Fidelity bank banner Bayelsa State banner
Oil prices drop on increased US drilling activity

By News Express on 11/12/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 785

•Oil rig
•Oil rig

Oil prices fell on Monday as last week’s rise in the U.S. rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets.

A statement by Kuwait’s oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 percent, from their last settlement.

Brent crude futures LCOc1, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.

“The largest concern for investors currently remains the rise in the U.S. rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

The number of rigs drilling for new oil output in the United States rose by two in the week to Dec.8, to 751, the highest level since September, General Electric Co’sGE.N Baker Hughes energy services firm said on Friday. RIG-OL-USA-BHI

A higher rig count points to a further rise in U.S. crude production C-OUT-T-EIA, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).

That’s the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.

Rising U.S. output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies.

OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.

Kuwait’s oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier. (Reuters)

Source News Express

Posted 11/12/2017 11:16:41 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Ethiopia arrests finance minister, 41 others in corruption...

Hospitalised Kogi governor in high spirits, cracks jokes...

South East Governors vote for economic integration, float...

Expect thick dust haze across the country today:...

Volkswagen reaches $15B deal to pay back aggrieved...

Group advises South-East governments to reposition for economic...

Harvest of births in IDP camp

SA Minister assures foreign nationals of halted attacks...

Ese Oruru’s classmates, teachers eager to see her...

British Minister resigns over indecent messages to women...

Kwara warns road contractors against shoddy jobs

APGA candidate goes berserk at Abia tribunal after...

 

Latest News Ex-Militants picket Governor’s office over unpaid entitlements I’ll win 2019 presidential polls — Dankwambo •Vows to be a warrior in the fight against poverty, injustices Flood kills at least 45 in Katsina ‘I Don’t Lose Battles’: Fayose reacts to Ekiti election result, attacks Buhari Sex for Marks Scandal: Victim nowhere to be found – Panel Fidelity Bank donates N50m to LSSTF Four-storey building collapses in Anambra 2019: We'll resist rigging with absolute force – PDP Adamawa APC lawmakers defect to ADC Buhari orders immediate repatriation of Nigerians stranded in Russia Two jobless men get N1m bail over stolen phones Ekiti polls: PDP refutes allegation of N5b donation to Fayose

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (361,402 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,046 views) Shameless Genevieve Nnaji exposes breasts in public (286,370 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,008 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,160 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,388 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,158 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,126 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,167 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,467 views) Lagos plane crash: Journalist releases victims’ names (147,392 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,660 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,344) Business Verdict (45) Columnists (886) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (284) International (2,130) Interview (157) Live Commentary (28) Love Matters (127) News (37,179) Opinion (1,024) Pidgin (10) Politics (5,581) Religion (783) Sports (1,611) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

FRANCE vs CROATIA 4-2 Highlights & Goals 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement