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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    High oil prices supported by prospects of extension of production cut agreement

    Rocky
    Rocky
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    Posts : 267043
    Join date : 2012-12-21

    High oil prices supported by prospects of extension of production cut agreement Empty High oil prices supported by prospects of extension of production cut agreement

    Post by Rocky Thu 13 Apr 2017, 3:22 am

    High oil prices supported by prospects of extension of production cut agreement



    Date of release: 2017/4/12


    Oil prices rose on Wednesday as crude futures headed for the longest winning streak since August 2016 amid news that Saudi Arabia is seeking to rally support from OPEC and independent producers to extend production cuts beyond the first half of 2017.
    By 0656 GMT, Brent crude futures were up 20 cents, or 0.36 percent, at $ 56.43 a barrel, their highest level since early March.
    If the price increase continues on Wednesday, it will be the seventh straight day of gains, with a six-day winning streak in August 2016, although the price increase at that time was 17.5 percent, compared with a 6 percent rise in the current rise.
    WTI crude futures rose 18 cents, or 0.34 percent, to $ 53.58 a barrel, also the highest level since early March.
    Saudi Arabia, the largest member of the Organization of the Petroleum Exporting Countries (OPEC), has told other producers it wants to extend the coordinated production cut beyond the first half of this year, the Wall Street Journal reported.
    OPEC and independent producers, including Russia, have pledged to cut production by 1.8 million bpd in the first half of 2017 in a bid to control supply oversupply and price support.
    While the level of compliance of some of the participants in the agreement was incomplete, Saudi Arabia carried out significant cuts in production.

    However, there are still fears that oil markets are still overflowing.
    In the United States, both production and stocks are increasing.

    https://translate.google.com/translate?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://www.alliraqnews.com/modules/news/article.php%3Fstorytopic%3D41%26storyid%3D21752

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