Oil edges up after producer meeting, but high U.S. output weighs

Live Quote: On

RSS

My Page | Contact Us

RSS

RSS

Company A-Z | Stock Screener | My Portfolios | Streaming Quotes | Technical Analysis

Investing Tools

Useful Links

Tuesday, July 9, 2024 7:05:13 AM - Markets open

VN-INDEX

1,283.56

+0.52/+0.04%

HNX-INDEX

243.15

+0.85/+0.35%

UPCOM-INDEX

98.58

+0.31/+0.32%

Oil edges up after producer meeting, but high U.S. output weighs

Reuters - 1/23/2017 8:21:14 AM

(0 ratings. You must sign in to rate.)

Print |

Add To Favorites |

Email |

RSS

Oil prices edged up on Monday, supported by statements from oil producers over the weekend that an output cut was being successfully implemented, but markets were held back by a surge in drilling that suggested U.S. production would rise further.

Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.57 per barrel at 0016 GMT, up 8 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $53.30 a barrel.

"Oil rallied strongly as oil producers met to discuss the adherence to the production cut agreement. Saudi Arabian Energy Minister Khalid al-Falih said that producers have cut 1.5 million barrel per day so far in 2017," ANZ bank said on Monday.

"Prices reversed these gains after data showed another pickup in drilling activity," it added.

U.S. energy companies last week added the most rigs drilling for new production in almost four years. Drillers added 29 rigs in the week to Jan. 20, bringing the total count up to 551, the most since November 2015, energy services firm Baker Hughes (BHI.N) said on Friday.

U.S. oil production has risen over 6 percent since mid-2017, and although they remain 7 percent below their historic 2015 peak, they are back to levels of late 2014, when high U.S. crude output contributed to a crash in oil prices.

Newer News
26/06	NA ratifies the UK’s CPTPP accession protocol
26/06	Australia showcases technology capabilities at HCM City event
25/05	Gov't defines electronic money, Bitcoin not included
09/12	Measures needed to help SMEs tap ASEAN market: seminar
24/08	Upstream oil businesses profit from higher rents and limited supplies
06/03	Taxing second homes must be studied carefully: experts
21/09	Central banks set to hit peak rates at faster pace
23/03	Policymakers fear high inflation and unemployment
17/03	Current global inflation a worrisome situation
26/01	ASEAN+3 economic prospects positive in 2022

Older News
23/01	Dollar slips, stocks on defensive after Trump's protectionist address
21/01	Wall Street ends higher as Trump becomes president
20/01	European shares pull back before Trump inauguration
20/01	Fed's Yellen says unwise to allow U.S. economy to run 'hot'
20/01	Oil rises for second day as supply tightens, but U.S. stocks weigh
20/01	Asian stocks slip, dollar flat as caution reigns before Trump inauguration
20/01	Wall Street falls as investors ready for Trump's inauguration
19/01	European stocks mostly higher ahead of ECB decision; DAX up 0.13%
19/01	Risk-On Stance Greets Asia After Yellen Remarks: Markets Wrap
19/01	U.S. oil rises from one-week low, U.S. inventory data in focus

Newsletter Signup

Top Stories

	VCCI recommends mineral mining rights be granted through auction and bidding
	Central bank works to raise interbank rates and ease forex market
	Inflation a concern following salary increases
	National Council for Sustainable Development established
	Việt Nam, Cambodia look forward to $20 billion trade