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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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    Oil prices rise after Saudi Arabia cuts supplies to the United States

    Rocky
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    • Post n°1

    Oil prices rise after Saudi Arabia cuts supplies to the United States Empty Oil prices rise after Saudi Arabia cuts supplies to the United States

    Post by Rocky Thu 31 Jan 2019, 1:57 am

    Oil prices rise after Saudi Arabia cuts supplies to the United States

    Oil prices rise after Saudi Arabia cuts supplies to the United States 12706


    Oil prices rose on Thursday for a third straight day, marked by signs of a drop in US imports as the Organization of the Petroleum Exporting Countries (OPEC) sought to reduce supply in the market.
    US benchmark WTI crude rose 35 cents, or 0.7 percent, to $ 54.58 a barrel by 0249 GMT. US crude closed up 1.7 percent on Wednesday as prices hit a 21-month high of $ 54.93 a barrel.
    Brent crude futures also rose 52 cents, or 0.8 percent, to $ 62.17 a barrel.
    The price increase came after a report from the US Energy Information Administration showed a decline in Saudi Arabia's crude supplies to the United States.
    "The price of crude oil has become stronger after signs that OPEC's cuts are beginning to affect trade," the ENZ report said, adding that US imports from Saudi Arabia fell by more than half from the previous week to 442,000 bpd This is the second lowest level in weekly data since 2010. "
    Saudi Arabia is the actual driver of OPEC, which along with other exporters, including Russia, announced a cut in supplies late last year to boost prices.
    Despite these efforts, there is still an abundance of oil supplies, especially because of the increase in US crude oil production, which jumped more than 2 million barrels per day last year to a record 11.9 million barrels per day.
    This is reflected in the increase in US crude inventories, which rose by 919 thousand barrels in the week ended January 25 to 445.94 million barrels, according to the data of the Energy Information Administration. Inventories are now 6.6 percent higher than a year earlier.

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