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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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Cautious trading in oil markets due to Middle East tensions

rocky
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Cautious trading in oil markets due to Middle East tensions Empty Cautious trading in oil markets due to Middle East tensions

Post by rocky Mon 13 Nov 2017, 2:34 am

Cautious trading in oil markets due to Middle East tensions

Cautious trading in oil markets due to Middle East tensions 3614
Economynews - Baghdad
Oil markets were cautious on Monday as tensions in the Middle East continued and an increase in the number of drilling platforms in the United States indicated that oil producers were preparing to increase production. Brent crude futures were at $ 63.58 a barrel at 0213 GMT Six cents from the previous closure.
WTI crude was up $ 56.81 a barrel, up seven cents from the previous close.
Traders said crude prices were generally well supported because OPEC-Russia's continued production cuts have contributed to a significant reduction in the excess supply that the markets have suffered since 2014.
Traders said tensions in the Middle East had increased the likelihood of supply disruption.
Bahrain said at the weekend that the blast, which caused a fire in its main pipeline on Friday, was a sabotage act. The attack was linked to Iran, which denied any role in the incident.
Despite tensions in the Middle East and OPEC-led production cuts, traders have been wary of betting on a higher oil price, especially because of an increase in the number of rigs in the United States.
Baker Hughes Energy Services said on Friday that companies increased the number of oil drilling platforms in the week ending Nov. 10 by nine, bringing the total to 738.
The number of rigs is an early indicator of future production, still much higher than a year ago when only 452 excavators worked after energy companies boosted their spending plans for 2017 in the second half of last year as crude began recovering from a two-year decline in prices.
US oil producers have increased production by more than 14 percent since mid-2016 to a record 9.62 million bpd.



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