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


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Black gold prices are rising higher

    Rocky
    Rocky
    Admin Assist
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    Posts : 268592
    Join date : 2012-12-21

     Black gold prices are rising higher Empty Black gold prices are rising higher

    Post by Rocky Sat 13 Jan 2018, 2:42 am

    [size=30]Black gold prices are rising higher[/size]
    13/01/2018 10:04 | Number of readings: 79
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    [rtl]Trend Press / Agencies[/rtl]

    [rtl]Oil prices rose above $ 70 a barrel for the first time since 2014 as investors bet that OPEC-led production cuts will dominate the market this year .[/rtl]
     
    [rtl]But some dealers warn that Asia, the world's largest consumer of crude oil, is showing signs of a near-term correction. Global Brent crude futures have risen more than 50 percent since mid-2017 and hit $ 70 a barrel this week for the first time since December 2014 .[/rtl]
     
    [rtl]Oil prices fell yesterday from their highest level since December 2014. Although analysts and traders warn of the risk of a downward correction to the price of crude since the beginning of the year, they point out that overall market conditions are still strong, mainly due to continued production cuts led by the Organization of Exporting Countries OPEC and Russia .[/rtl]
     
    [rtl]US WTI crude futures were $ 63.34 a barrel, down 46 cents, or 0.7 percent, from the previous settlement. Crude was up yesterday to its highest level since late 2014 at $ 64.77 a barrel .[/rtl]
     
    [rtl]Brent crude fell 29 cents, or 0.4 percent, from the previous level to $ 69.16 a barrel, and Brent also hit its highest level since December 2014 to $ 70.05 a barrel .[/rtl]
     
    [rtl]Traders believe that one of the reasons for the decline in oil prices is that the supply of petroleum products is still abundant. In the last three years, refiners have made high profits because of the relative licenses of crude oil used in the production of fuel such as diesel and gasoline .[/rtl]
     
    [rtl]As a result, Asian refiners refueled an unprecedented 23 million barrels per day of crude oil in late 2017. China, Asia's largest oil consumer, is currently producing a lot of fuel, even as its refineries have turned to export to find buyers, Purchases of crude .[/rtl]
     
    [rtl]China's diesel exports have risen nearly 3,000 per cent since early 2015 to a record high of more than 2 million tons last month, according to customs data .[/rtl]
     
    [rtl]Beijing's exports of gasoline have increased 365 percent since early 2015 to more than 1 million tons in December. China's total refined oil exports reached a record 6.17 million tons at the end of last year, according to customs data .[/rtl]
     
    [rtl]Refining margins in Singapore, Asia's benchmark, have fallen 90 per cent from its high level in 2017 to below $ 6 a barrel this week, the lowest in five years .[/rtl]
     
    [rtl]The crude market has so far focused on signs of supply shortages as the Organization of the Petroleum Exporting Countries (OPEC) and Russia lead production cuts aimed at subsidizing prices .[/rtl]
     
    [rtl]With the strength of global oil consumption as well as the robustness of global economic growth, investors are optimistic. "Positive news tends to attract more attention than potential negative indicators," said Olli Hansen, head of commodity strategy at Saxo Bank .[/rtl]
     
    [rtl]But the rise in US oil production, one of the negative indicators, threatens to undermine the efforts of OPEC and Russia to reduce supplies, and despite the decline in US oil production recently due to cold weather, it is widely expected that production will soon exceed the barrier of ten million A barrel a day mainly due to the production of shale oil, which could push US production to a level similar to that of Saudi Arabia and Russia, two of the largest producers, which reached a peak production of more than 11 million barrels per day and about 10.7 million barrels per day, respectively in the past few years .[/rtl]
     
    [rtl]"Oil prices have been rising undeniably this week despite concerns that the current surge will lose momentum," said Lukman Otunuga, analyst at FXM Futures Brokerage. "It has to keep in mind. That the increase in the production of US shale oil could expose oil to downside risks . "[/rtl]
     
    [rtl]The US Energy Information Administration expects US oil production to exceed 11 million bpd by 2019. The increase in US supplies means that WTI prices fall by more than $ 5.5 a barrel from the price of Brent, which accounts for most of the world's crude supplies .[/rtl]
     
    [rtl]In order to take advantage of its competitive prices, US crude oil exports, including to Asia, are rising. With the prospect of increased competition and pressure from refiners, Iran and Iraq, OPEC's second and third largest oil producer, cut their oil prices last week to maintain competitiveness.[/rtl]


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