Oil Price Inches Up On Saudi Arabia Comment To Curb Exports

Oil Price Inches Up On Saudi Arabia Comment To Curb Exports

RESISTANCE is at the previous bull market high of $67 that the oil price should experience some difficulty clearing. If you own or are planning to buy oil stocks, be very careful. These are our planned prices this year, he further adds.

There is a significant geopolitical implication for OPEC and the oil producers in the Middle East from the test loading of a VLCC at LOOP.

But there's one thing that mainstream seems to be getting wrong. Crude oil demand is highly correlated to economic growth. It will reassure those Americans that fear the U.S. is always being held to ransom by Middle East, even though the United States spends a huge amount on defending the regions' oil fields - think Desert Storm and all that. Don't be shocked if the oil market is flooded, despite the demand increasing.

The U.S. Energy Information Administration said early this month that U.S. output would exceed 11 million bpd by late 2018.

Industry data on USA inventory levels are expected from the American Petroleum Institute after the market closes. And that means even minus 70 thousand barrels of oil on the market. It's not out of the question to see a US production record for oil soon. Why? The underlying message of the United States deputy energy secretary and the test loading of the VLCC at LOOP is clear, the U.S. is looking after number one, aiming to be number one, and the Middle East oil producers can look after themselves.

Looking at the bigger picture, prices are expected to continue to be underpinned over the longer-term as long as Saudi Arabia and other major producers continue to remain committed to reducing output in order to trim the global supply glut and stabilize prices.

Analysts said oil prices.

Between 2000 and 2014, the country's oil and gas production witnessed consecutive demand.

Huawei P20 Lite Leaked, Specs Revealed
Huawei was supposed to show off the P20 family at the event as well, but the company chose to push it back to March instead. Now, a new set of renders appears to confirm the triple camera setup , although it is only present on one device.

Barclays' commodities chief, Michael Cohen, reckons there is "a significant risk of a market correction in the second half of this year as inventories begin to build again".

"A major factor putting downward pressure on US crude inventories has been the combination of fewer imports and more exports", Platts Oil Futures Editor Geoffrey Craig said in a statement.

TREND CHANNELS clearly illustrate that the oil price rally got a little carried away in January, hence the correction.

Eventually, when reality kicks in, we could be seeing investors rushing to sell.

ELLIOT WAVE - Suggests that the oil price is now in a corrective B wave rally and thus likely to result in a C wave decline back towards the $58 low and perhaps a little lower.

With all this in mind, it may not be a bad idea to rethink oil stocks and related investments.

In its supporting budget plan documents, the federal government predicted a drop in oil prices.

Related News:

  • Anthony Davis: The most insane stats from his stellar play in February

    Anthony Davis: The most insane stats from his stellar play in February

    LaMarcus Aldridge scored 27 points, Danny Green scored 22 and Dejounte Murray added 13 points in their latest road victory. Against the spread, their record is 3-1, with an average pre-game line of -2.8 and an average 5.8 against the spread.
    Anti-Semitic Acts Surged in New York Last Year

    Anti-Semitic Acts Surged in New York Last Year

    The center cautioned that black nationalist groups should not be confused with black activist groups such as Black Lives Matter. In another incident, a student was reportedly harassed by classmates with jokes about the Holocaust.
    Gorsuch deciding vote in key labor union funding case with IL  roots

    Gorsuch deciding vote in key labor union funding case with IL roots

    Democrats and others on the left typically believe that unions are critical to protecting workers and upholding their rights. They are particularly afraid of what happened in Wisconsin, which scrapped public employee collective bargaining in 2011.
  • Domino's Pizza, Ford Testing Autonomous Delivery Vehicles In Miami

    Domino's Pizza, Ford Testing Autonomous Delivery Vehicles In Miami

    That's right, Miami residents: In the near future, your Domino's pizza could be delivered in a self-driving test auto . He also told reporters that by 2021, Ford will be adding thousands of vehicles per year to its self-driving fleet.
    Panthers release veteran DE Charles Johnson

    Panthers release veteran DE Charles Johnson

    The Carolina Panthers are parting ways with two of the team's defensive veterans, the organization announced Monday. Meanwhile, Coleman signed a three-year extension worth $17 million with $7 million guaranteed back in 2016.
    Bridgewater Will Become a Free Agent

    Bridgewater Will Become a Free Agent

    Minnesota hired Philadelphia Eagles quarterbacks coach John DeFilippo this offseason to be their new offensive coordinator. The Minnesota Vikings quarterback situation is wild at this point because now Teddy Bridgewater is expected to also leave.
  • Militant killed in encounter

    Militant killed in encounter

    His neutralisation comes two days after another Pakistani militant was killed by the forces in Hajin on Tuesday. On the basis of the arms recovered, prima facie it looks the dead militant belonged to Lashkar-e-Taiba (LeT).
    Depression is an increasing threat to United States  children and teens

    Depression is an increasing threat to United States children and teens

    As many as 1 in 5 teenagers suffers from depression but only about half of them are diagnosed before adulthood. The AAP said Florida has a severe shortage of child and adolescent psychiatrists with 374 statewide.
    Cellebrite claims it can unlock any iPhone

    Cellebrite claims it can unlock any iPhone

    Law enforcement agencies often turn to experts to unlock smartphones of suspected criminals before forensic examination. As always, best practice is to update to the latest version of iOS to ensure the latest security fixes are in place.
  • What does Sam Darnold not throwing at National Football League  combine mean?

    What does Sam Darnold not throwing at National Football League combine mean?

    NFL .com reporter Mike Silver quoted Rosen as saying, "I've never said anything about not wanting to play in Cleveland. Mayock is pretty high on Chubb after watching his tape. "The definition of unique, there is only one of them", he said.

    Check Out The Nokia 7 Plus Hands-On Photos & First Camera Samples

    The phone offers nearly all types of connectivity options such as 4G VoLTE, Wi-Fi 802.11ac, Bluetooth v5.0, GPS/ A-GPS, and NFC. However, the Nokia 8110 is not just a feature phone but what HMD Global likes to call a "smart feature phone".
    Norway's Underground Doomsday Seed Vault Is Under Threat From Climate Change

    Norway's Underground Doomsday Seed Vault Is Under Threat From Climate Change

    So on this, the tenth anniversary of the world's botany backup facility Norway is putting €10 million into upgrading the facility. The vault itself is buried in a mountain surrounded by permafrost which is meant to protect the seeds from the elements.

Most liked

Patriots' Gronkowski considered retirement last summer
Gronkowski is coming off a First Team All-Pro season, finishing with 69 receptions for 1,084 yards and eight touchdowns. Rapoport added, "I have not talked to one person who believes Rob Gronkowski will retire.

Dissenting Justice In Redistricting Case: Pa Supreme Court Majority In 'Good Faith'
On Feb. 5, the federal Supreme Court denied state lawmakers' request to block the lower court's decision, per The Hill. Ryan Costello: A Chester County Republican, Costello's district changes substantially under the new congressional map.

Canadian Cocaine Smugglers Plead Guilty To Roles In Failed Cruise Ship Import
The two women boarded the ship in Southampton, England and regularly posted social media photos documenting their trip. Two Canadian drug runners have pleaded guilty to smuggling $21 million worth of cocaine on a cruise ship into Sydney .

Oakland mayor warns undocumented residents of possible ICE raids
ICE agents arrested 212 people in the Los Angeles area during a five-day operation in mid-February, according to the agency . Last summer, Oakland city council voted to end an agreement the city had with ICE that allowed police to work with ICE.

Fernando Alonso: McLaren driver spins off in Formula 1 testing in Barcelona
Asked what had gone through his mind when the vehicle crashed, he grinned, saying: "That it was a good day for you guys". Sky F1's Rachel Brookes rounds up all of the 2018 cars as we get to see them on track for the first time.

S. Korean president pledges support for Beijing Winter Olympics
They did not appear to interact when Jae-in shook hands with dignitaries at the beginning of Sunday's closing ceremony. White House press secretary Sarah Huckabee Sanders says "we will see".

Andhra Pradesh to develop as automobile hub - CM Mr Naidu
The chief minister showcased the new capital city Amaravati as a potential hub of new investments. He said: "You have reposed faith in us and we will not let you down".

Updating our "right to be forgotten" Transparency Report - The Keyword
Apparently, " professional information " is right at the top of these reasons with "Self-authored" following close behind. The next most popular set of types of sites for which RTBF URLs were requested were news outlets and government websites.

Prezzo facing "up to 100 site closures" under proposed CVA
While an exact figure over how many jobs lost is yet to be announced, it is thought the move will affect hundreds of workers. The Comet has contacted Prezzo to ask whether any of these locations will be affected, but has yet to receive a response.

Klopp couldn't explain why he left Liverpool trio out
If we had got anything at Liverpool , a lot of people would have thought of it as a bonus. "Keep this going without getting soft". Liverpool will welcome the Magpies to Anfield on Saturday.

Butler-less Wolves defeat the Bulls
He does so much stuff off the court to make sure we're moving in the right direction as a leader, as a player as a person. The team stopped short of calling the injury a tear, and coach Tom Thibodeau said he didn't want to speculate on timing.

In pics: Bijepur BJD in celebration mood
Odisha Chief Minister Naveen Patnaik said the outcome of the polls would have an impact on the 2019 Assembly elections. Sahu's wife Rita Sahu is contesting her husband's seat on BJD ticket, whereas, the BJP has fielded Ashok Panigrahi.

Realty Income Corporation (O), Coeur Mining, Inc. (CDE)
Duke Realty Corporation (NYSE:DRE) closed up +0.57 points or 2.29% at $25.47 with 2.95 mln shares exchanging hands. Apg Asset Management Us Inc sold 148,500 shares as the company's stock declined 5.77% while stock markets rallied.

Wednesday forecast: Patchy drizzle with a wide range in temperatures
FRIDAY & SATURDAY: Once the front moves through, sunshine will return to the region and highs remain in the low and mid 60s. We will need to monitor Wednesday night into Thursday morning closely for the possibility of a few strong thunderstorms.

Comcast challenges Murdoch with $31 billion offer for Sky
It recommended blocking the deal, a sale of Sky's news channel or ensuring the editorial independence of its reporters. Comcast's bid is £12.50, or about $17.46, per share, which it says implied an equity value of $31billion for Sky .