Oil rises 1 percent on tightening crude supply, upbeat economic data

Image of daily change for major financial markets

U.S. West Texas Intermediate (WTI) crude oil futures were at 64.28 U.S. dollars per barrel, down 33 cents, or 0.5 percent, from their previous settlement. Indicating that an ongoing price hike could prompt OPEC to promote a supply glut, an analyst at Price Future Group in Chicago, Phil Flynn said, "Now there is a suggestion that OPEC may surprise us and raise production pre-emptively if we get a price spike".

OPEC's largest producer Saudi Arabia saw its output dropping to its lowest in over two years, boosting compliance with supply cuts to 153%, according to the IEA's Oil Market Report.

WTI (oil futures on NYMEX) finally cracked the key resistance-turned-support at 64.00, as the sellers remain in command so far this Thursday, as the sentiment remains weighed down by mounting concerns over the economic slowdown and surging United States crude supplies.

Prices also continue to be supported by the on-going OPEC-led supply cuts and the US sanctions against Iran and Venezuela, which have helped tighten global supplies.

Star Wars Jedi Fallen Order: Trailer, Release Date, Story and More
It was rumored back in December 2018 that the game will release in November of this year, but we have yet to get confirmation. Players will meet Cal on Bracca, a brand-new Star Wars planet and one of several new locations introduced in the game.

OPEC, along with Russian Federation and other non-member countries, is trying to keep 1.2 million barrels per day (b/d) off the market through June, following a collapse in crude prices at the end of 2018. This was more than enough to offset the crude oil build. If this happened, any increase would be smaller than 1.2 million bpd, the source said.

Oil prices also gained support from continued signs of supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Crude oil markets are tightening, the International Energy Agency said Thursday, Kallanish Energy reports.

Adding to the impact of the involuntary declines, top exporter Saudi Arabia has cut production by more than it agreed under the global pact.

Tottenham's Alli should face City, doubt for Huddersfield
The England midfielder will be assessed to determine his availability for this weekend's match against Huddersfield Town. The news on Dele Alli is better, although he fractured his left hand during the victory at home to City .

It is expected that OPEC may consider raising oil output from July if disruptions continue and prices keep rallying.

"An increase is on the table, yes, if prices went to $80 and higher", this OPEC source said.

Amrita Sen, co-founder of Energy Aspects, talks with Bloomberg's Alix Steel about OPEC and US production, and Russia's role in the global oil market.

Kevin Feige Opens Up About The White Costumes In Avengers: Endgame
Cast members Mark Ruffalo (L), Karen Gillan and Chris Evans pose for a portrait while promoting the film Avengers: Endgame . Avengers: Endgame is due out in theaters April 26.

Related News:



Most liked

Tornado damage in Alabama: Latest storm photos, videos
The setup for Sunday is certainly an attention getter for a couple waves of severe storms to impact the Commonwealth. Violent weather is unlikely to be as widespread as Saturday, but some of Sunday's storms may be intense.

Valtteri Bottas grabs pole position at #ChineseGP, Lewis Hamilton second
The Brit got the better of pole position and Mercedes team-mate Valtteri Bottas on the green light, never giving up his lead. He was called in on the following lap for new tyres, and emerged just ahead of the Red Bull auto .

Powell Said to Tell Democrats Fed Won't Bend to Outside Pressure
The plan to nominate Cain, announced last week, follows the nomination of Trump's former campaign adviser Stephen Moore. Cain once ran Godfather's Pizza and served as chairman of the Federal Reserve Bank of Kansas City in the 1990s.

Tiger Woods Wins Fifth Masters, First Win At Augusta Since 2005
Tiger Woods remains in contention to win his first Masters since 2005 with nine holes left to play in the final round. Rounding out the final group is Tony Finau , who is at 11 under tied with three-time major victor Brooks Koepka .

Disney Partners with Coca-Cola for Star Wars Galaxy's Edge
The series premieres on the Disney + streaming service when it launches November 12. These new bottles were created to blend into the Star Wars universe seamlessly.

Tesla Refutes Reports About Cutting Investment at Gigafactory
Moreover, the article states that Panasonic intends to freeze its investments in Gigafactory 3 in Shanghai as well. Although Panasonic is Tesla exclusive battery supplier, its deal with the electric automaker is not exclusive.

Liverpool's Klopp condemns 'disgusting' Salah abuse ahead of Chelsea clash
When we went there they had the party almost ready because they were smashing every team in Anfield. But we will try to use the fan power and give them a boost by things we do on the pitch.

Wendy Williams is divorcing Kevin Hunter after 21 years of marriage
TMZ reports that Wendy has officially filed for divorce and served her soon to be estranged partner at the Wendy Williams studios. However, it's possible that Williams had a change of heart because there is a report that she just filed for divorce.

Measles outbreak: NYC threatens $1,000 fines for unvaccinated Williamsburg residents
But some experts also point to an "anti-vax" viewpoint that has gained some traction in recent years, helped by social media. Supreme Court upheld such an order in a 1905 case involving smallpox vaccinations in Cambridge, Massachusetts.

Netanyahu set for record fifth term
Netanyahu sought to portray himself as Israel's essential statesman during the campaign and highlighted his bond with Trump. Such a move would previously have been nearly unthinkable, leaving Israel diplomatically isolated.

Muguruza in Monterrey Open final, beats Rybarikova
Hopefully, she'll finish the next one off in a finer fashion with making her 21st title in her accomplished career. That win was an exact repeat of that year's Wimbledon semifinal, with the Spaniard defeating Rybarikova once again.

Magic Johnson steps down as LA Lakers president of basketball operations
Magic Johnson has stepped down as Lakers' President of Basketball Operations . But call me later tonight and the answer might be different", Walton said.

Mnuchin and Maxine Waters Clash at Hearing
During the 2016 campaign, he defended Trump's decision to break with tradition by refusing to release his tax filings. Senate Finance Committee and the Joint Committee on Taxation "for a specified and legitimate legislative goal ".

English Premier League: Everton edge Arsenal to stop Gunners from going third
Arsenal manager, Unai Emery , has said Bernd Leno registered a "perfect" performance in their 1-0 defeat to Everton on Sunday. The Gunners could qualify for Europe's premier club competition if Emery's side win the Europa League this term.

‘Spying did occur’ by intelligence agencies on Trump campaign - AG Barr
United States intelligence officials have previously said they were spying on the Russians, not the Trump campaign. President Trump continued to blast the investigation as an " attempted coup " and an act of treason.