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Oil rises 2 percent on hopes of market rebalance, trade deal
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Oil dips after forecast for record U.S. shale output
Crude oil futures eased on Wednesday in light of the prospect of a continued boom in U.S. shale oil output, although with OPEC determined to restrict its own production to prevent a global surplus of unused fuel, the price held just shy of 2019 highs. Brent futures were at $66.14 a barrel, down 31 cents on the day by 1049 GMT, still within sight of Monday's high for the year of $66.83. U.S. futures were at $55.88 a barrel, down 21 cents, having touched a 2019 peak of $56.39 earlier.
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Oil falls after record U.S. shale output forecast
Oil fell on Wednesday after the U.S. government said shale output would rise to a record next month, denting a rally that sent prices to their highest this year. The U.S. Energy Information Administration said in a monthly report on Tuesday shale production alone will hit a record 8.4 million barrels per day next month, suggesting little chance of a near-term slowdown in overall U.S. crude output.
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Oil near 2019 highs amid OPEC supply cuts, but rising U.S. output weighs
U.S. West Texas Intermediate (WTI) crude oil futures were at $55.93 per barrel at 0042 GMT, down 16 cents from their last settlement, but not far off their 2019 high of $56.33 reached earlier this week. International Brent crude futures had yet to trade. Prices have been driven up by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
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Oil near 2019 highs amid OPEC cuts, U.S. sanctions
Oil prices were around 2019 highs on Wednesday, propped up by supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela. Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling.
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Oil settles 1 percent higher on hopes of market rebalance, trade deal
Crude prices rose more than 1 percent on Wednesday to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela. Market fears over trade talks between the United States and China had helped push oil prices lower in early trade, but the market reversed after signs of progress emerged on Wednesday and strengthened equity markets. U.S. President Donald Trump said negotiations with China were going well and suggested he was open to extending the deadline to complete them beyond March 1, when tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent.
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Oil dips from 2019 highs as rising U.S. supply erodes OPEC cuts
Oil prices slipped from 2019 highs on Wednesday as soaring U.S. production and expectations of an economic slowdown undermined efforts led by producer club OPEC to cut supply to tighten global markets. U.S. West Texas Intermediate (WTI) crude oil futures were at $55.84 per barrel at 0126 GMT, down 25 cents, or 0.5 percent, from their last settlement. Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
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Oil slips away from 2019 highs as surging US supply undermines OPEC cuts
Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington's sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.39 per barrel on Wednesday but had slipped back to $56.15 per barrel by 0523 GMT, which was slightly above their last settlement. Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
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Oil dips below 2019 highs as surging U.S. supply counters OPEC cuts
Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington's sanctions on Iran and Venezuela. Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling.
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Oil rises 2 percent on hopes of market rebalance, trade deal
Crude prices rose nearly 2 percent on Wednesday, with Brent hitting its highest this year, on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela. U.S. President Donald Trump said negotiations with China were going well and suggested he was open to extending the deadline to complete them beyond March 1, when tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent. 'The oil market is supported by the OPEC and non-OPEC cuts from countries that are determined to see higher prices and supply disruptions,' said Andy Lipow, president of Lipow Oil Associates in Houston.
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