Oil up on supply concerns ahead of OPEC meeting

Oil up on supply concerns ahead of OPEC meeting

Going forward, the EIA expects the Brent-WTI spread to continue to be the primary factor in the East Coast's domestic crude oil purchases.

OPEC with a group of non-OPEC producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

NYMEX crude is hovering at $70 per barrel, with a gain of almost 18 percent this year, while Brent, which measures the global market, nears the $80 per barrel mark, up almost 19 percent this year.

Oil prices were largely steady in highly volatile trade on Friday, with Brent briefly reaching $80 per barrel, ahead of this weekend's meeting between OPEC and non-OPEC producers to discuss how to counter falling supply from Iran due to USA sanctions.

OPEC and its allies are unlikely to agree to an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices above $80 a barrel ahead of new USA sanctions on Iran, OPEC sources told Reuters on Thursday. The EIA's latest forecast has Brent prices averaging around $6 a barrel more than WTI this year and next.

Oil futures inched up on Friday amid concerns over supply as US sanctions on Iran's crude exports loom, although calls by US President Donald Trump for lower oilprices dragged.

BIRDS OF PREY Casting Underway With Actress Shortlist
THR has the scoop on the prospective casting for the female-driven superhero film. The modern Huntress - Helena Bertinelli - is the daughter of a mob boss.

Five injured, including three infants, in Queens daycare stabbing
A police officer stands guard at the house were five people were stabbed overnight, Friday, Sept. 21, 2018, in NY . The babies range in age from 3 days to 1 month, NY police Assistant Chief Juanita Holmes told reporters Friday.

Man charged over alleged emu death video in Victorian town of Ouyen
The video appeared on social media on Wednesday evening and has since been widely shared by horrified members of the public. About 20 seconds later, the video shows the auto approaching a mob of emus which are running away from the vehicle.

Two of OPEC's founding members, Iran and Venezuela, are under sanctions from Washington.

It comes after the development of fracking led to a boom in shale oil production while massively reducing drilling costs.The figures are based on preliminary estimates published by the US Energy Information Administration last week.

In July, the president sent a similar tweet, bemoaning prices at the pump, telling OPEC to "REDUCE PRICING NOW!".Later that month OPEC boosted production by 41,000 to 32.32 million barrels, as noted in OPEC's monthly report. That resulted in large-scale layoffs and cuts to a sector that was booming just the year before.

USA crude inventories rose by 1.2 million barrels to 397.1 million in the week to September 14, according to data released on Tuesday by the American Petroleum Institute (API).

"Importantly, 2020 looks to be the first year the industry will experience material, synchronized [capital expenditures] growth since before the downturn", analysts with Morgan Stanley wrote.

Related Articles

  • China 'outraged' by USA  sanctions over Russian weapons buy

    China 'outraged' by USA sanctions over Russian weapons buy

    India is planning to buy five S-400 Triumf air defence systems from Russian Federation for an estimated $4.5 billion. Security analysts in Asia said the move was largely symbolic and would only push Moscow and Beijing closer together.
    Guardiola: Aguero is important for the whole club, not just the team

    Guardiola: Aguero is important for the whole club, not just the team

    Some Manchester City players apologised for the defeat to Lyon but Guardiola insisted his players had nothing to say sorry for. Last season we did nearly everything well", he said. "I'm hoping to be back after the next global break".
    Walmart warns Trump tariffs may force higher prices

    Walmart warns Trump tariffs may force higher prices

    That would mean another $267 billion of Chinese imports would be subject to USA tariffs - in all, every item imported from China. Walmart said the tariff would impact prices of everything from food products to beverages and personal care items.
  • Liverpool's Mohamed Salah 'fine' despite lack of goals - Jurgen Klopp

    Liverpool's Mohamed Salah 'fine' despite lack of goals - Jurgen Klopp

    At the end of the season we will see how it is, not at the start'. "He's taking his time like he did last season". Why should I think that about Bobby? "He had fantastic offensive situations in both of the last games".
    Joaquin Phoenix Makes First Appearance In

    Joaquin Phoenix Makes First Appearance In "Joker" Clown Make Up

    Titled simply Joker and due for release in October 4th, 2019, the film is directed by Phillips ( The Hangover , War Dogs ). He simply captioned the post: "Camera test (w/ sound)".
    Unimoni Asia Cup 2018 Super Four Fixture

    Unimoni Asia Cup 2018 Super Four Fixture

    Shahidi shifted gears easily after largely remaining patient in his unbeaten and career-best knock which came off 118 balls. The next over saw another catch dropped - the game's fourth until that point - with the guilty party being Afridi himself.
  • 1,000 feet of spider webs blanket large part of Greek town

    Experts say it is a seasonal phenomenon, caused by Tetragnatha spiders, which can build large nests for mating. Reuters reports that giant spiderwebs recently started blanketing the shores of Aitoliko in western Greece .
    Marvel's Eternals film lands Chloe Zhao as director

    Marvel's Eternals film lands Chloe Zhao as director

    The Eternals were created by Kirby in 1976, which established the title characters as a almost immortal race of super humans. Now that a director has been chosen, casting should begin within the next few months.
    Alibaba's Ma says 1m US jobs pledge thwarted by trade row

    Alibaba's Ma says 1m US jobs pledge thwarted by trade row

    Even then, some observers said the figure would be hard to meet, especially given the relatively short time frame given by Ma. He said the friction will not be resolved in 2 months or 2 years, but could last 20 years.
  • Buyers of the iPhone XS undeterred by eye-watering prices, few upgrades

    Buyers of the iPhone XS undeterred by eye-watering prices, few upgrades

    Both the iPhone Xs and Xs Max can be pre-ordered by directly visiting iStore South Africa's website from September 21. To pre-order one of the variants of the iPhone XS or iPhone XS Max from Flipkart, head here .
    Poland wants a breakthrough in Brexit talks: PM

    Poland wants a breakthrough in Brexit talks: PM

    It suggests Northern Ireland should stay aligned with the EU in key areas, in effect staying in the customs union and single market.
    3D gun publisher Cody Wilson was arrested in Taiwan

    3D gun publisher Cody Wilson was arrested in Taiwan

    It is expected to deport him to the U.S.to face those charges, which carry a potential 2 to 20 years in prison and $10,000 fine. The girl, according to the affidavit, said they met in the parking lot of an Austin coffee shop before they drove to the hotel.