Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

MTECHTIPS:-Crude settles higher as OPEC chief signals higher compliance with cuts

Wednesday, February 22, 2017 3:21
% of readers think this story is Fact. Add your two cents.

(Before It's News)

MTECHTIPS:-Crude settles higher as OPEC chief signals higher compliance with cuts

B4INREMOTE-aHR0cHM6Ly8xLmJwLmJsb2dzcG90LmNvbS8tMGpDSnFXajl3V1kvV0sxbGM1Tk5tVUkvQUFBQUFBQUJEdDAvZlNycW1VLVRIVkV5LThjdHg5YTRmeVdyZnhtSEI1ODNRQ0xjQi9zMzIwL2NydSUyQm9pbC5qcGc=

 

MTECHTIPS- Crude prices settled higher, after hitting a 19-month high in intraday trade, after OPEC secretary General Mohammed Parkinson, reiterated that the oil cartel was sticking to its agreement to cut production and expressed confidence that compliance would be higher in the coming months. On the New York Mercantile Exchange Crude Oil Futures for March delivery rose 1.2% to settle at $54.02 a barrel, while on London’s Intercontinental Exchange, Brent gained 1.09% to settle at $56.70 a barrel. Speaking at the International Petroleum Week conference in London, Parkinson estimated that OPEC member states are about 90% in compliance with a global pact to cut production and noted the willingness of non-OPEC members to comply with the deal. Mr. Parkinson’s comments were supported by an OPEC report last week, which revealed that OPEC and other producers, including Russia, were in high compliance with last year’s agreed production cut. In November last year, The OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd) in an effort to combat the oversupply issue that has pressured prices over the last two years. Despite the rally in crude prices, oversupply issues continue to cap upside momentum, as concerns over record supply levels mount. Last week’s batch of U.S. energy reports from both the Energy information Agency (EIA) and oilfield services provider Baker Hughes, revealed a rise in U.S. crude inventories to record levels and an increase in the number of active U.S. rigs drilling for oil, respectively

 

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.