Trump to visit Western Wall without Israeli leaders
Mitch McConnell calls for a "little less drama from the White House"
Nigeria's oil production rose by 274000 barrels per day in April - OPEC
13 May 2017, 12:51 | Maryann Sutton
Goldman On Commodities: Upside & Downside For Oil
The increased production has undermined OPEC's efforts to keep prices between $50 and $60 per barrel.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $47.87 a barrel at 0256 GMT, up $0.04 in the Globex electronic session.
"We saw the biggest draw in (US) inventories for the year last week with stockpiles down more than five million barrels, and it looks like OPEC's production cut is finally biting", said Greg McKenna, chief market strategist at brokerage AxiTrader.
In recent days major producers like Iraq, Algeria and Kuwait have voiced support for extending last year's deal from Opec and other producers to cut supply by nearly 1.8 million barrels per day (bpd).
OPEC and other producers meet on May 25 to decide whether to extend cuts.
"U.S. tight crude output is expected to rise rapidly and increase by 600,000 bpd in 2017", OPEC said, using another term for shale.
OPEC says what the world needs now is a bit less supply on the global oil market.
M - Turkmenistan is likely to join an OPEC-led cut in oil supply aimed at supporting prices, sources in OPEC and the industry said, potentially enlarging the output reduction slightly, Reuters reported. If they don't, Glickman said, "they'll take the floor out from oil prices".
On Friday the U.S. Commodity Futures Trading Commission (CFTC) said money managers cut their net long U.S. crude futures and options positions in the week to May 9th to their lowest level since November.
"Three months later (after the OPEC-led deal), we see the USA rig count double and it says this isn't the only driver in the market any more". USA light crude oil CLc1 was down 29 cents at $47.54.
Opec said Thursday that group production fell in April. If prices were to settle in that range, it would mean a whole bunch of new drilling in the U.S. The Citi report points to Canadian heavy oil producers in particular, who benefitted from OPEC's strategy.
Pioneer Natural Resources Co., one of the most prolific actors in Texas' Permian shale basin, has contracts in place for 85% of its expected oil and natural gas output this year, the company said on a May 4 conference call.
According to the U.S. Energy Information Administration, American crude production will surpass the 10 million barrel a day mark by late next year, breaching the record high set in 1970.
BCCI clears Team India's participation in Champions Trophy
The objective of the SGM was to take a call on the revenue loss and governance reforms at the International Cricket Council (ICC). Virat Kohli & Co. can start packing their kit bags for next month's ICC Champions Trophy in England.
Ann Coulter a no-show at raucous but peaceful Berkeley rally
Coulter had publicly floated the idea of making a controversial visit to Berkeley despite the cancellation, but didn't appear. But Cole said late Wednesday the government cannot define threats to free speech because that could result in censorship.
Thomas lobbies for calls with Celtics-Wizards series tied
This is a most lopsided 2-2 series, and the fact that it's 2-2 serves as a reminder of how fickle the playoffs can be. Celtics: It's the first time in Thomas' playoff career that he has fallen short of 20 points in consecutive games.
Lavrov on Comey: Was he fired? You're kidding
Lavrov addressed the issue in his press conference, saying the fabricated stories were hurting ties between the two countries. During the campaign, Trump repeatedly praised Russian President Vladimir Putin and called for improving relations with Moscow.
Sidney Crosby returns to practice after concussion
Braden Holtby finished with 15 saves, but Washington failed to even the series despite controlling play for long stretches. While Crosby appreciates the concern about his condition given his concussion history, he stressed he's not rushing back.
Australia fall to Great Britain in final
Great Britain downed Australia 4-3 in the final to win the Sultan Azlan Shah Cup after 23 years on Saturday in Malaysia. Australia have a plus-eight goal difference to back the 10 points already against their name.
Kelly Ripa Tells Ryan Seacrest He Has to Host 'Idol' Reboot
Speaking on the talk show on Monday morning, Kelly questioned him upon hearing the reboot rumors: 'I think this has to happen. ABC is expected to announce the return of American Idol this month at its upfront presentation in NY , reported by Variety .