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 stable as OPEC says market is rebalancing

SHARE:

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017.

SINGAPORE - Oil prices were stable on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $49.66 per barrel at 0054 GMT, up 8 cents, or 0.16 percent, from their last close.


Brent crude futures LCOc1, the international benchmark for oil prices, were up 5 cents, or 0.1 percent, at $55.84 a barrel.

Traders said that oil prices received support from a statement by the Organization of the Petroleum Exporting Countries (OPEC) saying that oil markets had re-balanced following years of oversupply.


“There is clear evidence that the market is rebalancing,” OPEC’s secretary general Mohammad Barkindo told Reuters on Monday.

“The process of global destocking continues, both onshore and offshore, with positive developments in recent months showing not only a quickening of the process but a massive drainage of oil tanks across all regions,” he added.

OPEC has led an effort to cut output this year in order to end years of overproduction that created a huge supply overhang.

The reductions were implemented in January and are set to expire at the end of March 2018. Talks are underway to extend the supply restraint to cover all of next year.

Analysts said the supply cuts, as well as strong demand, would likely provide price support heading towards the end of the year.

U.S. bank JP Morgan said in a note to clients that previous “concerns that OPEC compliance would fade into the fourth quarter now appear unfounded” and that “stronger than assumed economic growth offers the potential for tight market conditions to continue if OPEC extends the current deal for another nine months.”

The bank also said political disputes between the United States and Iran could drive oil prices higher.

Short-term price support was also coming from the United States, where some 85 percent of U.S. Gulf of Mexico oil production, or 1.49 million barrels a day, is offline in the aftermath of Hurricane Nate, the U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement (BSEE) said late on Monday.






Oil companies evacuated staff from Gulf platforms and curtailed output ahead of the storm, which hit the region last weekend.

COMMENTS

Name

Ads,5,Afghanistan,69,Africa,17,Americas,4,Animals,36,Asia,186,Australia,9,Austria,3,Bahrain,2,Bangladesh,16,Barcelona,1,Belgium,3,Brunei,1,Business,1240,Canada,2,Catalan,80,China,112,Cuba,3,Egypt,21,Europe,207,Fitness,14,France,22,Germany,33,Headlines,11,Health,168,Hillary Clinton,199,Hong Kong,1,Hungary,1,Iceland,1,India,100,Indonesia,8,International,75,Iran,75,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,302,Lithuania,1,Malaysia,12,Malta,1,Maxico,3,Middle East,111,Muslim World,572,Myanmar,32,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,9,Niger,1,Nigeria,1,Nobel Prize,81,North Korea,49,Norway,1,Opinion,26,Pakistan,1021,Palestine,35,Philippine,11,Pics,66,Poland,2,Popular,1,Qatar,93,Rohingya,118,Russia,37,Rwanda,1,Saudi Arabia,80,Science,144,Serbia,2,Showbiz,347,Somalia,4,South Africa,1,South Korea,5,Spain,49,Sports,1289,Sudan,1,Sweden,1,Switzerland,2,Syria,104,Taiwan,2,Technology,437,Thailand,4,Today IN History,21,Top News,983,Tunisia,1,Turkey,73,U.S.,270,UAE,21,UK,46,Ukrain,2,Venezuela,4,Videos,75,Vietnam,2,World,4682,Yemen,21,
ltr
item
Muslim Global: Oil prices stable as OPEC says market is rebalancing
Oil prices stable as OPEC says market is rebalancing
Oil prices were stable on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate.
https://3.bp.blogspot.com/-36mJncDO0sE/Wdw4mTQNGnI/AAAAAAAAjrI/0l1eZ8V6_8wKLQYEH3P9QtkGwB6bjTw5gCLcBGAs/s640/A%2Boil%2Bpump%2Bis%2Bseen%2Bat%2Bsunset%2Boutside%2BScheibenhard%252C%2Bnear%2BStrasbourg%252C%2BFrance%252C%2BOctober%2B6%252C%2B2017.jpg
https://3.bp.blogspot.com/-36mJncDO0sE/Wdw4mTQNGnI/AAAAAAAAjrI/0l1eZ8V6_8wKLQYEH3P9QtkGwB6bjTw5gCLcBGAs/s72-c/A%2Boil%2Bpump%2Bis%2Bseen%2Bat%2Bsunset%2Boutside%2BScheibenhard%252C%2Bnear%2BStrasbourg%252C%2BFrance%252C%2BOctober%2B6%252C%2B2017.jpg
Muslim Global
http://www.muslimglobal.com/2017/10/oil-prices-stable-as-opec-says-market.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/10/oil-prices-stable-as-opec-says-market.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