“The global supply and demand tables are still showing a heavy picture for the first half of 2016”, said Olivier Jakob, oil analyst at Petromatrix.
Advertisement
Mexican official says ‘affluenza’ teen won’t have special privileges in detention
The court sentenced him to mental health treatment and a decade of probation , a ruling seen as too lenient by many Americans. According to ABC News , Ethan Couch’s father issued a statement through his lawyer saying he’s cooperating with authorities.
Traders expect some USA oil to be taken out of America and supplied to global markets, following the surprise lifting of a decades-old USA crude export ban in December.
Utah scores on turnovers early, holds on 35-28 over BYU
The 35 first-quarter points were a Las Vegas Bowl record for points in a quarter…. “We got complacent and that’s on me. Mangum has done a great job as a freshman signal caller and has pulled a few rabbits out of his hat already this year.
Oil had collapsed early last week, with Brent striking an 11-year low on the back of a stubborn global supply glut that has plagued the market.
Oklahoma Falls to Clemson in CFP Semifinal
Paw Prints: Clemson became just the eighth FBS team to win 14 games in a season and second ACC team after Florida State in 2013. Before the quarter’s end, Oklahoma again reached the Clemson 40-yard line, but Mayfield threw an interception to end that drive.
Cheap oil this year has benefited USA drivers, who on Thursday paid an average of $2 a gallon for retail gasoline, according to motor club AAA.
Crude inventories in the United States, the world’s largest petroleum producer, rose 2.6 million barrels last week, the US Energy Information Administration said.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in February fell 28 cents, or 0.8%, to $36.32 a barrel, leaving the benchmark on track for a yearly decline of almost 32%.
Total production from Iran is holding steady at around 2.85 million barrels per day from the 2013 average of 2.67 million bpd.
The only risk events for North America this morning are US pending home sales and crude oil inventories.
“Taking into account where Brent futures and options are trading, the market is discounting a very gradual recovery in the price of crude over the next 12 years”, Afi said.
Stock markets in the energy-rich Gulf states ended 2015 in negative territory impacted by a massive decline in oil prices and regional turmoil. Oil prices tumbled 3 percent on Wednesday, Dec. 30, 2015, after an unexpected rise in USA inventory. But U.S. oil producers are suffering. Brent stood less than a dollar away from its 11-year low of $35.98 reached last week. The EIA report is considered more definitive. Brent crude, which is used to price global oils, gained $1.17, or 3.2 percent, to close at $37.79 a barrel in London.
Japan’s industrial output fell 1.0 percent in November from the previous month, government data showed on Monday, suggesting that sluggish emerging market demand continues to cloud the outlook for the economy.
Advertisement
Oil prices nudged higher on Thursday after declining yesterday as there were mixed messages about the fate of black gold in 2016. Earlier in 2014, Mr. Naimi was reported to have said that the highest exporting member of the Organization of Petroleum Exporting Countries (OPEC) would not support prices by lowering its production rates, allowing other countries to gain market share.
