Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil gains on supply cuts, but rising U.S. output caps gains
Published in Alriyadh on 27 - 02 - 2017

Oil prices rose on Monday, with the market set to rise for five of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains.
Brent crude oil LCOc1 climbed 0.8 percent to $56.44 per barrel by 0740 GMT, while U.S. West Texas Intermediate CLc1 added 0.7 percent to $54.35 a barrel.
Oil prices tumbled on Friday after data from U.S. Energy Information Administration showed U.S. crude inventories rose for a seventh straight week.
Oil prices rose on Monday, with the market set to rise for five of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains.
Brent crude oil LCOc1 climbed 0.8 percent to $56.44 per barrel by 0740 GMT, while U.S. West Texas Intermediate CLc1 added 0.7 percent to $54.35 a barrel.
Oil prices tumbled on Friday after data from U.S. Energy Information Administration showed U.S. crude inventories rose for a seventh straight week.
But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries and other producers agreed to cut production.
EIA data showed stocks rose 564,000 barrels to 518.7 million last week.
"However, it was the lowest increase over the past couple of months. If this trend of lower imports and smaller gains in inventories persists over the coming weeks, it would suggest that the OPEC led production cuts are starting to have an impact," ANZ said in a note.
OPEC's record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets.
The International Energy Agency put OPEC's average compliance at a record 90 percent in January, and based on a Reuters average of production surveys, it stands at 88 percent.
Money managers raised their net long U.S. crude futures and options positions in the week to Feb. 21, to the highest on record, based on data going back to at least 2009, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
"The market is trading in a range. OPEC supply cuts are putting a base under the market at this stage," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
On the technical front, Brent oil may break support at $55.93 per barrel and fall more towards the next support at $54.81, as its consolidation within a wedge has not completed, according to Reuters analyst Wang Tao.
U.S. oil may slide further to support at $53.37 per barrel, as suggested by a Fibonacci projection analysis and a rising channel.


Clic here to read the story from its source.