NEWS
Oil  

Oil Climbs to 5-Month High Amid OPEC Cuts

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data.

International benchmark Brent futures were at $70.62 per barrel, up 28 cents, or 0.4% from their last close. US West Texas Intermediate crude were up 30 cents, or 0.5%, at $63.39 per barrel, CNBC reported.

Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively.

To prop up prices, the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day of supply this year.

“OPEC’s ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year,” said Hussein Sayed, chief market strategist at futures brokerage FXTM.

“However, the latest boost was received from an escalation of fighting in Libya which is threatening further supply disruption,” he added. 

Strong US jobs data on Friday also still supported markets on Monday. “Oil bulls are drawing heart from the strong employment data in the US,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

News No: 4269
Date: 2019/04/09 - 14:04
News Source: Financial Tribune

Oil  OPEC  Venezuela  US  strategist 

Comments:

Leave a Comment:

   
   
   
 

Canada injects $325K into ‘climate change adaptation’ for mining sector

Canada is giving the country’s mining association more than C$325,000 ($242K) to develop a program that would give miners the tools and knowledge needed to better plan for climate change in decision-making at all stages of an operation’s life.
 

Indian PPGI Prices Soften Over Bearish Sentiments

Indian PPGI prices softened this week owing to bearish market sentiments and weak buying interest along with moderate demand prevailing in domestic market.
 

South Asian Scrap Importers Turn Silent; Seek Clarity on Global Offers

SteelMint learned from industry participants that containerized scrap trades to South Asia remained limited on account of low demand and to have more clarity after the recent price hike in the global market.
 

Iran’s Exports of Petrochemicals Up by 18%

The total amount of Iran’s petrochemical exports in the first Iranian month of Farvardin (March 21 – April 20) increased by 18 percent compared to the same period last year despite the US sanctions, data released by the Customs Office showed.
 

S. Korea's Oil Imports from Iran Rise in April

South Korea’s Iranian oil imports rose 17% in April from a year earlier, customs data showed on Wednesday.
 

MCC Raises Loan Ceiling for Rural Housing and Jobs

The Money and Credit Council - a top financial decision-making body affiliated to the Central Bank of Iran - approved a decision Wednesday to raise the ceiling of loans allocated for renovating rural residential units and interest-free loans for job creation.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners