Established in 2006 as a Community of Reality

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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


    Oil at its highest level since 2018

    Rocky
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    Posts : 278278
    Join date : 2012-12-21
    • Post n°1

    Oil at its highest level since 2018 Empty Oil at its highest level since 2018

    Post by Rocky Sat 26 Jun 2021, 6:30 am

    Oil at its highest level since 2018

    •  Time: 06/26/2021 00:14:29
       
    •  Reading: 247 times

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    {Economic: Al Furat News} Oil prices rose to their highest levels since October 2018, making both benchmarks record gains for the fifth consecutive week, supported by expectations that demand growth will outpace supplies and that OPEC + producers will be cautious in returning more production to the market As of August.
    Brent crude futures rose 62 cents, or 0.8 percent, to settle at $76.18 a barrel. US West Texas Intermediate crude rose 75 cents, or 1 percent, to $74.05 a barrel.
    These are the highest closing levels for the two benchmarks since October 2018, and make them up more than 3 percent on a weekly basis.
    "Crude prices rose with improved demand expectations and expectations that the market will remain tight, as OPEC + is likely to apply only a small increase in production at the ministerial meeting on the first of July," said Edward Moya, chief market analyst at Oanda.
    All eyes are on the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, who are due to meet on July 1 to discuss further easing of their production cuts from August.
    On the demand side, analysts say that the main factors that OPEC + will have to take into account are strong growth in the United States, Europe and China, supported by the introduction of vaccines and the resumption of economic activities, adding that this may be faced by the high frequency of Covid-19 infections and waves of spread elsewhere.
    Meanwhile, energy services company Baker Hughes reported that the number of US oil rigs, an early indicator of future production, fell by one to 372 this week. Despite this slight decline, the rig count rose 13 in June, its 10th monthly increase, and grew 48 in the second quarter of the year, the third consecutive quarterly increase.
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