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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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    With anticipation of OPEC's decision...oil records weekly gains and rises 2%

    Rocky
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    With anticipation of OPEC's decision...oil records weekly gains and rises 2% Empty With anticipation of OPEC's decision...oil records weekly gains and rises 2%

    Post by Rocky Sat 02 Mar 2024, 4:23 am

    With anticipation of OPEC's decision...oil records weekly gains and rises 2%

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    Economy News - follow up
    Oil prices rose 2% in Friday trading and recorded weekly gains as markets awaited OPEC+’s decision on production levels in the second quarter and evaluated new economic data from the United States, Europe and China.
    Brent crude futures for May delivery rose $1.64, or 2%, to reach $83.55 per barrel upon settlement.
    Crude futures for April delivery, which expired on February 29, recorded $83.62 per barrel.
    US West Texas Intermediate crude for April delivery increased $1.71, or 2.19%, to $79.97.
    Brent crude achieved a weekly increase of 2.4%, and West Texas Intermediate crude increased by more than 4.5%.
    “Expectations that OPEC+ will continue voluntary production cuts until the second quarter of 2024 are the main market focus,” said Andrew Lipow, president of Lipow Oil Associates.
    Sources said that a decision is expected to be made regarding extending the OPEC+ cuts in the first week of March, and that countries will announce their decisions individually.
    “Commitment to voluntary production cuts until the end of the year would be a strong signal and should therefore be seen as something positive for the price,” Commerzbank analyst Carsten Fritsch said.
    A Reuters survey showed that OPEC pumped 26.42 million barrels per day in February, an increase of 90,000 barrels per day from January.
    The market also received support yesterday, Friday, from strong expectations that Saudi Arabia will keep crude oil prices for Asian customers little changed in April compared to March levels.
    Meanwhile, Tim Snyder, an economist at Matador Economics, said that geopolitical tensions in the Red Sea also led to a rise in prices in Friday trading.
    On the demand side, an official survey showed that manufacturing activity in China contracted in February for the fifth month in a row.
    Prices also received support from the reading of the personal consumption expenditures index in the United States, the preferred inflation measure of the Federal Reserve (the US central bank), which showed that inflation in January was in line with economists’ expectations, which strengthened the market’s bets on a reduction in interest rates in the coming months. June.




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