giftedviz.com
giftedviz.com December 10, 2018


Oil prices steady near year lows ahead of G20, OPEC meeting

29 November 2018, 02:53 | Austin Hogan

Crude oil dips 0.68% on ample Saudi output; all eye on G20, Opec meetings

Oil prices steady near year lows ahead of G20 OPEC meeting

"This is the only way to explain why an increase in USA crude oil stocks of a good 10 million barrels failed to put further pressure on prices".

Brent crude futures rose $1.84 to $60.64 a barrel by 1445 GMT, while USA futures gained $1.47 to $51.89 a barrel after Friday's sell-off, which saw both contracts hit 13-month lows. Indeed, on Friday prices of United States oil fell 7 percent, sinking even deeper into a bear market that has comparatively raised investor concern.

Crude oil prices fell on Tuesday by another 0.68 per cent to Rs 3,653 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas. Its budget deficit swelled to a record $100 billion in 2015 (15% of GDP) and the International Monetary Fund warned that some Gulf countries, including Saudi Arabia, could run out of money within five years if prices stayed low.

"Oil is on a slippery slope", said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer.

"After Friday's panic selling, the move to the downside may be somewhat overdone", Justin McQueen, DailyFX analyst, separately told UPI.

The OPEC kingpin and world's leading oil exporter would like a higher price, and has suggested it will back a production cut when the cartel meets next week.

Tariq Zahir, a commodity fund manager at Tyche Capital Advisors LLC, explained that Russian Federation has indicated "they aren't excited about doing a cut; if Saudi decides to do a cut, it's really going to be giving up market share to the United States. The market is now looking for a potential repeat", Hansen said.

Last week Trump tweeted, "Oil prices getting lower".

Arsenal's Europa match vs. Vorskla Poltava not guaranteed to go ahead
UEFA will be sending senior security experts to Ukraine to further assess the situation and the potential impact on security for upcoming UEFA matches .


Jose Mourinho reacts angrily to question about dropping Alexis Sanchez
He will be out for quite a while", Mourinho said at his pre-match press conference on Monday. "And frustration before that". Mourinho kicked wildly at a tray of drinks bottles before picking it up and smashing it to the ground near the dug-out.


Cleveland Cavaliers trade Kyle Korver to Utah Jazz
Almost 11 years after he was first traded to Utah, the Cleveland Cavaliers have made a decision to send Korver back out west. The Cleveland Cavaliers have agreed to trade Kyle Korver to the Utah Jazz for Alec Burks and two future second round picks.


Speaking of Saudi Arabia, the region's Energy Minister Khalid al Falih said that their output, this month, would definitely surpass October's production.

That move would imply a production pullback because Saudi Arabia is overproducing by almost 1 million barrels a day, according to people familiar with the matter.

Saudi Arabia has been pushing for an OPEC cut, indicating it may reduce supply by 500,000 bpd.

The EIA also estimated that US crude oil production in the week ending November 16 was 11.7 million barrels per day, which stayed the same as the previous week. This Saudi announcement helped prices ease from peaks in early October.

Oil closed a volatile day back in negative territory, weighed down by uncertainty over OPEC's appetite for curbing output as the rising dollar and renewed trade tensions diminished crude's appeal.

Falih pinned the anticipated drop in demand on the Trump administration allowing some of Iran's biggest customers, including China and India, to continue buying that nation's crude despite USA sanctions on the Islamic Republic.

Navigating the oil market has become challenging due to USA foreign policies concerning oil producers, including Opec, and rising geopolitical uncertainties. Trump has reiterated his view that falling oil prices are great after the USA benchmark plunged the most last week since January 2016. "This would require a clear statement from OPEC that it is willing to cut production considerably", Commerzbank AG said in a note.

OPEC and its partners are set to meet on December 6 and 7 in Vienna, but the direction of next year's oil prices may well be decided later this week when the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires.



Other News

Trending Now

Meet Mississippi’s Black Republicans Who Are Happy Cindy Hyde-Smith Won
Senator Cindy Hyde-Smith speaks during an election night event at The Westin Hotel, November 27, 2018 in Jackson, Mississippi. Fellow Democrat Doug Jones used the same election promise to win his seat on the Senate in Alabama back in 2017.

NORTH KOREA North Korean Sports Minister in Tokyo for pre-Olympics meetings
South Korea had about 60 posts inside the DMZ guarded by layers of barbed wire and manned by troops with machine guns. South Korea reportedly flew military planes filled with tangerines to North Korea days after the puppies were born.

Changes Sarri needs to make to turn Chelsea into title contenders
First of all I want to see a reaction, but I want to see a reaction in the next Premier League match as well. The Chelsea forward told BeIn Sport: "My injury I think is not something bad".

Rajinikanth, Akshay promote 2.0 in Hyderabad
The movie, India's most expensive film till date, has been made on a budget of Rs 540 crore and is scheduled to release on November 29.

Who was Naveed Jatt?
Meanwhile, a shutdown was observed in parts of Budgam and internet services remained barred throughout the day. Police said Jutt was involved in three murders in 2013 in Pulwama and was facing trials in many cases.

Klopp praises Firmino as Brazilian ends goal drought
In some games we played not that nice football and didn't get a result but nobody remembers it. Firmino, Mane combining and then the illustrious third man, Mo Salah , prodded the ball home.

Margaret Atwood's 'The Handmaid's Tale' Is Getting A Sequel
The new novel, titled " The Testaments ", will come out next September, Atwood and her publisher confirmed on Wednesday. The landmark 1985 book, about life under a totalitarian regime in the U.S. , became a hit TV drama in 2017.

Copa Libertadores final to be moved outside of Argentina next month
At least six players were injured, including Boca captain Pablo Perez who was hurt in the eye. There should be no room for violence in football.

Melania Trump Defends 'Fantastic' Red Christmas Trees
USA first lady Melania Trump has pushed back against jokes and criticism on social media over her crimson-red White House Christmas trees .

Woman, baby killed by grizzly bear
Theoret was on maternity leave from Whitehorse Elementary School, where she taught Grade 6 French immersion, according to CBC . Mr Roesholt, who was also staying there, was apparently walking along the family's trapline when the grizzly struck.