Oil prices climb as Citi raises forecast, OPEC targets 100% compliance

22 February, 2017, 00:48 | Author: Archie Newman
  • Oil prices climb as Citi raises forecast, OPEC targets 100% compliance

Oil rose almost $1 to $54.35 a barrel on Tuesday morning after OPEC reiterated its agreement to further production cuts.

OPEC will decide on extending its recently enacted production cuts based on how far global inventories fall, the group's secretary-general said at a conference in London. Barkindo said the nation has pledged to keep cutting. He stressed the need for these cuts being implemented considering how high level of oil stockpiles continued to weigh on the market. "WTI crude exploded into gains on Tuesday as prices broke above the stubborn $54 resistance". With a $1.57 reduction, light crude of Iran was sold at $51.44 in Asian and European markets.

The US oil and gasoline stocks also increased amidst declining refineries output and gasoline demand. Meanwhile, hedge funds raised net-long positions on West Texas Intermediate to a record, according to Commodity Futures Trading Commission data.

OPEC's Barkindo "dangling the idea that there might be an extension of the cuts" is helping to support prices, he said.

The oil price is most likely to be capped until more information is released on the probability of extension of production cuts, said a trader.

According to new data from the InterContinental Exchange (ICE) showed on Monday that speculators raised their bets on a rally in Brent oil prices to a record last week.

Wal-Mart (WMT) Posts Best US Quarter in 4 Years
US crude oil +2.1% at $54.55/bbl after OPEC's secretary general said the cartel was sticking to its agreement to cut production. The holiday shopping season was challenging for many retailers, underscoring the changes brick-and-mortar stores need to make.

The Heat: Netanyahu visits Washington
Both suggested that some Arab states are already working covertly with Israel to confront both threats. This was a reflection of Israel's degree of influence within the different corridors of USA power.

Chelsea, Antonio Conte: "Diego Costa will stay at the club", the latest
And Lambert is very aware of this, saying that they must play better if they want to give Chelsea a game this weekend. "At the end of the season we'll see the situation". "We must go into the next round".

Regular data on USA energy market conditions are delayed this week because of the federal holiday Monday.

USA crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened.

Earlier this month the International Energy Agency reported a record compliance rate on the Organization of the Petroleum Exporting Countries output deal, as 90% of the crude that the cartel agreed to cut was removed from the market.

Brent crude prices have climbed about 20 pe rcent since the end of November. To start with, OPEC excluded two of its biggest producers, Nigeria and Libya from the production cuts and it allowed Iran to raise its output slightly.

For this reason, Francisco Blanch says he expects limited OPEC oil output growth over the next 5 years.


  • Time to recognise State of Palestine

    Most Israeli one-staters are also unwilling to imagine Israel as anything other than a Jewish state . This may please some allies of Prime Minister Benjamin Netanyahu.

    The other thing Trump will do at Boeing

    That conversation led to a Defense Department review that would compare the F-35C and the F/A-18. The question is to that mix and how we proceed".

    Anthem Files Suit to Block Cigna From Terminating Merger Agreement

    Aetna said it was abandoning its planned $34 billion purchase of Medicare Advantage provider Humana early Tuesday. It's also wants to force Cigna to stick to the terms of their deal, and is requesting damages.
  • Cup hero Matt wants to give Arsenal the old Stoke City treatment

    Cup hero Matt wants to give Arsenal the old Stoke City treatment

    And when I arrived here maybe 20 years ago, in division five they were not as fit as they are today. Theo Walcott starts in attack for Arsenal's FA Cup clash vs Sutton United.
    Gareth Bale returns as Zidane holds other stars in reserve

    Gareth Bale returns as Zidane holds other stars in reserve

    Bale has only been able to appear in 12 La Liga games this season, compared to 18 for Cristiano Ronaldo and 17 for Karim Benzema. On being handed a rare start against Espanyol , the formed Real Sociedad man set up both of his side's goals in each half.

    German shepherd named Rumor is America's new top dog

    A Pekingese named Chuckie from Champaign, Ill., took the toy group. "He's a terribly spoiled dog; a awful mama's boy", said Wyatt. More than 2,800 dogs trotting onto the ultimate dog show where pooches fiercely compete to be America's top paw star.
  • The Congressional Black Caucus Responds To Donald Trump With One Perfect Tweet

    Ryan showed up on CNN this afternoon to discuss the presser and Trump's request for her to set up a meeting between the CBC and the president.

    Rosa Parks' Connection To Little Caesars' Founder You Never Knew About

    The billionaire started paying Parks' rent in 1994 and did so for 11 years, up until her death in 2005. Keith wasn't sure exactly how long Ilitch sent in money, or how much his gifts totaled over the years.

    Now, isro is the rocket raja

    India's space agency now holds the record for launching 104 satellites into orbit at the same time, while using only one rocket. This is after the country has made history by successfully launching 104 satellites using only a single rocket.
  • Zlatan Ibrahimovic: Man United believe in what they're doing under Jose Mourinho

    Zlatan Ibrahimovic: Man United believe in what they're doing under Jose Mourinho

    And with 15 minutes to play the pair connected for the victor . "Every game is unpredictable", the Swede told BT Sport . We now have to show that display week in, week out in the Championship.

    HOO! Melania Trump Is Miserable As First Lady!

    She's been expected to preside over traditional first lady tours at 1600 Pennsylvania Ave along with posing for press photos. Is Melania Trump the HOTTEST first lady ever? "This life wasn't her dream".

    USD's Kris Bryant pranked by Greg Maddux, Red Bull

    Bryant didn't take him seriously as first, but discovered that this new pitcher had quite the arm. Maddux is now the pitching coach for the UNLV baseball team.


Flu now 'widespread' in NC — CDC
While flu season inevitably comes every year, each season is different, with flu strains and severity differing every season. Like humans, birds, pigs and horses, dogs can catch the influenza virus and quickly spread it to other dogs.

The thimble gets the thumb in Monopoly
The original tokens were the iron, purse, lantern, race auto , thimble, boot, top hat, battleship, cannon and rocking horse. Updating the traditional Monopoly game makes sense for Hasbro, which saw a resurgence in board game sales previous year .

China Suspends Coal Imports From North Korea, Dealing Big Blow To Pyongyang
Shanghai: China will suspend all imports of coal from North Korea, effectively slicing the country's exports by about half. Coal is North Korea's biggest export and previous year China imported 22.5 million tonnes, up 14.5 per cent from 2015.

Angela Lansbury Confirmed for Mary Poppins Sequel
Angela Lansbury has joined the cast of "Mary Poppins Returns", the sequel to Disney's 1964 film " Mary Poppins ", Variety reports. Director Rob Marshall, who helmed the 2002 Best Picture victor "Chicago", has assembled an all-star cast for the 2018 sequel.

Elvis Presley's Grandkids In Protective Custody As Lisa Marie's Ex Investigated
Now Lockwood is reportedly demanding £32,000 a month in spousal support and £80,000 towards his legal costs. In 1988, Lisa Marie married musician Danny Keough, with whom she had a son, Benjamin, and daughter, Riley.

Oklahoma, Lon Kruger score big as 5-star Trae Young picks Sooners
Oklahoma is the hometown choice for Young, who was essentially deciding between the Sooners and Kansas. Five-star recruit Trae Young verbally committed to play college basketball at Oklahoma, he told Scout.

How Jeffrey Loria's French ambassador role can ruin Kushner-Marlins sale
In 2016, Loria also gave $33,400 to the Republican National Committee and $84,660 combined to 20 state Republican Party groups. He continued : "If that is true, we do not want this unrelated transaction to complicate that process and will not pursue it.

LG touts G6's 18:9 FullVision display and its special software features
The smartphone will come with an ergonomic design to ensure comfort and compatibility with existing and upcoming digital content. This will allow you to have two apps running side-by-side without negatively affecting the way they are displayed.

Kate Upton three-peats as SI's swimsuit queen
It's teeming with gorgeous women like Kate Upton , Ashley Graham , Serena Williams, Simone Biles, Robyn Lawley , and more. Upton appeared on the magazine's cover twice, in 2012 and 2013, when she was photographed in Antarctica.

Bucks' Jabari Parker has ACL surgery, out for 12 months
The Bucks don't have a lot of scoring options with Parker out and the Pistons are a team that can play well defensively. Since then, the Nets are averaging 99.4 points and shooting 42.6 percent with the average margin of defeat being 11.1.