The oil research firm noted that the considerable drop in Brent futures prices, soon after the OPEC's meeting in May 25, this year, was mainly caused by an extension of the production cuts, and high level of speculation in the market. Worldwide benchmark Brent crude closed at $48.15 a barrel on Friday. Followed a day later by weekly USA data, if both show noted declines "we think the market could begin to move higher sooner rather than later, with money managers looking to rebuild long positions", said Tim Evans at Citi Futures.
Russian Federation and Saudi Arabia, the biggest participants in the global oil production cut deal, seem to be still confident that it will achieve the results everyone in OPEC and its partners is hoping for and bring the market back to balance by the end of the first quarter of 2018.
Oil prices settled higher Monday on signs of USA stockpile declines.
Saudi officials now say they are making real cuts, including 300,000 bpd to Asia for July, although several Asian refiners said they were still receiving their full allocations."Crude oil prices rose on the back of further supportive talk from Saudi Arabia".
Oil prices made net gains during the U.S. session on Friday, although choppy trading was the main feature.
With the global supply glut weighing on oil prices, Qatar's energy minister said Sunday the country remains committed to limiting its oil output through March 2018 despite its breakdown in relations with OPEC brothers Saudi Arabia and Egypt.
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Also, why did Comey feel he couldn't trust Sessions? Did you ever raise the possibility of resigning to the president? Bharara said on Sunday that Trump called him twice after the November election "ostensibly just to shoot the breeze".
U.S. oil production continues to expand, production from non-OPEC sources is rising and even though global demand is picking up with economic growth better prospects for more to come, there's no sign of that mopping up the overhang any time soon.
West Texas Intermediate (WTI) for July delivery rose as much as 32 cents to $46.15 a barrel on the New York Mercantile Exchange and traded at $46.08 at 1:19 p.m.in Hong Kong.
Members of the Organization of Petroleum Exporting Countries in January began implementing a deal to sideline the equivalent of about 2 percent of the global demand for oil in an effort to balance a market characterized by abundant supplies.
Earlier, the US Energy Information Administration (EIA) reported an increase in commercial oil inventory to 513.2 million barrels this week.
The post 'Oil price'll hit $51 per barrel' appeared first on The Nation Nigeria. He said "Weekly data goes up and down".
When Opec announced the curbs past year, Saudi Arabia told its customers in Europe and the United States that they would receive lower volumes but shielded most of Asia from the cuts.
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