Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
Late past year, the 13 OPEC nations and 11 oil producers outside the group agreed to cut production in a bid to reduce alarmingly high global supplies and balance the market CLJ7, +1.21% LCOJ7, +0.85%.
Speaking at an energy summit in London, OPEC Secretary-General Mohammad Barkindo said there was strong coordination around the agreement.
Oil prices have been bolstered by the OPEC-led production cut causing a further reduction in global crude supplies.
He said it was too early to say if the supply cut, which lasts for six months from January 1, would need to be extended or deepened at the next OPEC meeting in May. "This suggests that despite renewed worries about supply surplus in the United States, market participants are anticipating oil prices to push further higher".
COLUMN-Hedge funds bet big on oil as OPEC gives them a free put option: Kemp
Canadian oil imports surged to their highest levels in four years in 2016 as a combination of primarily American and OPEC barrels sailed into Eastern Canadian refineries.
Moors says certain oil stocks, "the darlings of energy investors", are about to make a comeback now that oil prices are rising.
Let us take a look at the current oil market status through a number of charts.
"This prolonged and increasing overcrowding of speculative net longs should be a cause for concern", said Jonathan Chan, an investment analyst at Phillip Futures.
According to InterContinental Exchange data released on Monday, money managers are holding record levels of long positions in Brent crude derivatives.
Fawad Razaqzada, Market Analyst at Forex.com, said, of late, oil prices have not really gone anywhere but crucially the pullbacks have been very shallow.
The U.S. market will be closed on Monday for the Presidents Day holiday.
Shale production could rise even more if prevailing oil prices are higher than $55/barrel.
Adele sweeps Grammy Awards with 5 wins
Fans feared the very-pregnant songstress wouldn't be able to deliver her usual high caliber performance during the award show. During her acceptance speech, Adele tearfully said that she was dedicating the Album of the Year award to Beyonce.
Crude palm oil prices were up by 0.38 per cent to Rs 547.50 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market.
On Friday, the oil prices raised up, the reason being that there was a report that the producer club i.e. the Organization of the Petroleum Exporting Countries (OPEC) would most likely extend an output cut targeted at reining in the world fuel supply overhang. 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. It was the first time in eight years that OPEC members had agreed to scale back output, and so far the accord has been seen as a success, with more than 90% compliance claimed. The US producers export the higher quality oil and import what they need from overseas.
Mattis told reporters that USA rules of engagement in the fight against ISIS will not be changed from the Obama administration's. Mattis remarks are only the latest example of his policy differences with Trump. "Maybe we'll have another chance".
She's been expected to preside over traditional first lady tours at 1600 Pennsylvania Ave along with posing for press photos. Celebrities and fashion designers, critical of her husband's policies, have publicly shunned the Trumps, another blow.
She also said in a video for Sports Illustrated: "The fact that they're using a curvy model is beyond my wildest dreams". But editor MJ Day has made it her mission to inspire a more diverse idea of beauty by putting herself on the front line.
Lamborghini is recalling 5,900 of its sports cars because of a fire risk, including its $4 million Veneno supercar. In this recall, all Venenos and around 1,500 Aventadors in the United States are said to be at risk.
A splashy new video debuted online today that confirms long-held rumours that Pokemon GO is getting a pretty big expansion. Trainers can share their newly captured Pokemon on twitter by using the official hastag PokemonGO.
Young is coach Lon Kruger's biggest catch - Buddy Hield wasn't almost as highly recruited coming out of high school. I built a lot of trust with all these coaches. "The recruiting process has been very long and very tough".
The new G6 smartphone is "expected to kick off an era of premium smartphones with 18:9 screen aspect ratios", it is claimed. It will let users take a picture and then review the photo they just took at the same time in two identical ideal squares.
Until her death 11 years later, he also quietly paid her rent. "As usual, you wasted no time jumping to action". Ilitch is survived by his wife, seven children, 22 grandchildren and three great-grandchildren.
The eldest son of Kim Jong Il, Jong Nam was bypassed in favor of his half-brother for succession when his father died in 2011. They fled in a taxi and were being sought by Malaysian police, the reports said.
Samsung's leader has been arrested on corruption charges
In December, the court said that prosecutors had not made a sufficient case for Lee's detention, an interim victory for Samsung. Although Jay Lee was arrested and might be convicted, it is unlikely he will serve jail time for very long - if at all.
The Emirates FA Cup
Aguero is a great player but he takes too many touches for Pep Guardiola and doesn't work hard enough to close people down. They have to play Liverpool at home four days after that game and then they go to Arsenal and Chelsea.
Georges St-Pierre, UFC agree to terms for Octagon return
They did not support me because of the testing issues for the doping, they did not support me for the anti-doping. While St-Pierre's return fight has yet to be finalized, the current plan is for him to compete later this year.
Plane hits deer during takeoff in Charlotte, NC
FAA officials say the crew taxied the aircraft off the runway and onto a taxiway to allow passengers to exit. EST, PSA Airline flight 5320 was taking off from the airport when it struck a deer on Runway 36C.
Huge drugs catapult found on Mexico border with US
Douglas Station border patrol agents also found two bundles of marijuana that had been catapulted across the border. As they got closer, the agents discovered a catapult set up and attached to the Mexico side of the border fence.