Egypt, Qatar intensify coordination as Gaza crisis worsens    Egypt prepares governmental talks with Germany to boost economic cooperation    Arabia Developments, ElSewedy join forces to launch industrial zone in New 6th of October City    Egypt, US's Merit explore local production of medical supplies, export expansion    Egypt, WHO discuss joint plans to support crisis-affected health sectors    IWG accelerates Egypt expansion, plans 30 new flexible workspace centres in 2026    Grand Egyptian Museum fuels hospitality, real estate expansion in West Cairo    400 children with disabilities take part in 'Their Right to Joy' marathon    Egypt touts North Coast as investment magnet after $29.7b Qatar deal – FinMin    URGENT: Egypt's net FX reserves hit $50b in October – CBE    Egypt's Foreign Minister discusses Gaza, Sudan with Russian counterpart    Russia's Putin appoints new deputy defence minister in security shake-up    UNESCO General Conference elects Egypt's El-Enany, first Arab to lead body    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt, Albania discuss expanding healthcare cooperation    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt, Medipha sign MoU to expand pharmaceutical compounding, therapeutic nutrition    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Syria releases preliminary results of first post-Assad parliament vote    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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 prices climb on expected drop in US crude stocks
Amwal Al Ghad Published in Amwal Al Ghad on 05 - 12 - 2017

Oil markets nudged higher on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week's deal between OPEC and other crude producers to extend output curbs.
International benchmark Brent crude futures were trading up 6 cents, or 0.1 percent, from their last close at $62.51 per barrel by 0410 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.2 percent, at $57.59 per barrel.
The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers last week rolled over their agreement to cut output by 1.8 million barrels per day (bpd) until the end of 2018, aiming to erode a global glut and drive up prices.
Goldman Sachs said Saudi Arabia and Russia showed a stronger commitment to extending cuts and raised its Brent and WTI spot forecasts for 2018 to $62 and $57.50 per barrel respectively.
"By 2019, however, we believe the response of shale and other producers to higher prices will incentivize OPEC and Russia to pare back their now greater spare capacity, leaving risks to prices skewed to the downside," the bank added.
In November, OPEC crude oil output fell by 300,000 bpd to its lowest since May, according to a Reuters survey released on Monday.
"Both contracts (Brent and WTI) have now tested and failed major resistance levels, and all eyes will now be on the U.S. crude inventory data due tonight and tomorrow," said Jeffrey Halley, senior market analyst at OANDA.
While rising U.S. oil production remains a hurdle for OPEC's efforts to rebalance the market, U.S. crude inventories likely fell last week, marking their third straight weekly drop, a preliminary Reuters poll showed.
Seven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks fell 3.5 million barrels in the week ended December 1.
The official government inventory data is due on Wednesday at 10:30 a.m. EDT (1430 GMT). Source: Reuters

Clic here to read the story from its source.