$hide=home-label

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

U.S. oil prices open above $50 for first time since May, but headwinds persist

SHARE:

SINGAPORE  - U.S. oil opened above $50 per barrel for the first time since late May on Monday, supported by strong fuel demand, but ongoing high supplies from producer club OPEC kept prices from rising further.

U.S. West Texas Intermediate (WTI) crude futures were at $50.25 per barrel at 0127 GMT, up 8 cents, or 0.2 percent, from their last close. That marked the first time U.S. crude had opened above $50 per barrel since May 25.

Brent crude futures, the international benchmark for oil prices, were trading up 6 cents, or 0.1 percent, at $52.78 per barrel.

"U.S. gasoline demand climbed to last year's highs and U.S. inventories, notably on the East Coast, declined," said French bank BNP Paribas.

Overall U.S. commercial crude oil stocks have fallen by 10 percent from their late-March peaks to 483.4 million barrels, and seasonally adjusted they are now, for the first time this year, below 2016 levels.

Despite this, there were also signs that global oil markets remained amply supplied, capping further price rises.

"Crude oil prices face multiple headwinds as OPEC struggles (to cut excess supply)," BNP said.

Oil output by the Organization of the Petroleum Exporting Countries (OPEC) has risen this month by 90,000 barrels per day (bpd) to a 2017-high of 33 million bpd, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal.

This comes despite a pledge by OPEC and other producers, including Russia, to cut output by 1.8 million bpd between January this year and March 2018.

COMMENTS

EMAIL NEWSLETTER$desc=Subscribe to receive inspiration, ideas, and news in your inbox

Followers

Name

Ads,5,Afghanistan,34,Animals,31,Bahrain,2,Barcelona,1,Business,659,China,42,Egypt,9,Headlines,11,Health,142,India,64,Indonesia,8,International,75,Iran,42,Iraq,35,Islamophobia,17,Israel,1,Kuwait,1,Lebanon,1,Lifestyle,273,Malaysia,3,Middle East,14,Muslim World,370,Nawaz Sharif,5,Opinion,26,Pakistan,939,Palestine,25,Pics,66,Popular,1,Qatar,83,Saudi Arabia,53,Science,124,Showbiz,256,Sports,999,Sudan,1,Syria,46,Technology,163,Top News,732,Turkey,38,UAE,16,Videos,73,World,3378,Yemen,5,
ltr
item
Muslim Global: U.S. oil prices open above $50 for first time since May, but headwinds persist
U.S. oil prices open above $50 for first time since May, but headwinds persist
https://2.bp.blogspot.com/-mSjfYjmQpzs/WYAGj1vTw_I/AAAAAAAAbas/CBQnIjbYiwQTDbNCv5dUsEcrw0VhD_jaACLcBGAs/s640/A%2Bworker%2Bchecks%2Bthe%2Bvalve%2Bof%2Ban%2Boil%2Bpipe%2Bat%2BNahr%2BBin%2BUmar%2Boil%2Bfield%252C%2Bnorth%2Bof%2BBasra%252C%2BIraq.jpg
https://2.bp.blogspot.com/-mSjfYjmQpzs/WYAGj1vTw_I/AAAAAAAAbas/CBQnIjbYiwQTDbNCv5dUsEcrw0VhD_jaACLcBGAs/s72-c/A%2Bworker%2Bchecks%2Bthe%2Bvalve%2Bof%2Ban%2Boil%2Bpipe%2Bat%2BNahr%2BBin%2BUmar%2Boil%2Bfield%252C%2Bnorth%2Bof%2BBasra%252C%2BIraq.jpg
Muslim Global
http://www.muslimglobal.com/2017/08/us-oil-prices-open-above-50-for-first.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/08/us-oil-prices-open-above-50-for-first.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