travellers on USA territory could access dozens of new scheduled flights to the island. The Cuban government responded Friday evening by rejecting what it called Trump's "hostile rhetoric".

Southwest celebrates first day of summer with heat wave Burt said Phoenix temperatures rose to 120 degrees and above only three times in recorded history-twice in 1990 and once in 1995. A punishing heat wave has arrived in the Southwestern U.S. and brought temperatures that will approach 120 degrees in Arizona.

Trump slams Ossoff, praises Handel in tweets A win for her means a vote of confidence for Trump. "Voting rights are constitutional rights", Ossoff said after the decision. While no new polls have been released this week, the most recent WSB-TV/Landmark poll showed Ossoff with 49.7% vs.

Senate Obamacare Repeal Vote Could Happen As Soon As Next Week Roger Wicker said Tuesday that there will be a score on the Senate Republican health care plan before any voting takes place. Also watch for the Medicaid expansion to be phased out more slowly than the steep cliff proposed by House Republicans.

Sean Spicer says Trump has confidence in Deputy AG Rod Rosenstein Sekulow is responding on "Fox and Friends" to a statement that Trump's tweets can make it harder for others to do their job. There have been multiple news reports and a tweet from Trump himself on Friday that began with: "I am being investigated ".