Economy

Oil prices post highest weekly gains

Oil prices post highest weekly gains”

Oil prices fell on Friday as global markets weakened following North Korea's latest missile launch, but crude remained close to five-month highs reached this week on bullish demand forecasts and United States refineries restarting.

That was followed by a report by the International Energy Agency saying the global oil glut was shrinking thanks to strong European and USA demand, as well as production declines in OPEC and non-OPEC countries.

US West Texas Intermediate crude settled unchanged at US$49.89 a barrel. The contract posted a 5.1% weekly gain, also its strongest in almost two months.

The contract was on track for its third straight weekly gain and the highest weekly rise since the end of July.

The IEA's report came a day after the Organization of the Petroleum Exporting Countries said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria.

On the data front, the number of rigs operating in US oil fields fell by seven to a total of 756 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.

Crude oil inventories rose by last week, the EIA said.

Additionally, approximately 50 percent of total US working crude oil storage capacity and more than 40 percent of working storage capacity for both motor gasoline and diesel fuel is located in the gulf region. The largest USA refinery, Motiva Enterprises plant in Port Arthur, Texas, was at half its full capacity, the company said Wednesday.

The report said global oil demand grew very strongly year-on-year in the second quarter of 2017, by 2.4 percent.

"We remain convinced of longer-term upside to crude prices".

They maintained their 2018 and 2019 Brent price assumptions at US$65 and US$70 a barrel, respectively.



Like this

Latest


16 September 2017
US Virgin Islands getting aid, but still reeling from Irma
Caetano said food and water is being distributed to residents, with more supplies expected to arrive in the coming days. Virgin Islands Governor Kenneth Mapp asked Cuomo to assess the ruins. "They are in need!" Hurricane Irma lashed St.

16 September 2017
'True Lies' TV Series in Development at Fox With Put Pilot Commitment
This is Cameron's first foray into television since Fox adapted his Terminator series into a TV show over a decade ago. THR reports that the broadcast network is rebooting the 1994 action film as a series, with a put pilot commitment.

16 September 2017
Artificial sweeteners could raise risk of developing type-2 diabetes: Research
Their opinion was that it is yet too soon to believe artificial sweeteners are responsible for type 2 diabetes. Type 2 diabetes is associated with obesity and its complications include blindness, strokes and heart attacks.

16 September 2017
AR Linemen Working Lights Out in Georgia Following Storm Damage
Georgia Power said that many of these men and women travel far away from their homes and families often for weeks at a time. Customers can report and check the status of an outage 24 hours a day by contacting Georgia Power at 888-891-0938.

16 September 2017
Miami Heat, Arison family donating millions to Hurricane Irma relief
The animals will be delivered to no-kill shelters in the Oakland area where they will have the opportunity to be adopted by local families.

16 September 2017
Julie Ertz Scores Twice For US Women's Soccer Team In Victory Over New Zealand
Julie Ertz made her presence felt early during the US women's national team's friendly against New Zealand on Friday night. The U.S. has outscored its opponents 10-4 in those contests and has given up just one goal in its last two matches .

16 September 2017
Trey Gowdy Wants James Comey Back Before Congress For Questioning
What my friends in the Senate have uncovered is he may well have made up his mind before he interviewed the last dozen witnesses. It is beyond dispute that he made up his mind not to charge Secretary Clinton before he interviewed her.

16 September 2017
Aflac Incorporated (NYSE:AFL) Holdings Cut by Great Lakes Advisors LLC
Huntington National Bank decreased Medtronic Plc (NYSE:MDT) stake by 85,583 shares to 179,286 valued at $12.77 million in 2016Q4. Icon Advisers Inc has 0.03% invested in AFLAC Incorporated (NYSE:AFL) for 7,200 shares. 3,520 were accumulated by Covington Mgmt.

16 September 2017
Stock On the Run: Scorpio Bulkers Inc. (SALT)
The average 12-month price objective among analysts that have updated their coverage on the stock in the a year ago is $9.54. The 14-day RSI for Scorpio Tankers Inc (STNG) is now at 48.05, the 7-day stands at 48.77, and the 3-day is sitting at 66.67.

16 September 2017
Drilling Down Into AK Steel Holding Corporation (AKS)
Here we perceived that this stock is healthy for investors as it is growing larger in last half year duration. The same analysts are predicting that the company shares will trade to $8.18 within the next 12-18 months.