Oil prices move further upward

WTI Crude Oil

Oil traded near $71 a barrel as rising stockpiles and signs of slower demand growth countered concerns Iranian supplies will soon be curbed by sanctions.

An agreement between Saudi-led OPEC and Russian Federation on cutting oil production has helped push the price of oil from below $30 in 2016 to hit $80 on Thursday - the highest in almost four years. Among current difficulties are new USA sanctions imposed on Iran after country presided by Donald Trump was released from nuclear agreement signed in 2015; The low production of Venezuela that International Energy Agency (IEA) has warned in its monthly report that is of "main challenges" for price of crude oil; The escalation of tension in Arab region and new clashes with North Korea.

On Wednesday, France's Total warned it might abandon a multi-billion-dollar gas project in Iran if it could not secure a waiver from United States sanctions, casting further doubt on European-led efforts to salvage the nuclear deal. "Supply concerns are top of mind after the United States left the Iran nuclear deal".

"Global inventories are approaching long-run averages, suggesting that the coordinated OPEC/non-OPEC supply cuts have been successful", said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald.

Further supporting prices, Royal Dutch Shell (RDSa.L) on Thursday said it was halting crude exports from a major Nigerian pipeline.

Laurel Vs. Yanny Debate Divides America
We also took to the streets to find out what Ottawans heard, and you can check out the responses in the video above. The audio clip bends the question to what is heard, rather than what is seen, and people are fired up about it.

"We are back to the situation where we were before the 2016 agreement and in the meantime Iran has grown its exports by 1 million barrels a day", Pouyanne said.

Global demand will cross 100 million barrels a day this summer, the bank said, creating a 1 million barrel-a-day deficit without a response from OPEC and Russian Federation, which are still persisting with output cuts that were aimed at shrinking a global glut. Any response will reduce spare capacity in an increasingly tighter market, with an erosion in Venezuela and Angola oil output accelerating at the same time growth outside the U.S.is stalling, the bank said. That's despite consistent increases in U.S. production.

"For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market", the IEA said. "It would benefit both the countries as Iran can get uninterrupted payment for its oil supplies while India may not face supply disruptions", said a government official.

However, high oil prices could hit consumption, the International Energy Agency (EIA) warned on Wednesday, lowering its global oil-demand growth forecast for 2018 to 1.4-million from 1.5-million barrels per day (bpd).

Related News:



Most liked

Egypt's Sisi orders Gaza border opened for Ramadan: Twitter account
It says those approaching the fence have used explosive devices and firebombs, while soldiers have been shot at. Israel said it was acting in self-defense and showed evidence that many of those killed were Hamas operatives .

CBS' Murphy Brown Revival Will Be Taking on Cable News
Executive producer Dick Wolf's new crime drama is set in NY and stars Jeremy Sisto, Zeeko Zaki, Missy Peregrym and Connie Nielsen. Murphy Brown is coming back, and this time, the legendary anchorwoman be hosting a show called " Murphy in the Morning ".

Whole Foods starts discounts for Amazon Prime members
At the same time, it is a way for Amazon to entice Prime members and to make it more attractive to current Prime members. Alternatively, shoppers can simply provide their phone number, as long as the number is linked to their Prime account.

Mercedes reveals its fears for Bottas in Spain
But Vettel struggled with tire wear and Ferrari chose to bring him in for an extra stop. I think more than not quick enough we were obviously struggling to make the tyres last.

TI Arrested for Disorderly Conduct, Public Drunkenness and Simple Assault
The Whatever You Like hitmaker was arrested following an alleged altercation with a security guard outside his gated community. He says the guard continued to refuse entry "without justification" before words were exchanged and police were called.

Lando Might Be The Next Star Wars Spin-Off Movie
Meanwhile, Nerdist's Michelle Buchman praised both actors, and even said Solo is her new favorite Star Wars film. However, some critics had a wonderful time watching Solo , finding a solid movie at the center of everything .

Groups sue to stop Iowa's 'fetal heartbeat' abortion ban
The Iowa attorney general announced that he would not defend the law because it would undermine rights and protections for women. It bans abortions after a heart beat is detected from an ultrasound, which typically occurs around six weeks into a pregnancy.

NCIS Star Reveals She Left Series After Allegedly Suffering Multiple Physical Assaults
An unnamed source said they believe that Mark blamed himself for Pauley leaving the show and wanted to make things right. Love you! Representatives for CBS and Perrette did not immediately respond to V.F.'s request for comment.

STDs Hit Record High in California
Since 2013, the number of babies in California born with congenital syphilis has more than quadrupled - to 278 past year . Syphilis is categorized as primary, secondary, latent, and tertiary- and each stage has different signs and symptoms .

Hamas to Blame for Deadly Gaza Violence: White House
Thousands of Palestinians protested near Gaza's border with Israel, as Israel prepared for the festive inauguration of a new U.S. Some 1,360 Palestinians were wounded by gunshots, 130 of whom were in serious or critical condition, the ministry said.

'Exhausted' Simpson savours first win in five years
For the second day running, the former world No. 1 plundered the first 12 holes at TPC Sawgrass, this time picking up six birdies. Sawgrass on the eve of the tournament a year ago that Simpson had a chance meeting with Tim Clark , the injured P.G.A.

Facebook suspends 200 apps over Cambridge Analytica fiasco
Yet another rogue Facebook app that gathered and sold "intimate" details on millions of users has come to light. In the wake of the Cambridge Analytica data fiasco, there were a ton of complaints that Facebook, Inc .

Ryan Reynolds Doesn't Think Disney/Fox Deal Will Affect X-Force
But Brolin, with his 2% body fat and permanent frown, brings his own skills to the part to make Cable worth spending time with. Not to be outdone, Deadpool - who has similar mutant healing abilities - ignites big drums of fuel on which has been lying.

Cops suspected cocaine in Cardinals receiver's odd golf arrest
Both Kirk and another man were transported to a nearby police station where they were booked and later released. Kirk and another man were arrested and charged with criminal damage to a vehicle before being released.

In Afghanistan attacked the roadblocks
However, another official said that "the Taliban captured several security checkpoints inside and around the city". The fighters launched the attacks from four directions on the city, which has over 50,000 residents.