|Day's Range||99.08 - 100.82|
Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday. The pact, aimed at propping oil prices, began in January 2017 and will run until the end of 2018. Saudi Arabian oil minister Khalid al-Falih said OPEC and its allies were committed to bringing balance and stability to the market and that he hoped it would be possible to ease output curbs next year.
The EUR/USD continue to trade on the defensive as softer inflation was confirmed in the Eurozone. German Q4 GDP was confirmed as expected and the Fed’s Monetary Policy report did not offer anything new. EUR/USD traded on either side of 1.2300 through the session, though has printed its fifth consecutive lower daily high, and has remained under its 20-day moving average since Tuesday.
Unlike Gold, the Silver still has some room before it can test the short-term ascending trend-line, at $16.40 now, which if conquered could trigger the metal’s fresh south-run to $16.25 and then to the $16.18 ahead of fetching it to the 61.8% FE level of $16.00.
Oil prices rose on Friday to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working. Production in OPEC member Libya has been running at about 1 million bpd, although it remains volatile due to unrest. "Libya is another outage," said John Kilduff, partner at investment manager Again Capital in New York.
Investing.com – Crude oil prices settled higher as a drop in Libyan production and upbeat comments from Saudi's oil chief offset data showing the number of US oil rigs increased for the fifth-straight week.
Oil futures ended higher Friday, maintaining gains after data showed the number of U.S. rigs rose by 1 this week. West Texas Intermediate crude for April delivery rose 78 cents, or 1.2%, to end at $63.55 ...
Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Whiting Petroleum Corporation (NYSE:WLL), with a market cap of US$2.05B, are often out of theRead More...
The strategy of Mexico's energy industry will likely be overhauled if the frontrunner for the next presidential term, Andres Manuel Lopez Obrador, wins the July election
India is seeking a reasonable price for crude oil from Saudi Arabia, Oil Minister Dharmendra Pradhan said on Friday, in a move that could help Riyadh regain top spot in supplying the world's third largest oil consumer. "Some instrument can be developed so that the pricing is suitable for both of us," Pradhan said after a meeting with Saudi Arabian counterpart Khalid al-Falih. "We must get a reasonable price for crude oil and LPG (liquefied petroleum gas)," he said.
NEW DELHI (Reuters) - Saudi Arabia's Oil Minister Khalid al-Falih said on Friday oil markets are rebalancing and he expected inventories to continue declining this year. "The oil markets, it's clear, ...
Feb 23 (Reuters) - Agritrade Resources Ltd: * UNIT ENTERED COAL SUPPLY CONTRACT TO SELL INDONESIAN STEAM COAL TO JAPANESE BUYER; CONTRACT VALUED AT US$80 MILLION Source text for Eikon: Further company ...
BHP Billiton Ltd and ExxonMobil Corp's Esso Australia said on Friday they have dropped a sale process started 20 months ago for some of Australia's oldest and largest oilfields. "BHP and Esso have reached a decision to not progress with the sale of some offshore assets owned by the Gippsland Basin Joint Venture," a BHP spokeswoman said in an email. The venture in Australia's Victoria state began operations in 1969, according to BHP's website.
Investing.com - Oil prices were up Friday morning in Asia, boosted by an unexpected decline in U.S. crude inventories.