Veteran Egyptian filmmaker Samir Seif passes away at 72    Hurghada, Cairo among world's 100 most visited cities in 2018    Egypt's FM Shoukry, Pompeo follow up on GERD talks, bilateral relations, regional developments    Here is the full list of Golden Globes 2020 nominations    Egypt's central bank launches industrial initiative to raise GDP to 7.5% annually: CBE deputy governor    Russia banned four years from Olympic Games over doping scandal    Only natural for Leicester to be overlooked, says Rodgers    Socceroos skipper Milligan announces international retirement    China says hopes it can reach trade agreement with U.S. soon    New IMF plan needed to reduce debt service costs: Jordan finance minister    Markets in Europe to open lower amid weak Chinese data    Saudi restaurants no longer need to segregate women and men    1 dead, many more missing in eruption of New Zealand volcano    Egypt's President Sisi urges improving ways to identify sport talents    Health insurance system to be launched in Upper Egypt, South Sinai in March    Biden campaign attacks Trump policy on Saudi Arabia, North Korea    Quake in Florence area disrupts Italy's national train network    Sisi reviews Egypt's new capital relocation scheme    Egypt's Sisi directs further efforts to develop higher education    Egypt's parliament speaker slams justice minister over 'inaction' in fighting corruption at notary offices    'The Irishman' draws 17 million U.S. viewers on Netflix, Nielsen estimates    Art Alert: King Lear on Cairo stage four times in December    Half of lymphoma patients alive three years after new cell therapy treatment: Study    Rocket hits Iraqi cleric's home following deadly Baghdad attack    Egypt's Sisi reviews anticipated New Administrative Capital relocation plan    Criminal court sentences 4 to death for killing 3 policemen in 2016 robbery    Even being big, burly one needs his mother    Egypt's Cabinet denies reports on increasing Jan. train fares    Egypt Zamalek's new coach eyes winning start in Champions League against 1º de Agosto    WHO decries "collective failure" as measles kills 140,000    Mohamed Salah, Zamalek's Hamed represent Egypt in shortlists for CAF awards    Rate of HIV infections in Egypt around 0.02% – minister    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Egypt's Tahrir Square among top Reuters photos of a decade    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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





Oil rises as U.S. stockpiles drop, OPEC agrees meeting date
Published in Amwal Al Ghad on 20 - 06 - 2019

Oil rose over 1 percent on Thursday as official data showed U.S. crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.
Brent crude futures had risen 82 cents, or 1.3%, to $62.64 by 0026 GMT. They dropped 0.5% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were up 79 cents, or 1.5%, at $54.55 a barrel. WTI fell 0.26% in the previous session.
After swelling to near two-year highs, U.S. crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the Energy Information Administration (EIA) said.
Refined products also posted surprise drawdowns due to a rise in refining and crude exports, as well as a drop in crude production.
Members of the Organization of the Petroleum Exporting Countries agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2, after weeks of wrangling over dates.
OPEC and its allies will discuss whether to extend a deal on cutting 1.2 million barrels per day of production that runs out this month.
Momentum for an agreement appeared to be building as the United Arab Emirates' energy minister told Al-Bayan newspaper that an extension is "logical and reasonable".
"Oil price volatility is likely to persist, but the upcoming OPEC meeting should serve to provide the markets with a reasonable backstop and will offer some much-needed respite for prices," said Stephen Innes, managing partner at Vanguard Markets in Bangkok.
Expectations the U.S. Federal Reserve could cut interest rates at its next meeting and confirmation that the chief U.S. trade negotiator will meet his Chinese counterpart before a meeting between President Donald Trump and Chinese President Xi Jinping next week are also supporting markets.
Tensions remain high in the Middle East after last week's tanker attacks, which boosted oil prices. Fears of a confrontation between Iran and the United States have mounted, with Washington blaming Tehran, which has denied any role.
A rocket attack on a site in southern Iraq used by foreign oil companies, including U.S. energy giant ExxonMobil, left three people wounded and threatened to further escalate U.S.-Iran tensions in the region.
Source: Reuters


Clic here to read the story from its source.