Wednesday, 12 December, 2018

Russia starts accepting need for oil cuts, negotiates with Saudis

Saudi Arabia's Crown Prince Mohammed bin Salman arrives in Buenos Aires Saudi Arabia's Crown Prince Mohammed bin Salman arrives in Buenos Aires
Jodi Jackson | 01 December, 2018, 06:29

Just a few hours after WTI Crude dipped below $50, oil prices wiped out losses and started climbing on Thursday after reports that Russian Federation has conceded that it needs to reduce oil production and join a new Saudi-led OPEC cut to balance the market.

Prices in November were down almost 22 percent so far, set for the biggest monthly fall since the depths of the financial crisis in 2008.

Fundamentally, investors remain concerned about the continuous flow of US supply along with new worries that Saudi Arabia is insisting that it will not cut production on its own to stabilize supply and prices.

Saudi Arabia, OPEC's largest producer, is confident the group and its allies can reach a resolution to stabilize the oil market at their meeting next week, the kingdom's Energy Minister Khalid Al-Falih said on Wednesday.

Russian energy minister Alexander Novak met Russian oil producers this week to discuss cooperation with OPEC, two industry sources said without providing details.

US crude futures rose 65 cents, or 1.29 percent, to $50.94 per barrel.

Prices rebounded after sources said Russian Federation would consider join an effort to cut alongside Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries.

European oil benchmark Brent stood at just under $60 on Wednesday, while its USA counterpart WTI hovered just above $51.

A "cocktail of uncertainty" awaits members of the OPEC oil cartel ahead of a meeting next week to discuss whether to cut oil production, according to an analyst.

US energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

To maximise revenue, the government pumped a record 4.69 million barrels a day in October.

US crude inventories for the week to November 23, added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.

US crude stockpiles went through a 10th straight week of increase, up 3.6 million barrels in the week ending on November 23, piling concerns over supply surplus and sagging demand growth, according to a weekly EIA report released on Wednesday.

Investors are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world's biggest economies, on November 30 and December 1, with the U.S.

The supply and demand fundamentals remain bearish, but the early price action suggests the technical picture may be improving.

Attention later in the session will focus on the new round of USA inventory data to see if it reinforces expectations of an emerging supply glut.

Anticipation of the meeting may also be driving prices higher, said Kilduff of Again Capital, adding that traders are wary of being short ahead of the meeting.

Recommended

  • Saudi prince in Argentina as G20 summit tensions brew

    Saudi prince in Argentina as G20 summit tensions brew

    Germany has halted arms sales to Saudi Arabia in response to the killing and urged others to do the same. Erdogan says the order for his murder came from "the highest levels" of the Saudi government.
    Everyone's Joking About 'Individual 1' After Cohen's Plea Agreement

    Everyone's Joking About 'Individual 1' After Cohen's Plea Agreement

    Michael Cohen , left, walks out of federal court with his attorney Guy Petrillo, Thursday, Nov. 29, 2018, in NY . Trump denied that Cohen is a threat to his presidency when asked by CNN's Kaitlan Collins.
    Union clings to GM plant in area where Trump promised jobs

    Union clings to GM plant in area where Trump promised jobs

    The once-bustling factory already has lost two of its three shifts and 3,000 union jobs since the beginning of past year . The Detroit-Hamtramck Assembly produces the Buick LaCrosse , Cadillac CT6, Chevrolet Impala, and Chevrolet Volt .
  • Melania Trump Stands By Her White House Christmas Decorations

    Melania Trump Stands By Her White House Christmas Decorations

    Thank you to the many volunteers and staff who worked hard to decorate the halls of the People's House in Christmas cheer". President Donald Trump and his wife Melania have lit the National Christmas Tree in the park behind the White House .
    USA  welcomes opening of Kartarpur corridor

    USA welcomes opening of Kartarpur corridor

    Pakistani Foreign Minister Shah Mahmood Qureshi told the BBC the Kartarpur project would help improve the countries' relationship. However, other analysts were less optimistic. "I understand that elections are important as a politician, so we will wait".
    Kate Middleton 'was left in tears at Charlotte’s bridesmaid dress fitting'

    Kate Middleton 'was left in tears at Charlotte’s bridesmaid dress fitting'

    As the only girl in her family, Veevers says that having sisters-in-law fulfilled her childhood dream of having a sister. Meanwhile, a mutual friend said: 'Harry felt William wasn't rolling out the red carpet for Meghan and told him so.
  • Saudi prince gets chummy, stern receptions at G-20 summit

    Saudi prince gets chummy, stern receptions at G-20 summit

    The world will have to wait a little longer for an update on how Trump and Chinese President Xi Jinping are getting on. It's possible to make out Prince Mohammed saying "Don't worry", to which the French President responds "I am worried".
    Spurs Boss Mauricio Pochettino Makes Bold Claim Ahead Of Barcelona Clash

    Spurs Boss Mauricio Pochettino Makes Bold Claim Ahead Of Barcelona Clash

    Luciano Spalletti has already indicated that he is not expecting Tottenham to beat Barcelona at the Nou Camp. But of course in the Champions League , no-one is going to give you a present and not care about the result.
    Ukraine introduces martial law citing threat of Russian invasion

    Ukraine introduces martial law citing threat of Russian invasion

    Security Council to discuss Ukraine's "flagrant violation" of the rules of innocent passage in Russia's territorial sea. In a statement published on November 26, Russia's Foreign Ministry called for an emergency meeting of the U.N.
  • Copa Libertadores final postponed for second time

    Copa Libertadores final postponed for second time

    On Saturday, Boca said they were in no position to play the game due to the injured parties needing medical treatment at hospital. CONMEBOL originally postponed the match until 6 p.m. local time Saturday before kickoff was pushed back again, to 7:15 p.m.
    Mary Kom rewrites history by winning World Boxing Championship

    Mary Kom rewrites history by winning World Boxing Championship

    In the boxer's autobiography "Unbreakable", she was quoted, "For a large part of my career, I had no sponsors". Mary Kom shook the record books with an unprecedented sixth title at Women's World Boxing Championships.
    Here are Amazon's Cyber Monday 2018 Canada Deals

    Here are Amazon's Cyber Monday 2018 Canada Deals

    Amazon Canada will be releasing more deals throughout the day and we have all of them ready for you, so keep refreshing this post. Electronics tend to take the spotlight on Cyber Monday , said Sarah Hollenbeck, a shopping and retail expert at BlackFriday.com.

Chiefs' Kareem Hunt Seen Pushing, Kicking Woman In Hotel Surveillance Video Chiefs' Kareem Hunt Seen Pushing, Kicking Woman In Hotel Surveillance Video He was not charged by prosecutors, but one police report listed Hunt as a suspect while another one listed Ottinger as a suspect. In 2014, a video showed Ravens running back Ray Rice knocking out his then-fiancee in an elevator in an Atlantic City hotel.

‘Chelsea want to keep him but Maurizio Sarri must make THIS decision' ‘Chelsea want to keep him but Maurizio Sarri must make THIS decision' Chelsea maintained their flawless record in Europa League with the win at Stamford Bridge and have secured top spot in Group E. The Frenchman netted twice in the space of 10 minutes following Yevhen Khacheridi 's early sending off for the visitors.

Phones that aren’t built for Google Fi will have these limitations Phones that aren’t built for Google Fi will have these limitations You can check to see if your current smartphone is compatible with Google Fi here and sign-up for service here . This deal is only available for today only (November 28), so you'll need to act fast.

Backed candidate projected to win Mississippi Senate runoff Backed candidate projected to win Mississippi Senate runoff Hyde-Smith, 59, is the first woman ever elected to either chamber of Congress from Mississippi. Thad Cochran who announced his retirement back in March.

Tunisians protest planned visit of Saudi crown prince Tunisians protest planned visit of Saudi crown prince The Crown Prince flew to Cairo on Monday, where he was met on arrival by Egypt's President Abdel Fattah El-Sisi. Another irritant is that moderate Islamists have been sharing power with secularists in Tunisia since 2011.

As her and Jeremy Corbyn are both Remainers As her and Jeremy Corbyn are both Remainers The prime minister subsequently confirmed the date to MPs, saying that she was "looking ahead to [the vote on] December 11". May aims to convince them that the deal "honors the referendum" in 2016 that saw Britain vote to leave the EU.

Wikileaks Calls for The Guardian 'Editor's Head', After Assange/Manafort Bombshell Story Breaks Wikileaks Calls for The Guardian 'Editor's Head', After Assange/Manafort Bombshell Story Breaks On Tuesday a federal judge Leonie Brinkema said she will later rule on whether or not the public has a right to see the documents. Manafort is now serving time in a Virginia jail after his August conviction of bank and tax fraud stemming from Mueller's probe.

Mississippi's ugly past casts long shadow on Senate election Mississippi's ugly past casts long shadow on Senate election Espy would move in lockstep with Democratic leaders in Washington including, "the legendary Maxine Waters", Mr. Cindy Hyde-Smith's campaign to return thousands in donations stemming from her "public hanging" comments.

What time is I’m a Celebrity 2018 on ITV tonight? What time is I’m a Celebrity 2018 on ITV tonight? The Governess has already proved her intelligent in the Jungle after her team made a decision to have a quiz at Snake Rock . Holly Willoughby was announced as Ant McPartlin's replacement in August, adding she "couldn't be more excited" for the gig.

GM Cuts Jobs and Production, Canceling Some Car Models GM Cuts Jobs and Production, Canceling Some Car Models On Tuesday, Trump followed up and reminded the company of its debt to the American people and threatened to slash all subsidies. While GM did not cite tariffs for the plant closure, Trump's trade crackdown has created problems for the auto industry.

Red Dead Online Beta Period Starts Tomorrow Red Dead Online Beta Period Starts Tomorrow The Verge reports that you can also "tailor your abilities to suit your playstyle" and even form your own posse of seven players. On Wednesday November 28th , everyone who played the game on launch day (October 26th) can get involved.

How to watch Manchester United vs How to watch Manchester United vs I would say immediately to play at home. "We had more than one chance, we had a lot of half chances". I don't feel pressure to play at home.

Trump Bashes General Motors For Closing Factories Trump Bashes General Motors For Closing Factories Propulsion plants targeted are Baltimore Operations in White Marsh, Md., and Warren Transmission Operations in Warren, Mich. CNN reports that the "company said the plan would make it more efficient, saving $6 billion a year by the end of 2020".

NASA’s Mars InSight lander touches down, sends first pic NASA’s Mars InSight lander touches down, sends first pic The vehicle appeared to be in good shape, according to the first communications received from the Martian surface. The three-legged InSight settled on the western side of Elysium Planitia, the plain that NASA was aiming for.

Busiest U.S.-Mexico border crossing reopens after violent clashes Busiest U.S.-Mexico border crossing reopens after violent clashes US officials have said for months that they were working with Mexico to find solutions for what they have called a border crisis. Customs and Border Protection helicopters flew overhead, while U.S. agents on foot watched beyond the wire fence in California.