Oil prices recover marginally after plummeting to three-month low
14 March, 2017, 00:45 | Author: Elaine Woods
This drop has further increased speculation whether the deal should or would be extended beyond its original expiry date at end-June, given the rise in USA shale.
Rosneft said the only guaranteed route to balance the market was for all producers to limit supplies, but acknowledged this would not happen because USA shale producers would not join any such pact.
Last week, oil futures settled at the lowest level since the end of November on Friday, booking a weekly loss of around 9% as concern over rising shale production and record-high USA crude inventories offset optimism that OPEC and its allies have been following through on their commitment to cut production. The continuing rise in USA output is thwarting the efforts by OPEC, Russia and 10 other exporters to reduce daily output, trim the global supply and stabilize prices. The contract dropped $0.79 to $48.49 on Friday, capping the biggest weekly decline since November. Longs slipped 2.5 percent, while shorts advanced 0.5 percent.
The Organization of the Petroleum Exporting Countries (OPEC) and shale producers have fought each other to a draw over the last two years, with neither able to achieve a decisive victory. The EIA said not only had U.S. stocks hit a record 528 million barrels of crude, but United States output had hit 9.088 million bpd and will continue rising well past 9.1 million. Kuwait supports extending OPEC's output deal beyond June, Kuwait's official news agency Kuna reports, citing Kuwait Oil Minister Issam Almarzooq.
Arkansas Unemployment Rate Falls to a Record 3.8 Percent
The U.S. unemployment rate in January was 4.8 percent, little changed from December's 4.7 percent and December 2015's 4.9 percent. Limestone County's unemployment rate was 6 percent in January, up from 5.2 percent in December and 5.5 percent in January 2016.
Shale billionaire Harold Hamm said his industry could "kill" the oil market if companies keep increasing spending to boost drilling. The nation's active oil-rig count has nearly doubled since May to 617 last week, according to Baker Hughes. Crude production rose to 9.09 million barrels a day, the highest since February 2016.
There are severe civil and criminal penalties for sharing information about future output and prices let alone any attempt to divide market shares among producers ("The Antitrust Laws", Federal Trade Commission, undated).
The next commitments of traders reports, published on March 17 and March 20, will reveal how much of the remaining net long position was liquidated between March 8 and March 10, and give some idea of how much more needs to be liquidated before prices steady again.
"It will be interesting to see how OPEC rhetoric will evolve with this price correction".
A Belmont woman accused of injecting her friend with heroin while she was in labor claims the court system is "ruining her life". Instead of calling 911, she attempted to inject herself with narcotics, according to court documents released Wednesday.
Zinedine Zidane would have demanded a response from his squad after half-time and they looked to deliver immediately. The angle was tough, and he had a lot to focus on with the keeper and defender right on top of him.
The demonstrations in the US were organized by those behind the women's marches on January 21 that drew millions nationwide. Jocelyn Olcott is an associate professor of history and gender, sexuality and feminist studies at Duke University.
The New England Patriots are trading for Indianapolis Colts tight end Dwayne Allen, reports NFL Network's Ian Rapoport . New England Patriots tight end Rob Gronkowski caused a stir when he sent out a cryptic tweet implying he's underpaid.
In December, Alaska Airlines closed a deal to buy Virgin America airlines, further boosting Alaska's West Coast footprint. Virgin's network operated as a point-to-point system built around the San Francisco and Los Angeles metro areas.
Call it $7 to account for a little growth between 2015 (the latest Planned Parenthood annual report available) and 2017. In a statement on Tuesday, Planned Parenthood president Cecile Richards doubled-down on the organization's position.
The announcement comes days after the Shiv Sena won by a margin of 2 against the BJP's 82 in the recently concluded BMC elections. Shiv Sena's Vishwanath Mahadeshwar has been elected as the next Mayor of Brihanmumbai Municipal Corporation (BMC) today.
As with fighting in Mosul, Iraq, current plans for Raqqa will require cooperation between varying forces in defeating ISIS. Army Stryker combat vehicles were recently spotted in Northeast Syria, prompting Air Force Col.
The indictment does not prevent Torres from continuing to serve as Paterson's mayor while the charges are pending. First elected to Paterson's city council in 1990, Torres became mayor in 2002 and was re-elected in 2006.
Ford Motor Company (F) Looks Appealing at Current Valuations
The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website . Also, insider Karl-Thomas Neumann sold 32,458 shares of the business's stock in a transaction dated Tuesday, February 14th.
Notorious BIG's death still unsolved
The critically acclaimed biopic Notoriouscelebrated his life and attracted widespread acclaim and box office success. For more on his incredible life and the music he brought us, check out this unbelievable piece for Complexhere.
USMNT to play Haiti or Nicaragua in Cleveland
A third-place finish would see the United States play at University of Phoenix Stadium in Glendale, Ariz. on Thursday, July 20. Joining them in the second group are surprising qualifiers Martinique, and the victor of a Nicaragua/Haiti play-in game.
India hoists Tallest Tricolour at Attari, Pak fears espionage
Pakistan Rangers raised objection over the installation of the flag and regarding this, they have conveyed their message to BSF. With this, the title of the tallest national flag in India changed from the 293-foot-high tricolour in Ranchi in Jharkhand.