Oil falls to $55 after Russian Federation delays production-cut decision

20 November, 2018, 04:59 | Author: Regina Silva
  • Pavel Ignatov  Adobe Stock

The Organisation of the Petroleum Exporting Countries is pushing for the producer group and allies to cut 1 million to 1.4 million barrels per day of supply to adjust for a slowdown in demand growth and prevent oversupply.

Crude oil prices started the week on a positive note and extended its recovery rally before reversing direction in the second half of the day.

Futures in NY rose as much as 1.5 percent after a 6.2 percent slump last week.

Oil futures fell about 1 percent on Monday amid global oversupply worries, but losses were muted as investors eyed potential sanctions on Iran from the European Union, a possible production cut from OPEC and slightly bullish storage drawdown in U.S. crude stocks.

Front-month Brent crude oil futures, the worldwide benchmark for oil prices, were trading at $67.29 per barrel at 0045 GMT, up 53 cents, or 0.8 percent, from their last close.

"Oil prices continued to recover.(as) the market will be watching closely for the possible impact of a (supply) cut." said Sukrit Vijayakar, director of Indian energy consultancy Trifecta.

Democratic Senators Sue over Whitaker's Appointment as AG 19 November 2018
Americans prize a system of checks and balances, which President Trump's dictatorial appointment betrays", Blumenthal said. Sessions - asked the high court to rule on whether Whitaker can legally stand for the department in the case.

Steve Carell Returns To ‘SNL’ For A Reunion Of ‘The Office’
While fans may still have to wait a bit longer to see if a reboot/reunion of The Office will ever happen, it was a nice treat to see some of the cast together again.

Tall Aussie bowlers have advantage but Indian batsmen ready for challenge: Rohit
Rohit Sharma told media that the Indians are well prepared to face the Australian pace battery. The motive of the team is to try and seize all the moments and try and win.

Oil fell on Monday, surrendering earlier gains as investors weighed up the effectiveness of a potential cut in supply from OPEC and possibly other exporters in the face of rapidly rising global output.

Presumably, prices at that level would be too low even for USA president Donald Trump, who has spent the better part of the year pressuring OPEC to produce more and lower prices from earlier highs of $80; this week the brash billionaire met with Russian president Vladimir Putin and discussed the issue, with the latter subsequently telling media that "where [the market] is now, where it was recently, anything around $70 suits us completely".

Louise Yamada, founder and manager at Technical Research Advisors, says data suggests a deeper plunge into bear territory: she told CNBC, "We've seen the completion of the target from a head and shoulders bottom back in 2015-2016: it went directly up to $78-$79 [per barrel]. It is not unreasonable to anticipate stable prices until then", PVM Oil Associates strategist Tamas Varga said.

With OPEC ministers meeting on December 6 in Vienna to decide on production policy for the next six months as crude inventories around the world steadily build, the question becomes, can the announcement of a cutback from the cartel produce a swift price rebound?

West Texas Intermediate for December delivery, which expires on Monday, added 18 cents to $56.64 a barrel on the New York Mercantile Exchange at 11:23 in London.

Meanwhile, drillers in the U.S. added two more working rigs last week, bringing the total to 888, the highest level since March 2015, according to Baker Hughes data. Money managers have cut their net bullish Brent and WTI oil bets to the lowest in 17 months, weekly ICE Futures Europe and CFTC futures and options data on four contracts show. The Cboe/Nymex Oil Volatility Index fell more than 3 percent on Friday, declining for a third day.


  • Apple's Latest iPad Pro Appears Extremely Bendable, Folds Under Slight Pressure

    Apple's Latest iPad Pro Appears Extremely Bendable, Folds Under Slight Pressure

    Now, add to that the £89 for the Apple Pencil and the £199 for the Smart Keyboard Folio and you've got a grand total of £2,157. Structural integrity with these aluminum iPad Pro models are apparently "lacking", due to its super thin design.

    'Once Upon A Deadpool' PG-13 re-release gets first trailer

    If you look closely at the bookcase behind Savage, there's a Captain America action figure sitting on the shelf. What more do you really need? How about you? Let us know your thoughts down below!
    Study shows that social media limits made people feel less lonely

    Study shows that social media limits made people feel less lonely

    The study asked each participant to complete a survey on their mood and overall well-being , before assessing social media use. The students of the college, including the study of the use of dating applications, are the ones they still hope to answer.
  • San Francisco chokes on toxic air as wildfires rage

    San Francisco chokes on toxic air as wildfires rage

    And he acknowledged that climate change may have contributed "a little bit" to the wildfires. Photos posted on social media showed the famous Golden Gate Bridge shrouded in thick smog.
    Finland's president to Donald Trump: We don't rake forests

    Finland's president to Donald Trump: We don't rake forests

    The US President visited California on Sunday to speak to those affected by the horrific fires. "Not on my watch!" said another. Michelle Mack Couch, 49, waited in line to get into a Federal Emergency Management Agency center in the city of Chico.
    Why Did Bitcoin Cash Fell In Price By 50%?

    Why Did Bitcoin Cash Fell In Price By 50%?

    Investors seeking to trade Bitcoin Cash using United States dollars directly can do so using GDAX, Changelly or Gemini. IOStoken (IOST) traded down 0.3% against the dollar and now trades at $0.0396 or 0.00000526 BTC.
  • Hoge and Jahns, Episode 193: Bears-Vikings Postgame Show

    Hoge and Jahns, Episode 193: Bears-Vikings Postgame Show

    A handful of designed and freelance runs by the Chicago quarterback helped the Bears score 14 unanswered points before halftime. Harris snared a pass intended for wide receiver Allen Robinson and returned it 33 yards to the Bears' 31-yard line.
    Nick Jonas Marks 13 Years With Diabetes, Priyanka Shows Support

    Nick Jonas Marks 13 Years With Diabetes, Priyanka Shows Support

    Prioritising my physical health, working out, eating healthy & keeping my blood sugar in check". "Everything about you is special. A source in the know reveals, " Priyanka's family, and that of course includes Parineeti Chopra, will be in full attendance".
    Bill Maher trashes comic book culture after Stan Lee’s death, sparks outrage

    Bill Maher trashes comic book culture after Stan Lee’s death, sparks outrage

    Maher's essay, which was published on his blog Saturday, questioned the appeal of comic books in adult culture. Maher wrote: "The guy who created Spider-Man and the Hulk has died , and America is in mourning".
  • Wizards' John Wall, Bradley Beal available in trade talks

    Wizards' John Wall, Bradley Beal available in trade talks

    Though they had hoped at first that would mean retaining both Beal and Wall, desperate times call for equally desperate measures. Despite their openness to listen on Wall and Beal, Wojnarowski notes that they are not actively being shopped.
    Shots Fired At Mercy Hospital Campus

    Shots Fired At Mercy Hospital Campus

    Witness James Gray told reporters that he saw a man and a woman who looked like they were walking towards the parking lot. A shooting at a Chicago hospital has wounded multiple people, including a suspect and a police officer, authorities said.
    Apple Cuts Production Orders for All 3 New iPhone Models

    Apple Cuts Production Orders for All 3 New iPhone Models

    In India, Apple's sales have stumbled, particularly in light of the new products which are priced highly. An anonymous supplier told the Wall Street Journal , "Growth fixes a lot of sins.


Police called after Chinese bully host at Pacific summit
Since the Soviet Union fell in the early 1990s, Southeast Asia has sought to avoid getting caught in a fight between major powers. China reportedly objected to portions of the draft statement, particularly a line condemning "unfair trade practices".

Jarryd Hayne arrested over alleged sexual assault
The alleged incident happened on September 30, the NRL Grand Final night. Cops investigated but ultimately did NOT charge Hayne with a crime.

Scotland vs South Africa - Report - Friendly 2018 - 17 Nov, 2018
Asked where the result leaves Scotland, the Clermont Auvergne scrum-half replied: "I honestly believe we are right up there. The Springboks went as far as to practice shoulder-charge tackles in the week after the match.

The Leonid meteor shower peaks this weekend - here's how to see it
Earth, of course, is always traveling around the sun, and sometimes we collide with these trails of comet debris. So, to see the meteors can be anywhere in the Land, however, it is important to provide a minimum stray light.

Federer forgives ballboy bungle after ATP Finals defeat
Despite losing against Zverev, Novak has shown over the past week - and few months - that he is back to his very best. As his former coach, it is wonderful for me to see that because he obviously still has a lot of good tennis in him.

Jimmy Butler throws shade at ex-Timberwolves teammates
This was a pretty ugly game from Malik Monk , who scored just two points in 12 minutes off the bench. Philadelphia coach Brett Brown called Walker's effort "amazing and incredible".

WH Warns Acosta They'll Strip Press Pass Again Once Restraining Order Expires
The White House removed Acosta's hard pass for access to the White House over the incident. Acosta pulled the microphone away from the intern so he could continue speaking.

RBI board meeting, earnings growth, MF industry, and more
The Central bank has Rs 9.6 lakh crore of reserves in the form of contingency fund and forex and gold reserves and securities. The RBI's central board now has 18 members, though the provision is that it can go up to 21.

Samsung's New Patents Reveal Galaxy S10's Possible Design
One which will run on Exynos & another which will run on Qualcomm Snapdragon 8150 SoC for different markets. The smartphone manufacturer has exhibited two designs with a camera cutout in the upper-left corner.

Nissan's Ghosn to be arrested in Japan for alleged financial violations: Asahi
Mr Ghosn, a foreign top executive in Japan , has been credited in the past as having turned Nissan around from near bankruptcy. In June, Renault shareholders approved Ghosn's €7.4 million (US$8.45 million) compensation for 2017.