Published: Sun, April 14, 2019
Money | By Ralph Mccoy

Oil prices dip almost 2 per cent

Oil prices dip almost 2 per cent

West Texas Intermediate (WTI) gained $3.19 per barrel month-on-month, while Brent rallied by $2.60 per barrel.

The combined supply cuts have helped to drive a 32 percent rally in crude prices this year to almost $72 a barrel, prompting pressure from U.S. President Donald Trump for OPEC to ease its market-supporting efforts.

Apart from growing speculation over OPEC's next move on crude supply, Thursday's (April 11th) data had revealed an upsurge in the USA crude stockpiles, which had also contributed potentially to the decline of USA crude future price.

Oil markets have been lifted by more than 30 percent this year by supply cuts led by the Organization of the Petroleum Exporting Countries and US sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.

"Clearly, oil prices at $70/bbl for Brent, are less comfortable for consumers than they were at the start of the year and the IEA has regularly warned of the dangers of prices rising even higher".

Its 14 members pumped 30.02 million bpd in March, its lowest output figure since February 2015. Demand for OPEC crude in 2018 averaged 31.35 million bpd.

On the demand side, most of the world's growth in fuel consumption is coming from Asia.

NASA selects SpaceX to provide launch services for DART mission
There are some disasters the world just isn't prepared for, and one of those is an asteroid on a collision course with Earth. Another Falcon 9 launch, the Surface Water and Ocean Topography satellite, was awarded in 2016 with a price of $112 million.

Chelsea ace Hazard: We MUST qualify for Champions League
Between 28th April 2014 and April 2019 Liverpool and Chelsea have played each other 12 times. A lot of the players that started that day were not in the starting XI every week.

Former Obama White House counsel charged with lying to Federal Bureau of Investigation
Patten's case has sparked interest in Washington amid a widening crackdown by the Justice Department on undisclosed lobbying. The indictment of Craig, 74, stemmed from an investigation initiated by the office of Special Counsel Robert Mueller .

Saudi Arabia's crude oil production slumped to the lowest in two years as the Kingdom slashed its production by more than promised to boost prices.

It said that US, Brazil, Russia, UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year.

The group forecasts United States crude production to rise by 1.46 million bpd in 2019 to 12.42 million bpd.

The oil cartel and its allies will meet in June to decide whether to continue withholding supply.

At the last OPEC meeting in Vienna, the group's members agreed to slash output by 812,000 bpd, with Russian Federation and nine other non-OPEC allies committing to a cut of 383,000 bpd for the first six months of 2019. The US crude output level remained at a record 12.2 million barrels per day (bpd).

Nigerian production increased by 11,000 bpd in March to 1.733 million bpd and fell by 5.000 bpd to 1.685 million bpd according to direct communication, according to the monthly oil market report for April.

Like this: