Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-Oil down on concerns rising U.S. production could dampen output cut deal

Tuesday, January 10, 2017 2:02
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-Oil down on concerns rising U.S. production could dampen output cut deal



MTECHTIPS-  Oil fell more than 2 percent on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market. Brent crude futures (LCOc1) were down $1.30, or 2.3 percent, at $55.80 a barrel at 1414 GMT (9:14 a.m. ET), after touching a intra-day low of $55.69. U.S. crude futures (CLc1) were trading at $52.73 per barrel, down $1.26, or 2.3 percent, compared with a session low of $52.64. “We see the optimism surrounding OPEC and non-OPEC production cuts being counterbalanced by fears of higher U.S. crude production as the higher rig count of last Friday still weighs,” said Hans van Cleef, senior energy economist at ABN Amro. Last week, U.S. energy companies added oil rigs for a 10th week in a row to 529, Baker Hughes data showed, extending a recovery in activity into an eighth month. Analysts at Barclays (LON:BARC) said they expected the U.S. rig count to rise to 850-875 by the end of the year. This raised concerns that U.S. production is increasing and undermining efforts by the Organization of the Petroleum Exporting Countries (OPEC) and others to cut output. In Iraq, OPEC’s second-biggest producer, oil exports from the southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said. Although Iraq’s oil minister added the country would still comply with an agreed output cut of 210,000 bpd from January


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.