giftedviz.com
giftedviz.com September 20, 2018


Oil retreats after hitting 2015 highs

08 January 2018, 03:34 | Austin Hogan

Oil retreats after hitting 2015 highs

Brent oil price hits $68.11

Brent Crude has moved up to 68 as expected, but will now have to move up beyond 68 to mark fresh highs.

Oil prices retreated from their highest level in 2.5 years on Friday as surging US production appeared to offset supply fears stoked by anti-government rallies in Tehran.

However, cold weather across much of the country was expected to keep demand high, as heating oil prices were just off highs not seen since early 2015.

Oil hit its highest since May 2015 this week, supported by falling inventories, strong demand and high Opec compliance.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.40 a barrel by 1140 GMT.

WTI prices were further boosted by an EIA report of a 4.6 million barrel weekly drop in USA commercial crude storage levels.

Oil at highest since mid-2015 amid Iran tensions, tighter marketBrent crude futures LCOc1 were at $67.99 a barrel, 8 cents below their last settlement, but still not far off the $68.27-peak from the day before, also the highest since May 2015.

Wind chill advisory extended for central Pa.
This could turn into a freezing rain and ice situation and we will be monitoring this storm closely through the weekend. Only a few degrees milder on Sunday , but most communities will struggle to get out of the 20s once again.


Ed Westwick removed from BBC Agatha Christie drama Ordeal By Innocence
Westwick, who had already completed filming for his part, has been replaced by United Kingdom actor Christian Cooke . The accusations caused the actor's latest project, Ordeal of Innocence , to pull back on it's expected release.


Airtel and Idea revamp their plans to compete with Reliance Jio's offers
These present customers with the usual unlimited calling, SMSes, high-speed data up to a certain limit, and access to Jio apps. However, users should not that there is a cap of 250 minutes per day and 1000 minutes per week on outgoing calls.


"The protests don't put crude oil production at risk; from that perspective it is sort of a moot geopolitical factor", said Sarp Ozkan, analyst at Drillinginfo.com in Denver.

The Organisation of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russian Federation and other non-Opec producers.

However, while media is portraying the survey as evidence that OPEC members are strongly committed to reducing its output, a good numerous declines can be attributed to unforeseen problems and not any willingness to abide by the cartel's rules, case in point: Libya, whose output in December slipped by 30,000 barrels per day (bpd) due to a pipeline outage.

OPEC's cuts are helping reduce global inventories, even as production continues to rise in the United States.

Taken in this context, it could be argued that OPEC in 2018 is in fact shaping up to have the same amount of cutback cheaters that impacted its efficacy in 2017 and caused it to extend its reduction deal through this year.

Lipow said he expected US crude prices to creep up to around $63 a barrel by the end of next year, while Brent would remain around $67 a barrel as USA oil exports rise to record levels.



Other News

Trending Now

Stephen Miller backs Trump as 'genius', and gets kicked off CNN
Miller focused on edifying Trump's "political genius", until Tapper ultimately cut him off for refusing to cooperate. But Trump was eager for the last word. "Watch the hatred and unfairness of this CNN flunky!"

FedEx employee discovers largest known prime number
However, the search requires complicated computer software and collaboration as the numbers get increasingly harder to find. The person who discovers such a number will be awarded a $150,000 by the Electronic Frontier Foundation for their efforts.

Donald Trump defends 'stable genius' tweets and brands book author 'a fraud'
On the topic of North Korea, he said he would "absolutely" engage in phone conversations with North Korean leader Kim Jong Un. He said the group discussed a variety of topics, from national security and infrastructure to the military and the budget.

Packers promote Brian Gutekunst to general manager
With Brian Gutekunst securing the job, only five days after it officially was open, Ball's candidacy has collapsed. It didn't take all that long for the Green Bay Packers to find Ted Thompson's replacement as general manager.

Tuscaloosa & Athens mayors make friendly wager on National Championship Game
If Alabama wins, then Nick Saban will tie the legendary coach Bear Bryant for most national titles. I don't know if he meant it as motivation for Georgia, but it sure had that effect.

LaVar Ball: Lakers coach Luke Walton 'doesn't have control' of team
Walton got the Lakers' coaching job after being the interim coach with Golden State two years back when Steve Kerr had back surgery.

Riyad Mahrez to undergo medical with Liverpool ahead of £49m transfer
Fast, skilful and possessing deadly end product in the final third, Mahrez would add a lot to an already potent Liverpool attack. The Algerian winger is also the subject of interest from Arsenal, and a head-to-head battle seems to brewing for the player.

Ron Rivera, Panthers Agree to 2-Year Contract Extension
The deal is expected to be finalized before the Panthers' game at New Orleans on Sunday and could be announced Saturday. Both lost a Super Bowl but Rivera is in a rare position, getting the Panthers to the playoffs four times in five years.

Meryl Streep among stars bringing activists as Golden Globe guests
Learn more about the End Violence Against Women Coalition and how to support the cause here. Here's what you need to know about the activists who will be appearing at the show tonight.

A Man Harassed Sara Tendulkar And Sachin Took A Very Bold Step
Maity is expected to appear at the Haldia Court later today, after which he will be taken to Mumbai via transit demand. The police also recovered a diary from Maity's house where he has scribbled Sara's name, claiming to be his wife.