Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By MTECHTIPS
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

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

WWW.MTECHTIPS.COM

07489294118-119

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,600,076,091
Stories:	8,141,155