{"id":63655,"date":"2018-04-20T10:56:16","date_gmt":"2018-04-20T10:56:16","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=63655"},"modified":"2018-04-20T10:56:16","modified_gmt":"2018-04-20T10:56:16","slug":"oil-set-for-weekly-gain-on-supply-cuts-strong-demand","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/oil-set-for-weekly-gain-on-supply-cuts-strong-demand.html","title":{"rendered":"Oil set for weekly gain on supply cuts, strong demand"},"content":{"rendered":"<h2 style=\"text-align: justify\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 18pt;color: #000000\">Oil set for weekly gain on supply cuts, strong demand<\/span><\/strong><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Oil prices were set for a second consecutive week of gains on Friday, buoyed by tightening supplies and continued support from OPEC and its allies on supply cuts.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Brent crude oil futures LCOc1 were at $74 per barrel at 0958 GMT, up 22 cents from their last close.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 21 cents at $68.50 a barrel.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Both Brent and WTI hit their highest levels since November 2014 on Thursday, at $74.75 and $69.56 per barrel respectively.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Saudi oil minister Khalid al Falih said OPEC and its allies were still far away from reaching their target and that a drawdown in oil inventories needed to continue.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Russian Energy Minister Alexander Novak told his OPEC and non-OPEC counterparts in a closed-door meeting in the Saudi city of Jeddah on Friday that Moscow was committed to a deal on cutting oil supplies until the end of 2018, sources told Reuters.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The sources spoke after Russia\u2019s TASS news agency cited Novak as saying that OPEC and non-OPEC countries might ease oil production cuts as early as this year.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">OPEC and its allies have been curbing production since 2017, helping push up prices. The deal to cut is currently scheduled to expire at the end of 2018.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">A technical OPEC and non-OPEC committee meeting in Jeddah on Thursday, ahead of Friday\u2019s ministerial meeting, found that a global overhang in oil inventories, which the deal has targeted for eliminating, has virtually disappeared.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cEven if OPEC were to reach its target of reducing oil inventories to their recent five-year average by the next official June meeting, Saudi Arabia is driving a strong agenda to maintain cuts for the balance of 2018,\u201d BNP Paribas global head of commodity market strategy Harry Tchilinguirian told the Reuters Global Oil Forum.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Firm demand was also giving prices a floor.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cGlobal oil demand data so far in 2018 has come in line with our optimistic expectations, with Q1 2018 likely to post the strongest year-on-year growth since Q4 2010 at 2.55 million barrels per day,\u201d U.S. bank Goldman Sachs said in a note published late on Thursday.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Beyond OPEC\u2019s supply management, crude prices have also been supported by an expectation that the United States will re-introduce sanctions on OPEC-member Iran.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cThe first key geopolitical issue is the expiration of the current U.S. waiver of key sanctions against Iran,\u201d said Standard Chartered Bank in a note this week.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt;color: #000000\">Source:-https:\/\/www.reuters.com\/article\/us-global-oil\/oil-set-for-weekly-gain-on-supply-cuts-strong-demand-idUSKBN1HR055<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/oil-set-for-weekly-gain-on-supply-cuts-strong-demand.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Oil set for weekly gain on supply cuts, strong demand Oil prices were set for a second consecutive week of gains on Friday, buoyed by tightening supplies and continued support from OPEC and its allies on supply cuts. Brent crude oil futures LCOc1 were at $74 per barrel at 0958 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":63656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[146,117626,128711,30775,128710,132766],"class_list":["post-63655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-news","tag-business-news-today","tag-latest-and-daily-business-news","tag-latest-business-news-usa","tag-live-updates-news","tag-oil-set-for-weekly-gain-on-supply-cuts-strong-demand"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/63655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=63655"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/63655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/63656"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=63655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=63655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=63655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}