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 stays lower despite signs of OPEC deal compliance

Tuesday, February 14, 2017 2:01

% of readers think this story is Fact. Add your two cents.

MTECHTIPS;-Oil stays lower despite signs of OPEC deal compliance

MTECHTIPS;-Oil prices held on to overnight losses during North American morning hours on Monday, despite signs that major crude producers are adhering to planned output cuts. Crude oil for March delivery on the New York Mercantile Exchange shed 40 cents, or around 0.7%, to $53.48 a barrel by 8:25 AM ET (13:25 GMT). Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London slipped 46 cents, or about 0.8%, to $56.25 a barrel. In its monthly oil market report released earlier, OPEC said its members pumped 32.14 million barrels per day in January, down 890,200 barrels per day from December, making a strong start to implementation of its first production cut in eight years. The largest contributor to the output reduction was Saudi Arabia with data showing that it trimmed a hefty 496,200 barrels per day of production last month. January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the next six months. Despite the compliance with the production cuts, market participants remained concerned about the ramp up in U.S. drilling activity. Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 8 last week, the 14th gain in 15 weeks. That brought the total count to 591, the most since October 2015, underlining concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to re balance global oil supply and demand

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:	1,602,227,698
Stories:	8,146,649