Hello and welcome to G711 Wisdom Mall !

Oil prices soared after Libya pipeline blast ?

Date: 2017-12-27
Viewed: 8


Oil prices soared after Libya pipeline blast?


Oil prices soared to two-and-a-half year highs in light trading volume on Tuesday, boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts.


U.S. West Texas Intermediate (WTI) crude futures ended Tuesday's session up $1.50, or 2.6 percent, at $59.97, posting its best closing price since June 24, 2015. The contract earlier touched $60 for the first time in 2½ years.


Brent crude futures, the international benchmark for oil prices, rose $1.80, or 2.8 percent, to $67.05 a barrel by 2:29 p.m. (1929 GMT). It hit an intraday high of $67.10, its strongest level since May 2015.


Armed men blew up a pipeline pumping crude oil to the port of Es Sider on Tuesday, cutting Libya's output by up to 100,000 barrels per day (bpd), according to military and energy sources.


The state-run National Oil Corporation (NOC) said in a statement that output had been reduced by 70,000 to 100,000 bpd. The cause of the blast was unclear, it added.


The North African country's output had been recovering in recent months after being held down for years amid armed conflict and unrest.


The impending restart of a key North Sea pipeline, Forties, limited the rally. The pipeline is being tested after repairs and full flows should resume in early January, its operator said on Monday.


"Keep in mind that the field and pipeline are old and it may have issues and it's probably why the market isn't selling off," said Scott Shelton, broker at ICAP in Durham, North Carolina.


Trading activity was thin because of the Christmas holiday in many countries. Just 50,000 contracts of front-month Brent crude futures changed hands on Tuesday, well below the typical daily average of more than 250,000 contracts.


Brent has risen 17 percent while U.S. crude has rallied about 11 percent in 2017. The Organization of the Petroleum Exporting Countries, plus Russia and other non-members, have been withholding some output since Jan. 1 to get rid of a glut.


The producers have extended the supply cut agreement to cover all of 2018.


Iraq's oil minister said on Monday there would be a balance between supply and demand by the first quarter, leading to a boost in prices. Global oil inventories have decreased to an acceptable level, he added.


That is earlier than predicted in OPEC's latest official forecast, which calls for a balanced market by late 2018.


U.S. shipments to China, one of the biggest oil consumers in the world, have benefited from the OPEC-led output cuts. Russia, however, was China's largest crude oil supplier for the ninth month in a row in November, also topping Saudi Arabia for the year so far, Chinese customs data showed on Tuesday.


While the OPEC action has lent support to prices all year, the unplanned shutdown of the Forties pipeline on Dec. 11 pushed Brent to its 2-1/2 year high.


Forties plays an important role in the global market as it is the biggest of the five North Sea crude streams underpinning Brent, the benchmark for oil trading in Europe, the Middle East, Africa and Asia.


In the longer term, efforts by OPEC and Russia efforts to prop up prices could also be undermined by U.S. production, which has soared by more than 16 percent since mid-2016, fast approaching 10 million bpd.


The U.S. rig count, an early indicator of future output, held at 747 in the week to Dec. 22, according to the latest weekly report by Baker Hughes.












Remarks : Info from network,for reference only >>>>>

最新新闻 / Hot News More
1
2017 - 12 - 29
According to the Xinhua news agency, people in Peru were demonstrations on 28 days to protest President Kuczynski's pardon, Fujimori, a former president who was sentenced to 25 years in prison. At about 5 pm local time, thousands of protesters from the old capital city of Lima "May 2nd square" of the main street through several city, ending at the naval hero park. Demonstrators holding against the pardon Fujimori banner, shouting "Fujimori" guilty "cancel the pardon" and other slogans. Sophia, a university woman teacher, said that Fujimori had committed ...
2
2017 - 12 - 29
Italian Prime Minister Jantironi said in a cabinet statement on 28th that Italy's new parliamentary elections will be held on March 4th, Xinhua reported. The statement came after President Mattarella announced the dissolution of the current parliament on the same day. Local media said the date of the election had opened a new round of political rivalry between political parties in Italy. According to the statement, the Italian cabinet also decided to set the date of the first session of the new parliament on March 23rd next year. Jantironi held an annual press conference earlier...
3
2017 - 12 - 29
Russian President Vladimir Putin said on Thursday that a blast that ripped through a St Petersburg supermarket was an act of terrorism and that security forces whose lives were threatened by terrorist suspects should shoot to kill if necessary. Putin was speaking on Thursday at an awards ceremony in the Kremlin for Russian personnel who served in Syria. "You know that yesterday in St Petersburg a terrorist act was carried out," Putin told the audience, referring to the explosion that injured 13 shoppers in a branch of the Perekrestok supermarket chain. Investigators ha...
4
2017 - 12 - 29
U.S. oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crude inventories, stoked buying. In international markets, Brent crude oil futures were also up, supported by ongoing supply cuts by top producers OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close. The rise saw WTI hitting its highest level since June 2015 on the final trading day of 2017. Brent crude futures -...
5
2017 - 12 - 29
European markets moved lower on Thursday amid a light holiday-week of trade seen across markets worldwide. The STOXX Europe 600 closed provisionally down 0.33 percent, with most indices trading in the red or around the flatline. The U.K.'s FTSE 100 held its value on average, as miners ticked higher. Trade was relatively lighter than usual on Thursday as markets across the globe try and get back to business amid the break between the holidays and New Year. One of the best performers on the index was retailer Steinhoff, up 2.98 percent, despite a downgrade by Moody's. Meantim...
6
2017 - 12 - 29
Gold prices on Friday held steady near a one-month high hit in the previous session, but were on track for their best year since 2010, mainly driven by a softer dollar and political uncertainties around the globe.Spot gold was little changed at $1,294.70 an ounce at 0041 GMT, having hit its highest since Nov. 29 at $1,295.21 in the previous session.Gold benefited from a technically-driven momentum after closing above its 100-day moving average on Wednesday for the first time since late November, analysts said.Spot gold has gained over 1.5 percent so far this week in what could be its third str...
7
2017 - 12 - 29
The dollar wallowed near a one-month low against a basket of currencies on Friday, while currencies like the Australian and Canadian dollars were at two-month highs thanks to firmer commodity prices.The dollar index against a basket of six major currencies was little changed at 92.659 after slipping 0.4 percent overnight to 92.573, its lowest since Nov. 27.The index was on track to lose 0.5 percent this month.It will likely end the year down more than 9 percent, its worst showing since 2003, and a Reuters poll showed it is expected to lose a bit more ground against other major currencies next ...
8
2017 - 12 - 29
The Dow Jones industrial average led the major indexes higher Thursday, notching a record close on the second-to-last trading day of the year. It was the Dow's 71st record close for the year.The index added 63.21 points to close at 24,837.51, with UnitedHealth and IBM contributing the most to the gains. The Dow did not hit an intraday high, but remains less than 0.2 percent away.As of Thursday's close, the Dow was on pace for slight weekly gains. The last time the Dow rose in each of the final six full weeks of the year was in 1954. That does not include weeks encompassing two different years....
9
2017 - 12 - 29
U.S. government debt yields rose on Thursday after economic data showed the number of Americans filing for unemployment benefits was unchanged and the Chicago PMI beat expectations.The yield on the benchmark 10-year Treasury note was higher at around 2.431 percent at 1:16 p.m. ET, while the yield on the 30-year Treasury bond was up at 2.761 percent. Bond yields move inversely to prices.This week, trade is expected to be lighter across global markets as investors await the start of a new year.U.S. stocks finished Wednesday slightly higher, while U.S. government debt yields slipped yesterday, fo...
杭州柒拾壹网络科技有限公司
杭州柒拾壹网络科技有限公司
杭州柒拾壹网络科技有限公司
杭州柒拾壹网络科技有限公司
杭州柒拾壹网络科技有限公司
杭州柒拾壹网络科技有限公司
杭州柒拾壹网络科技有限公司
Mobile
杭州柒拾壹网络科技有限公司
分享按钮
Copyright @2016 Hangzhou 711 Network and Technology Co.,Ltd.
犀牛云提供企业云服务