Oil prices pressured by rising US crude stocks, but expected OPEC supply cut supports
By Henning Gloystein SINGAPORE (Reuters) - Oil markets started Thursday timidly, with rising U.S. crude inventories pressuring prices but an expected supply cut by producer cartel OPEC offering some support
By Henning Gloystein
SINGAPORE (Reuters) - Oil markets started Thursday timidly, with rising U.S. crude inventories pressuring prices but an expected supply cut by producer cartel OPEC offering some support.
U.S. West Texas Intermediate (WTI) crude futures
Front-month Brent crude oil futures
U.S. commercial crude oil inventories
U.S. crude oil production
"U.S. inventory data ... continued to show significant supply builds, which comes on the back of sustained record U.S. crude oil production," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions.
However, Innes said that once U.S. pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well".
Fearing a glut, the Middle East dominated producer cartel of the Organisation of the Petroleum Exporting Countries (OPEC) is considering supply cuts when it next meets on Dec. 6, although some members like Iran are expected to resist any voluntary reductions.
"While there is talk that OPEC+ Russia may again agree to a production cut, the concern is that not all relevant parties will be able to come to an agreement," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
"Saudi Arabia has hinted at a unilateral cut, but it will want to be careful about annoying the U.S. given that president Trump has been vocal about his desire for lower oil prices," he added.
U.S. President Donald Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower.
"Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!... Thank you to Saudi Arabia, but let's go lower!" he tweeted.
(Reporting by Henning Gloystein; Editing by Joseph Radford)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Katanga Johnson WASHINGTON (Reuters) - Global equities set both an intraday high and record close on Tuesday as markets as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation while Wall Street's main indexes wavered before ending little changed. Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn Energy shares were among the best performing during the session as the OPEC+ alliance agreed to hike output in July and gave a bullish forecast.
(Reuters) - Zoom Video Communications Inc reported better-than-expected quarterly revenue on Tuesday, benefiting from steady demand for its video-conferencing platform as people wary of the pandemic continued school and work from home. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups.
By Michele Kambas NICOSIA (Reuters) -Cyprus's ruling conservatives emerged as winners but failed to get an absolute majority in a parliamentary election on Sunday, with voters turning to smaller parties, including a right-wing party with links to Greece's now outlawed Golden Dawn.