Economy

Oil rallies to fresh 3-year high

Oil rallies to fresh 3-year high

Brent crude futures, the global benchmark for oil prices, were at $77.07 per barrel down 5 cents from their last close, while U.S. West Texas Intermediate (WTI) crude futures were at $70.66 a barrel, down 4 cents from their last settlement. Foreign ministers from the UK, France and Germany will meet with their Iranian counterpart, Javad Zarif, to discuss salvaging an accord that allows Iranian oil exports, after the United States withdrew last week.

Warenemy/DreamstimeThe price of West Texas Intermediate (WTI) crude oil rose from just over $30 per barrel in February 2015 to fluctuate around $50 per barrel over the next few years. Looking at reactions in markets, crude oil prices were higher following the EIA report.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.

Also supportive to prices was data from market intelligence firm Genscape showing that inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell more than more than 400,000 barrels in the week to May 11, according to traders who saw the data. This has helped boost company's profits too - with several oil and gas producers and refiners among the biggest gainers on Wall Street over the past month.

Prices received a boost last week following President Donald Trump's announcement on May 8 that the United States would withdraw from the Iranian nuclear deal.

Gas prices continue to be on the rise
Trains, buses, rails and cruise ships are expected to net a total of 1.8 million passengers, including 35,000 Georgians. Gas prices have gone up 17 cents since last month, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio.

OPEC's success with the oil production cutting deal has been to a significant extent aided by Venezuela's catastrophically dropping production as the country grapples with foreign exchange shortage, US sanctions, and a devastating economic crisis. US crude oil has already gained 17% year to date and 48% from a year ago. According to Goldman, global oil demand growth in the first quarter of 2018 is likely to have seen the strongest yearly growth since the fourth quarter of 2010. On the supply side are expectations that as prices continue to rise so will production, including USA oil and shale production.

Essentially, there is the Oil Price Fundamental Daily Forecast - OPEC Says Global Supply Glut Virtually Eliminatedthreat of increased USA production.

Changes in oil supply and demand are expected to weigh on prices in the future.

On the other hand, USA production is growing at a pace that made traders hesitate last week after Baker Hughes reported yet another increase in drilling rigs.

- Strong domestic gasoline demand has caused reduced supply levels.


  • Robinson Cano to be suspended 80 games for PED use

    Robinson Cano to be suspended 80 games for PED use

    He has explained to us what happened, accepted the punishment and has apologized to the fans, the organization and his teammates. From 2007 through 2017, he played in at least 150 games each season and played in at least 160 games six times during that span.

    U.S. comedians mock Jerusalem embassy opening

    Reports indicate that Israeli forces used tear gas and possibly sniper fire against the demonstrators. A striking image shows just how different two scenes were on Monday in the Middle East.
    Meghna Gulzar's Raazi earns 32.94 cr at box office on opening weekend

    Meghna Gulzar's Raazi earns 32.94 cr at box office on opening weekend

    The film has been received well by the audience and is considered to be one of the best films of Alia Bhatt . Alia Bhatt and Vicky Kaushal starrer " Raazi " is raking in the top spot at the box office this weekend.
  • Fox defends axing Brooklyn Nine-Nine and reviving Last Man Standing

    Fox defends axing Brooklyn Nine-Nine and reviving Last Man Standing

    It had nothing to do with 'Roseanne " that we were interested in the show in the first place. "Oh, shit, I said 'ass'". This strategy would work best with a non-serialized show that doesn't have much of a barrier to entry for new viewers.
    We're all hoping Liverpool win the Champions League, says Brighton boss

    We're all hoping Liverpool win the Champions League, says Brighton boss

    They are used to playing in games like this. "We are lucky that we can give them one if we win". Turns out, however, that he had positive things to say to Salah.
    Avengers: Infinity War India collections prove it's a Marvel at Box Office

    Avengers: Infinity War India collections prove it's a Marvel at Box Office

    Kamala adopted the name Ms Marvel after drawing inspiration from her idol Carol Danvers, who became Captain Marvel . There is also a BTS footage of Brie Larson doing stunts in her superhero costume courtesy of Twitter user P.A.
  • PM, Putin to hold informal summit next week in Sochi

    PM, Putin to hold informal summit next week in Sochi

    The two leaders will also discuss the respective national priorities of development and bilateral issues. Prime Minister Modi's visit also comes just months after Putin won the elections.
    Ashley 'hopes very much' that Benitez stays at Newcastle

    Ashley 'hopes very much' that Benitez stays at Newcastle

    Meanwhile, Ashley says he "hopes" Benitez will remain Newcastle manager after hitting out at those who have criticised his ownership of the club.
    Zarif visits Russia, China to save nuclear deal

    Zarif visits Russia, China to save nuclear deal

    Iran wants the Europeans to give it clear-cut guarantees about fulfilling their obligations if Tehran remains in the deal. The statement warned that Iran was making preparations so that it could resume "industrial scale" uranium enrichment.
  • Taliban storms major city in western Afghanistan

    Taliban storms major city in western Afghanistan

    Reinforcements including commando units as well as the Afghan air force were battling Taliban fighters around the city, he said. The Taliban assault was the biggest by the group since the militant regime was ousted from power in 2001.
    Cumberland, WI Senior Prank Is So Clever Even Cops Are Amused

    Cumberland, WI Senior Prank Is So Clever Even Cops Are Amused

    When the Cumberland Police Department received a phone call Monday morning, it sounded like a serious situation. Not only was the prank well executed, but it spread an important message for teens and their parents.
    'Mile 22' Trailer: Mark Wahlberg Stays Calm - If Unstable

    'Mile 22' Trailer: Mark Wahlberg Stays Calm - If Unstable

    The film looks to be a real victor , and the dream team of Mark Wahlberg and Peter Berg hasn't delivered a dud movie yet. Lauren Cohan looks bad-ass in this and seems to play a key figure in Mark Wahlberg's unit.