Oil prices build on gains on expectation of extended crude supply cut

"Whatever it takes." That was the sentiment expressed by the Saudi energy minister Khalid al-Falih this week when he, along with the Russian energy minister Alexander Novak, committed to extending production cuts through March of next year to help eat away at the global oversupply of crude.

Russian Federation and Saudi Arabia said Monday they want to extend oil production cuts through the first quarter of 2018, in a move the two major producers say would support the market price.

Opec, Russia and other producers originally agreed to cut output by 1.8-million barrels per day in the first half of 2017, with a possible six-month extension.

Extending the curbs at already agreed-upon volumes is needed to reach the goal of reducing global inventories to the 5-year average, the energy ministers of the world's biggest oil producers said in a joint press conference.

The global benchmark for crude oil was up $1.35, of 2.7 percent on the day, at $52.19 a barrel on the news.

Under the current agreement that started on January 1, the 13-country OPEC and other producers pledged to cut output by nearly 1.8 million barrels per day in the first half of the year. Their announcement sparked a rally in oil prices, which had sagged on signs the cutbacks made so far haven't significantly depleted the world's brimming fuel inventories.

Fiat Chrysler seeks diesel emission certification from EPA
The company already faces accusations in Europe that its cars produce far more nitrogen oxides in normal driving than during tests.

USA bank Goldman Sachs said the deal would likely extend the oil price rebound "although the rally so far. has remained modest compared to the move that occurred previous year when the OPEC cuts were first announced". However, concern that the deal may not go far enough to tackle the glut of oil still dragging on the market caused prices to tumble back below $50 a barrel in recent weeks.

USA energy firms added oil rigs for a 17th week in a row, extending a 12-month drilling recovery, energy services firm Baker Hughes Inc said on Friday.

USA production is now forecast to average about 9.31 million bpd this year - a level reached already, according to government figures.

Borneo Oil Bhd pared gains after rising to 19.5 sen earlier to trade unchanged at 19 sen, with 12.7 million shares changing hands for a market capitalisation of RM575.5 million.

In its monthly oil market report, the Paris-based group noted Libya has raised oil production to 800,000 barrels a day, the highest point in three years, according to its preliminary data.

Related News:

  • Liam Payne: Harry Styles' new music isn't 'something I'd listen to'

    Liam Payne: Harry Styles' new music isn't 'something I'd listen to'

    Harry's new single Sign Of The Times has been out for a few weeks now, with fans comparing him to David Bowie. Updating them about how "amazing" he is, Cheryl even told fans she thinks he has a "deal" with his dad.
    Robin Wright on 'Wonder Woman': 'It's About Love and Justice'

    Robin Wright on 'Wonder Woman': 'It's About Love and Justice'

    Joining Gadot in the worldwide cast are Chris Pine , Robin Wright, Danny Huston , David Thewlis, Connie Nielsen. She wasn't less powerful, she wasn't less of a woman. "It's not men vs. women or women vs. men".

    Some Senators Worry Special Counsel Will Hurt Their Ability To Investigate Russia

    On Wednesday, Trump had said no politician in history "has been treated worse or more unfairly" than himself. Mr Mueller will have sweeping powers and the authority to prosecute any crimes he uncovers.
  • Three teens face charges in shooting of 6-year-old Mississippi boy

    Three teens face charges in shooting of 6-year-old Mississippi boy

    Madison County Coroner Alex Breeland said an autopsy was conducted Friday morning. "We've ridden every neighborhood in Jackson ". When that information was revealed, deputies then contacted Mississippi Highway Patrol and then the Jackson Police Department.
    Snapchat announced its First Earnings Report, falling short of Expectations

    Snapchat announced its First Earnings Report, falling short of Expectations

    Snapchat has 166 million active users, which are up 5% from 158 million in Q4 2016 and represent a 36% increase year-over-year. Facebook has launched several clones of Snapchat Stories, including Messenger Day, WhatsApp Status, and Facebook Stories.
    The VW Up! GTi is the sub-Golf hatch America needs

    The VW Up! GTi is the sub-Golf hatch America needs

    In honor of the original Golf GTI that debuted four decades ago, VW is spreading the GTI love to a new model. Acceleration from standstill to "hundreds" takes 8.8 seconds, top speed of almost 200 kilometers per hour.
  • Trump administration announces plans to renegotiate NAFTA

    President Donald Trump's administration announced its intent to renegotiate the 23-year-old trade accord. Lori Wallach, director of Public Citizen's Global Trade Watch, called it "markedly vague".
    Allardyce backs Mou over Palace fixture

    Allardyce backs Mou over Palace fixture

    The winger, who was crowned the club's Player of the Season, was instrumental in the South Londoners' survival, contributing with seven goals and nine assists.
    Will Smith Comes to the Defense of Netflix at Cannes

    Will Smith Comes to the Defense of Netflix at Cannes

    In my house, Netflix has been nothing but an absolute benefit, because they get to watch films that they never even would've seen. And now they get to find those artists and they get to look them up online and they make contact.
  • Modi-conomics ; how people responded to government after three years in power

    Modi-conomics ; how people responded to government after three years in power

    On overall rating, people's support for the government has declined from 64 per cent last year to 61 per cent this year. Incidentally, 38 per cent people previous year gave credit to the government for keeping the prices down.
    Yankees retire Derek Jeter's No. 2 jersey, unveil Monument Park plaque

    Yankees retire Derek Jeter's No. 2 jersey, unveil Monument Park plaque

    Jeter won five World Series, retired with 3,465 hits, sixth on MLB's all-time list and a career batting average of.310. I was asked recently by someone they was if you could trade places with, one person, who would it be?

    Here's Why Colgate-Palmolive Company (CL) Trending These Days

    The company's current price-earnings ratio amounts to 25.89 times earnings, below the average P/E ratio of 72.42 times earnings. Following the completion of the transaction, the vice president now owns 73,904 shares in the company, valued at $5,466,678.88.


Most liked

Maria Sharapova to play Wimbledon qualifiers rather than requesting wildcard
Sharapova will have to win three matches to earn one of the 12 qualifying berths for women in Wimbledon's 128-player main draw.

Senators: Rosenstein knew of Comey firing before memo
Mueller is going to proceed forward with the idea of a criminal investigation, versus the counterintelligence investigation". Rosenstein briefed the Senate for 90 minutes Thursday, a meeting Democrats demanded after the release of his memo.

Nicky Hayden Suffering From Serious Cerebral Damage: Prognosis
Our thoughts are with Nicky and his family during this hard time, and we wish him a full and fast recovery. The Superbike World Championship says the incident occurred Wednesday along the Rimini coast.

US Treasury chief: trade partners like Trump policies
On currency, the G7 finance leaders also underscored their commitment to ensure orderly movements in exchange rates and refrain from competitive devaluations.

McCain: Controversies Surrounding Trump Reaching 'Watergate Size and Scale'
The investigation that followed uncovered an intricate trail of wrongdoing, one that went to the highest level of the White House. The Trump administration, on the other hand, is still finding its footing and hasn't filled all its staffing positions.

Tom Hardy Will Star in Sony's 'Venom' Movie
Venom made his first big-screen appearance in Sam Raimi's "Spider-Man 3", where he was portrayed by Topher Grace . The movie will be directed by Ruben Fleischer (Zombieland) with a fall 2018 release date.

Campbell Soup Company (CPB) Shares Bought by Commerce Bank
The current share price indicates that stock is -14.42% away from its one year high and is moving 9.58% ahead of its 52-week low. Wells Fargo & Co reaffirmed a "market perform" rating on shares of Campbell Soup Company in a report on Monday, February 27th.

Cargo plane goes off runway at West Virginia airport
The plane is located in the wooded area off Keystone Drive so first responders are having difficulty accessing the plane. The initial witness mark on the runway is about 340 feet from the runway threshold, according to English.

Salesforce.com, inc. (NYSE:CRM)
The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink . First-quarter revenue rose 25% versus the prior-year period to almost $2.4 billion, well ahead of our lofty expectations.

Not many teams better than Spurs, says Kane
Jansson was an unused substitute as Tottenham secured the win that guarantees them second in this season's league behind newly-crowned champions Chelsea.

Senate $40.3 billion budget plan keeps tax estimates intact
Even as he urged House of Delegates members to support the revenue bill now before the chamber's Finance Committee, Gov. A phase-out of the personal income tax has been backed by Senate Republicans and the governor have supported.

Star Trek: Discovery Releases A First Image
Perhaps unsurprising given that the combined financial might of Netflix, CBS and Bell Media have produced the new show. Hannibal and American Gods showrunner Bryan Fuller was spearheading this new series, but left previous year .

Trump denies asking Comey to end Flynn investigation
Later, though, Trump told NBC News that he would have fired Comey "regardless" and was thinking of the "Russia thing" when he did so.

70th Cannes Film Festival opens amid heavy security
Festival organizers have said everything was being done to maintain safety and the event's celebratory atmosphere. And now they get to find those artists and they look them up online and they make contact.

Markets Right Now: US stocks edge higher in early trading
The company's consensus rating is now Strong Buy, with 14 analysts rating it a Strong Buy, and 4 analysts rating it with a Hold. ILLEGAL ACTIVITY WARNING: This piece of content was first published by Chaffey Breeze and is the property of of Chaffey Breeze.