Egypt's economic outlook improves – poll    Egyptian pound closes high on Tuesday – CBE    Egypt reviews Sheikh Zayed City tourist walkway project to boost urban appeal    Egypt's FM urges UK to pressure Israel to stop Gaza war    Egypt's anti-drug body launches new awareness phase in Maspero Triangle    Minister El-Shimy pushes for stronger returns, partnerships in real estate, construction sectors    Apparel, textile chambers engage with Chinese delegation to explore investment opportunities in Egypt    Agiba Petroleum starts production from Arcadia-28 at 4,100 BOE/day    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Obama calls for aid access to Gaza, says 'no justification' for withholding food    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil falls on doubts over extending output cuts, surprise rise in US crude stocks
Published in Amwal Al Ghad on 29 - 11 - 2017

Oil prices fell on Wednesday on doubts OPEC and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in U.S. crude oil inventories.
U.S. West Texas Intermediate (WTI) crude futures were at $57.67 a barrel at 0427 GMT, down 32 cents, or 0.6 percent below their last settlement.
Traders said WTI was pulled lower by a report from the American Petroleum Institute (API) late on Tuesday that showed U.S. crude inventories rose by 1.8 million barrels in the week ended Nov. 24 to 457.3 million barrels.
Official U.S. oil inventory data is due later on Wednesday. WTI was also weighed down by the gradual restart on Tuesday of the Keystone pipeline, which supplies Canadian crude to the United States.
Brent crude futures, the international benchmark for oil prices,were at $63.14 a barrel, down 47 cents, or 0.7 percent.
Oil prices have received a broad lift this year, with Brent up by 40 percent since mid-2017, due to an effort by the Organisation of the Petroleum Exporting Countries (OPEC) and a group of other producers, led by Russia, to withhold 1.8 million barrels per day (bpd) of output.
The deal expires in March 2018, but OPEC will meet on Nov. 30 and is expected to discuss ways of extending the cut.
"Market whispers suggest Saudi Arabia and Russia are not yet fully coordinated," said Stephen Innes, head of Asia-Pacific trading at futures brokerage OANDA.
OPEC and Russia are expected to extend their supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday, after Moscow expressed concerns the market could overheat.
Most analysts say an extension is needed to keep oil markets in balance, and also to keep the economies of oil exporting nations afloat.
"It is in Russia's as well as OPEC's best interest to support oil prices given their economies' dependence on oil," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.
Not all analysts agree. "Given the agreement doesn't expire for another four months, adding an additional nine months on that to the end of 2018 seems unnecessarily eager given the market does seem to be rebalancing," said Greg McKenna, chief market strategist at AxiTrader.
A healthy global economy has also been helping oil markets back into balance after years of oversupply.
U.S. bank Morgan Stanley said global economic growth was "likely to gain momentum and breadth in 2018". Source: Reuters


Clic here to read the story from its source.