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.

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.

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.


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