Oil market confused by mixed signals

Oil market confused by mixed signals

Oil prices rallied more than 1 percent on Friday, with sentiment supported by OPEC-led supply cuts, escalating fighting in Libya and USA sanctions on petroleum exporters Iran and Venezuela.

The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019. Additionally, U.S. crude output remained at a record 12.2 million barrels per day.

"While no industry lasts forever, the age of oil is far from over", Bernstein said.

New York-traded crude was up 62 cents, or 1%, at $64.20 per barrel by 11:00 AM ET (15:00 GMT).

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday, helped by better-than-expected trade balance data from China, which dampened concerns over a global economic slowdown.

In fact, the sources had also revealed that the OPEC might even raise output from the beginning of third quarter of 2019, if Venezuelan and Iranian crude supply fall further and the crude oil prices keep surging.

More news: Samsung introduces the Galaxy A70 with triple-cameras
More news: BTS kicks off new era with EP, song with Halsey
More news: BTS Performs 'Boy with Luv' & 'Mic Drop' on SNL

The Canadian Central Bank said that the rising prices are fed by geopolitical factors and could bring prices to $80 per barrel or more.

Looking for a technical perspective on Crude Oil?

Bombing by a warplane occurred on Friday near the Mellitah oil and gas plant, jointly operated by Italy's ENI and Libyan state oil firm NOC, a Libyan National Army (LNA) military source and residents said.

OPEC and its allies meet in June to decide whether to continue withholding supply.

A fourth OPEC source said there were talks about ideas such as whether OPEC should continue with the cuts alone, a deal extension of only three months to keep Russian Federation on board or pumping more if prices rise further.

The rig count fell for the past four months as independent exploration and production companies cut spending on new drilling to focus on earnings growth instead of increased output. However, U.S. gasoline stocks fell by a whopping 7.7 million barrels last week. The International Energy Agency (IEA) also warns in its monthly report of a possible shrinking demand due to current economic conditions and all in all speak of mixed signals.

Related Articles

  • How to watch Game of Thrones season 8 on Netflix

    Despite changes that have been happen to Netflix and other streaming platforms, the Netflix DVD platform won't change. Also, it will be wonderful to see how Jon Snow will fight the recently acquired dragon by the White Walkers.
    Brexit WARNING: May could delay Brexit until 2020 - 'Cap in hand!'

    Brexit WARNING: May could delay Brexit until 2020 - 'Cap in hand!'

    Labour favors a Brexit that is milder compared to the government has suggested, and wants to keep a relationship with the bloc. European Council President Donald Tusk affirmed in a tweet an extension was agreed to, however he did not disclose the date.
    Horizon Zero Dawn Sequel Already in Development

    Horizon Zero Dawn Sequel Already in Development

    Horizon Zero Dawn 2 has been teased by Janina Gavankar , the actress who voiced Tatai in the Zero Dawn Frozen Wilds expansion. For the moment, however, no announcements had arrived yet except for a few rumors about Horizon Zero Dawn 2 on PS5.
  • Storms possible tonight through Saturday || Sponsored by Quality Roofing

    Storms possible tonight through Saturday || Sponsored by Quality Roofing

    Staarmann said the bulk of the rain is likely to fall Sunday evening and Sunday night , and it could last through Monday morning. Have a NOAA Weather Radio in your home or business, and activate the free WBRZ WX App. on your Apple or Android device.
    Cesar Azpilicueta sends warning to Liverpool FC about Chelsea FC repeat

    Cesar Azpilicueta sends warning to Liverpool FC about Chelsea FC repeat

    Spurs are dreaming of a place in the Champions League semi-finals after defeating Manchester City 1-0 in the first leg.
    SpaceX Wins Contract to Help NASA Deflect an Asteroid

    SpaceX Wins Contract to Help NASA Deflect an Asteroid

    To achieve this, a test run must first be commenced, hence DART. The cost includes start-up and all related services. The mission will launch in April 2021.
  • Democrats give Trump 10 days to hand over tax returns

    Democrats give Trump 10 days to hand over tax returns

    But he also acknowledged his "statutory responsibilities" and that he respects congressional oversight. Neal said Saturday that the administration has no right "to question or second guess" his motivations.
    Dutch fertility doctor 'fathered 49 children' with his own sperm

    Dutch fertility doctor 'fathered 49 children' with his own sperm

    In February this year, Rotterdam District Court ruled that the results of the tests could be finally be revealed. Karbaat's home was raided following his death in April 2017, aged 89, resulting in several items being seized.
    Brad & Angelina Are Officially 'Single'

    Brad & Angelina Are Officially 'Single'

    Angelina has made it clear to Brad that she wants to be back in a relationship with him. Brad Pitt and Angelina Jolie filed for divorce nearly two and a half years ago.
  • Uber Plans to Go an IPO

    Uber Plans to Go an IPO

    Uber may also want to distance itself from Lyft , which priced its shares at $72 each in its $2.34 billion IPO in March. Uber's filing follows the debut last month of its competitor Lyft on the Nasdaq Global Select Market.
    Power Outages, Road Closures As New ''Bomb Cyclone'' Blizzard Hits US

    Power Outages, Road Closures As New ''Bomb Cyclone'' Blizzard Hits US

    Forecasters in New Mexico said the winds also would make travel hard on north-south oriented roads such as Interstate 25. The National Weather Service reported that daily snowfall records had already fallen in La Crosse, Wausau and Green Bay.
    LEGO TANTIV IV Soars Into Stores This May

    LEGO TANTIV IV Soars Into Stores This May

    When the mission is over, this wonderful kids' buildable toy also makes a great centerpiece for any LEGO Star Wars collection. The radar dish, for example, also functions as a handle to make the ship a little easier to transport.