Followers | 91 |
Posts | 3296 |
Boards Moderated | 0 |
Alias Born | 10/18/2010 |
Thursday, July 16, 2020 7:26:34 AM
LONDON (Reuters) - Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.
Brent crude fell 35 cents, or 0.8%, to $43.44 a barrel by 0852 GMT.
SCROLL TO CONTINUE WITH CONTENTAd
How He Made $2.8M Trading Stocks Part-Time At Home
RagingBull
How He Made $2.8M Trading Stocks Part-Time At Home
Kyle Dennis took a leap of faith and decided to invest his savings of $15K in the stock market — $2.8M later, he owes his success to these strategies
LEARN MORE
West Texas Intermediate (WTI) crude was down 49 cents, or 1.2%, to $40.47 per barrel.
Both contracts rose 2% the previous day after a sharp drop in U.S. crude inventories. [EIA/S]
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August.
They will reduce their cuts to 7.7 million barrels per day through December from the 9.7 million bpd cuts in place since May.
"Things are getting back to normal on the oil market," said Norbert Rücker, head of economics research at Julius Baer.
"The petro-nations announced the partial lifting of their production restrictions as oil demand rebounds and signs of an easing supply glut emerge... The economic recovery puts demand above supply."
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said production cuts in August and September would end up amounting to about 8.1 million-8.3 million bpd, more than the headline number.
That is because countries in the grouping which over-produced earlier this year would compensate with extra August-September cuts, he said.
Oil prices are expected to remain boxed in as more supply from OPEC+ countries will likely be absorbed by recovering demand, said Tsutomu Kosuge, president of commodity research firm Marketedge Co.
"I expect Brent will stick to the tight range between $40.50-$46.50 for the next month or so," he said, adding rising tensions between China and the United States may weigh on market sentiment.
International Energy Agency Executive Director Fatih Birol said on Wednesday that global oil markets are slowly rebalancing, with prices of about $40 per barrel expected in coming months.
Recent USO News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2024 01:24:59 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:36:07 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/06/2024 08:34:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:31:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/29/2024 12:52:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 01:21:55 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 07:31:39 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 10:22:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 02:25:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 03:54:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/28/2023 04:23:21 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 12/04/2023 10:02:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/28/2023 03:11:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 10:04:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/07/2023 04:25:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/27/2023 11:38:08 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/29/2023 01:16:59 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM