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 up on expectation of Saudi production restraint, lower U.S. rig count

SHARE:

Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017.

SINGAPORE - Oil prices edged up on Monday, after a 2 percent slide on Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped.

Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen on Monday as the storm moved inland, away from most energy infrastructure on the U.S. Gulf Coast.


U.S. West Texas Intermediate (WTI) front-month crude futures were trading at $49.48 per barrel at 0436 GMT, up 19 cents, or 0.4 percent, from their last close.

Brent crude futures, the international benchmark for oil prices, were up 16 cents, or 0.3 percent, at $55.78 a barrel.


Oil tumbled by around 2 percent on Friday, with WTI dipping back below $50 per barrel, as concerns of overproduction re-surfaced.

But analysts said on Monday that a Saudi Arabian commitment to support the market by restraining output would prevent crude from falling further.

“We remain fairly confident that the Saudi’s will look to continue to support the oil market, especially until the sale of Aramco,” said Shane Channel, equity and derivatives adviser at ASR Wealth Advisers.

State-owned oil giant Saudi Aramco is planning to float around 5 percent of the firm in an initial public offering next year.

A reported cut in the number of U.S. oil rigs drilling for new production provided some price support.

The oil rig count fell by two to 748 in the week to Oct 6, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

Trading activity was low on Monday due to the Columbus Day federal holiday in the United States though markets are open.

As a sign of the more positive sentiment in the market, hedge funds and money managers raised their bullish bets on U.S. crude futures for the third week in a row, the U.S. Commodity Futures Trading Commission reported on Friday.

The speculator group raised its combined futures and options position in WTI on the NYMEX and ICE markets by 3,211 contracts to 288,766 in the week to Oct. 3, its highest since mid-August, the data showed.

COMMENTS

Name

Ads,5,Afghanistan,75,Africa,26,Americas,5,Animals,36,Argentina,1,Asia,235,Australia,11,Austria,5,Bahrain,2,Bangladesh,18,Barcelona,1,Belgium,3,Brunei,1,Business,1300,Canada,4,Catalan,80,China,118,Cuba,3,Czech Republic,3,DR Congo,1,Egypt,22,Ethiopia,1,Europe,237,Fitness,14,France,26,Germany,37,Headlines,11,Health,169,Hillary Clinton,199,Hong Kong,2,Hungary,1,Iceland,1,India,104,Indonesia,9,International,75,Iran,77,Iraq,77,Ireland,2,Islamophobia,19,Israel,10,Italy,3,Japan,36,Jordan,1,Kenya,7,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,302,Lithuania,1,Malawi,1,Malaysia,15,Malta,1,Maxico,3,Middle East,127,Muslim World,598,Myanmar,35,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,9,Niger,1,Nigeria,2,Nobel Prize,81,North Korea,53,Norway,1,Opinion,26,Pakistan,1036,Palestine,36,Philippine,16,Pics,66,Poland,3,Popular,1,Qatar,93,Rohingya,118,Russia,45,Rwanda,1,Saudi Arabia,83,Science,144,Serbia,2,Showbiz,350,Somalia,4,South Africa,1,South Korea,7,Spain,60,Sports,1311,Sudan,1,Sweden,1,Switzerland,2,Syria,112,Taiwan,2,Technology,449,Thailand,5,Today IN History,24,Top News,994,Tunisia,1,Turkey,77,U.S.,301,UAE,21,UK,51,Ukrain,2,Venezuela,4,Videos,75,Vietnam,2,World,4824,Yemen,21,Zimbabwe,2,
ltr
item
Muslim Global: Oil up on expectation of Saudi production restraint, lower U.S. rig count
Oil up on expectation of Saudi production restraint, lower U.S. rig count
Oil prices edged up on Monday, after a 2 percent slide on Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped.
https://3.bp.blogspot.com/-Fco6K0fBjFM/WdsP1QTUXyI/AAAAAAAAjkE/BlckvsX6Bc8A6sqH1xKpI7cMELvAWJI1ACLcBGAs/s640/Pump%2Bjacks%2Bpump%2Boil%2Bat%2Ban%2Boil%2Bfield%2Bon%2Bthe%2Bshores%2Bof%2Bthe%2BCaspian%2BSea%2Bin%2BBaku%252C%2BAzerbaijan%252C%2BOctober%2B5%252C%2B2017.%2BPicture%2Btaken%2BOctober%2B5%252C%2B2017..jpg
https://3.bp.blogspot.com/-Fco6K0fBjFM/WdsP1QTUXyI/AAAAAAAAjkE/BlckvsX6Bc8A6sqH1xKpI7cMELvAWJI1ACLcBGAs/s72-c/Pump%2Bjacks%2Bpump%2Boil%2Bat%2Ban%2Boil%2Bfield%2Bon%2Bthe%2Bshores%2Bof%2Bthe%2BCaspian%2BSea%2Bin%2BBaku%252C%2BAzerbaijan%252C%2BOctober%2B5%252C%2B2017.%2BPicture%2Btaken%2BOctober%2B5%252C%2B2017..jpg
Muslim Global
http://www.muslimglobal.com/2017/10/oil-up-on-expectation-of-saudi.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/10/oil-up-on-expectation-of-saudi.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