Saturday, 23 February, 2019

Oil prices drops below $61.5

OPEC's oil exports to US fell to five-year low in January Oil Edges Up As Market Eyes Tighter Supply | NTA.ng - Breaking News, Nigeria, Africa, Worldwide
Priscilla Morrison | 07 February, 2019, 00:56

U.S. West Texas Intermediate (WTI) crude futures were at $54.77 per barrel at 0223 GMT, up 21 cents or 0.4 percent.

USA government data on Wednesday showed that domestic crude inventories rose less than expected last week even as refineries hiked output.

Opec's sales to the world's biggest economy fell 22 per cent month-on-month and 37 per cent year on year, to 1.4m barrels per day, data from energy intelligence company Kpler shows.

"PDVSA will redirect exports to other customers in Europe and Asia", the technical adviser at Venezuela's oil company PDVSA and Petroleum Ministry, Ronny Romero, told Sputnik.

Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels.

The producers known as OPEC+ began cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut and OPEC has delivered nearly three quarters of its pledged cuts already, a Reuters survey showed.

On Tuesday, The Wall Street Journal reported that OPEC officials said Saudi Arabia and its Persian Gulf allies were looking to create a formal partnership with a 10-nation group led by Russian Federation to manage the world's oil market.

The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran a year ago, experts said after examining details posted by the Treasury Department.

More news: Wizards' Wall tears Achilles in fall, out 12 months

If sanctions compel USA oil companies to wind down their business in the Latin American nation, production could sink to 600,000 barrels a day, according to Rapidan Energy Group.

Meanwhile, Juan Guaidó, the Venezuelan opposition leader recognized as the country's interim president by the US and several major European countries, has ordered Venezuela's congress to appoint new boards at PDVSA and its USA refining unit Citgo, Reuters reports.

The impact of OPEC+'s supply curbs has been boosted by US sanctions on Venezuelan state-owned oil firm PDVSA.

OPEC's share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.

"Despite several forays in WTI above our prior resistance of $55, the market continues to draft back down largely under the pressure of this week's stronger dollar", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Concern about weaker global economic growth and the trade dispute between the United States and China have also weighed on sentiment. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

Senior U.S. and Chinese officials are poised to start another round of trade talks next week.

Investors will be looking for clues in President Trump's State of the Union speech on a number of matters, but crude oil traders will be listening for positive comments about U.S.

Recommended

Jason Holder Suspended For Third Test Against England Jason Holder Suspended For Third Test Against England Holder was held responsible for his team's slow over rate during the win in the second Test Antigua . West Indies lead the three-Test series 2-0.They won the first Test by 381 runs in Barbados.

Hugh Jackman's commercial for Ryan Reynolds' gin company is hilariously brutal Hugh Jackman's commercial for Ryan Reynolds' gin company is hilariously brutal Jackman then tells Reynolds he's "not quite ready" to show his ad yet and it still needs editing, but Reynolds says to roll it. Jackman, on the other hand, poured out an entire bottle of his rival's gin and dissed him for the camera.

Women's Brains Are Aging Slower Compared To Men's Brains Women's Brains Are Aging Slower Compared To Men's Brains This can cause problems later in life and scientists hope to one day slow it down with state-of-the-art drugs or brain therapy. The team trained an AI algorithm to guess people's ages based on the amount of oxygen and glucose flowing through their brain.

Courtois: Vinicius has no fear - he reminds me of Hazard Courtois: Vinicius has no fear - he reminds me of Hazard Thibaut Courtois would choose Eden Hazard ahead of Neymar as a blockbusting signing for Real Madrid this year. The Metro adds that Hazard has been linked with a move to the Spanish capital, along with Neymar.

Health Minister calls NDP's statements 'outrageous' and 'fear mongering' Health Minister calls NDP's statements 'outrageous' and 'fear mongering' Frontline care will be managed by 30 to 50 MyCare Groups, formed through a bid system with "Expression of Interest" due in March. Ontario's health minister said Monday the NDP "intentionally created confusion" about the PCs' plans for health care in Ontario.

Ted Bundy Biopic EXTREMELY WICKED, SHOCKINGLY VILE AND EVIL Acquired by Netflix Ted Bundy Biopic EXTREMELY WICKED, SHOCKINGLY VILE AND EVIL Acquired by Netflix In other words, there's no shortage of dudes to thirst after who aren't serial killers. Ted Bundy is a popular subject, and the movie has already generated significant buzz.

Emiliano Sala: Nantes demand payment from Cardiff City for £15m transfer Emiliano Sala: Nantes demand payment from Cardiff City for £15m transfer In response the Ligue 1 side sent a legal letter to Cardiff City on Tuesday requesting the money owed to be paid within 10 days. Pilot Dave Ibbotson was also on board as rescuers revealed one body has been spotted inside the aircraft 220ft under water .

New Zealand vs India - Highlights & Stats New Zealand vs India - Highlights & Stats The 3 T20i matches will be played at the Wellington, Auckland and Hamilton between India and New Zealand from February 6 to 10. MS Dhoni top-scored for India with 39 runs off 31 balls while no other batsman managing to impress much with the willow.

EA cuts revenue outlook after 'Battlefield' disappoints, shares dive Delaying Battlefield 5 to a heavily contested November calendar didn't work out as planned, according to EA. The net income for the third financial quarter was $262 million, with revenue amounting to $1.29 billion.

US Senate Opposes Plans For Abrupt Withdrawal Of Troops US Senate Opposes Plans For Abrupt Withdrawal Of Troops In a recent interview with CNN Trump said: "We have an unbelievable and expensive military base built in Iraq". That figure includes a large swath of desert around Syria villages IS controls.

US’ Mnuchin, Lighthizer to hold talks next week in China, sources say US’ Mnuchin, Lighthizer to hold talks next week in China, sources say Unless the USA and Chinese agree to drop their tariff dispute by 1 March, duty on each country's products will rise to 25 per cent, up from the current 10 per cent level.

EU's Tusk slams Brexit supporters with no ideas EU's Tusk slams Brexit supporters with no ideas Brexit-backing MPs reacted with anger to the comments, accusing Mr Tusk of "arrogance". "Sounds more like heaven to me". Mr Varadkar also said that political instability in the United Kingdom shows exactly why we need a legal guarantee.

Sixers to acquire Tobias Harris from Clippers in blockbuster trade Sixers to acquire Tobias Harris from Clippers in blockbuster trade This could be the first of several major deals expected before the National Basketball Association trade deadline passes at 3 p.m. Marjanovic and Scott, both 30, are expected to upgrade the Sixers' bench, although neither man played much for LA this season.

Pope Francis admits nuns have been sexually abused by clergy Pope Francis admits nuns have been sexually abused by clergy It also alleges that reports of priests abusing nuns in Africa were filed to the Vatican in the 1990s and that nothing was done. He said the Church has "suspended several clerics" and the Vatican has been "working [on the issue] for a long time".

Democratic Response To Trump's 2019 State Of The Union Address Democratic Response To Trump's 2019 State Of The Union Address The partial government shutdown began on December 21 because of disagreements over money to build a U.S. -Mexico border wall. With that deadline 10 days away, Trump called on lawmakers "to defend our very unsafe southern border" from gangs and drugs.