Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

Oil prices dip but stay near eight-week highs on U.S. stock declines

SHARE:

SEOUL  - Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in U.S. inventories and OPEC's ongoing efforts to curb production.

Brent crude futures were down 6 cents, or 0.1 percent, at $51.43 per barrel at 0251 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1 percent, at $48.99 per barrel.

Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC's latest efforts to cut exports and a sharp fall in U.S. crude inventories.

"Crude oil prices rose further as the focus remained on fundamentals. This week's better-than-expected inventory drawdown in the United States continued to support prices," ANZ bank said in a note.

U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA).

"Following seasonal norms we expect further declines in crude inventories over August and September," BMI Research said.

Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries.

U.S. crude oil production has been on the rise since mid-2016, but it dropped to 9.41 barrels per day (bpd) in the week to July 21, from 9.43 million bpd the week before. The decline was mainly due to a fall in Alaskan output, ANZ bank said.

Jeffrey Halley, senior market analyst at OANDA, said the market would watch U.S. rig count data for further signs of slowing drilling activity, as well as potential U.S. sanctions on Venezuela's oil sector.

"Both developments should be bullish for oil," he said.

Oil prices have been supported by a further agreement between OPEC and some non-OPEC members to limit Nigerian oil output and encourage several members to comply with their pledged production cuts.

Since the world's major oil producers held a meeting in St Petersburg on Monday, crude prices have risen some 6 percent on expectations of deepening cuts.

Saudi Arabia, OPEC's de facto leader, said it planned to cap crude exports to 6.6 million bpd in August, about 1 million bpd below the level last year.

COMMENTS

Name

Ads,5,Afghanistan,68,Africa,17,Americas,4,Animals,36,Asia,181,Australia,9,Austria,3,Bahrain,2,Bangladesh,15,Barcelona,1,Belgium,3,Brunei,1,Business,1232,Canada,2,Catalan,80,China,111,Cuba,3,Egypt,21,Europe,205,Fitness,14,France,22,Germany,32,Headlines,11,Health,168,Hillary Clinton,199,Hong Kong,1,Hungary,1,Iceland,1,India,99,Indonesia,8,International,75,Iran,74,Iraq,72,Ireland,2,Islamophobia,19,Israel,8,Italy,2,Japan,26,Jordan,1,Kenya,5,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,301,Lithuania,1,Malaysia,12,Malta,1,Maxico,3,Middle East,111,Muslim World,571,Myanmar,31,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,8,Niger,1,Nigeria,1,Nobel Prize,81,North Korea,48,Norway,1,Opinion,26,Pakistan,1019,Palestine,35,Philippine,11,Pics,66,Poland,2,Popular,1,Qatar,93,Rohingya,118,Russia,36,Rwanda,1,Saudi Arabia,80,Science,144,Serbia,2,Showbiz,347,Somalia,4,South Africa,1,South Korea,5,Spain,48,Sports,1288,Sudan,1,Sweden,1,Switzerland,2,Syria,104,Taiwan,2,Technology,437,Thailand,4,Today IN History,19,Top News,981,Tunisia,1,Turkey,73,U.S.,266,UAE,21,UK,45,Ukrain,2,Venezuela,4,Videos,75,Vietnam,2,World,4670,Yemen,21,
ltr
item
Muslim Global: Oil prices dip but stay near eight-week highs on U.S. stock declines
Oil prices dip but stay near eight-week highs on U.S. stock declines
https://3.bp.blogspot.com/-yLW90450DEw/WXrLWgJXzmI/AAAAAAAAbOg/Lz--LcNhk6od72W5RUWp3gR3Uj6SKI88QCLcBGAs/s640/Crude%2Boil%2Bstorage%2Btanks%2Bare%2Bseen%2Bfrom%2Babove%2Bat%2Bthe%2BCushing%2Boil%2Bhub%252C%2Bin%2BCushing%252C%2BOklahoma.jpg
https://3.bp.blogspot.com/-yLW90450DEw/WXrLWgJXzmI/AAAAAAAAbOg/Lz--LcNhk6od72W5RUWp3gR3Uj6SKI88QCLcBGAs/s72-c/Crude%2Boil%2Bstorage%2Btanks%2Bare%2Bseen%2Bfrom%2Babove%2Bat%2Bthe%2BCushing%2Boil%2Bhub%252C%2Bin%2BCushing%252C%2BOklahoma.jpg
Muslim Global
http://www.muslimglobal.com/2017/07/oil-prices-dip-but-stay-near-eight-week.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/07/oil-prices-dip-but-stay-near-eight-week.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy