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Oil rises in light of OPEC's commitment to the agreement to reduce despite the strength of US produc

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rocky
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Oil rises in light of OPEC's commitment to the agreement to reduce despite the strength of US produc

Post by rocky on Thu 01 Feb 2018, 1:29 am

[ltr]Oil rises in light of OPEC's commitment to the agreement to reduce despite the strength of US production[/ltr]
[ltr]Economie[/ltr]
 Since 2018-02-01 at 10:04 (Baghdad time)
[ltr][/ltr]
[ltr]Follow - Mawazine News[/ltr]
[ltr]NEW YORK (Reuters) - US oil prices continued limited gains on Thursday as Opec's strong commitment to a cut production cut eased the impact of news that US production exceeded 10 million bpd for the first time in nearly half a century.[/ltr]
[ltr]By 0558 GMT, US crude for March delivery rose 14 cents, or 0.2 percent, to $ 64.87 a barrel after closing 0.4 percent higher in the previous session.[/ltr]
[ltr]Brent crude for April delivery rose 15 cents, or 0.2 percent, to $ 69.04 a barrel after rising three cents to settle at the previous session.[/ltr]
[ltr]The US Energy Information Administration said on Wednesday that US crude oil production exceeded 10 million barrels per day in November for the first time since 1970, bringing production near the highest level ever.[/ltr]
[ltr]A Reuters survey showed that the Organization of the Petroleum Exporting Countries (OPEC) oil production also increased in January from its lowest level in eight months, with Nigeria and Saudi Arabia rising production, which overshadowed Venezuela's continued decline in production and a strong commitment to the supply cut agreement.[/ltr]
[ltr]But the producers' commitment to supply restraints increased to 138 percent from 137 percent in December, according to the survey, suggesting that the commitment does not weaken even as oil prices rise to their highest level since 2014.[/ltr]
[ltr]is over[/ltr]
[ltr]M[/ltr]


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