BUZ INVESTORS Oil slips below $52 The commodity is trading at $49.12 per barrel at 09:40 GMT this morning, 0.14% lower from the New York close.

Oil rebounds as Saudi Arabia hints at supply cuts beyond 2017

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Oil rebounds as Saudi Arabia hints at supply cuts beyond 2017

Oil

BUZ INVESTORS   Saudi Arabia hints This morning at 09:40 GMT, the commodity is trading at $46.13 per barrel, 0.73% lower from the New York close. The commodity traded at a high of $46.98 per barrel and a low of $45.99 per barrel this morning. On Friday, crude oil traded 2.38% higher in the New York session and closed at $46.47 per barrel, after Saudi Arabia assured that Russia is ready to join OPEC in extending crude production cuts to reduce a global supply glut. Immediate downside, the first support level is seen at $45.01 per barrel, while on the upside, the first resistance level is at $47.11 per barrel.

Crude oil futures were sent on a roller-coaster ride Monday morning, trying to retake the $47 level after Saudi Arabia’s oil minister said a deal to cut production could be extended into 2018.

The election of Emmanuel Macron, a pro-free trade centrist, as France’s next president also helped to assuage concerns that the European economy may see further headwinds.

West Texas Intermediate crude CLM7, -0.02% traded 24 cents higher, or 0.5%, at $46.45 a barrel, while July Brent LCON7, -0.08% on London’s ICE Futures exchange climbed 28 cents, or 0.6%, to $49.38 a barrel.

 



Saudi Arabia hints

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Crude oil | Data | Chart | Calendar | Forecast | News


source: tradingeconomics.com
Crude Oil decreased 0.04 USD/BBL or 0.09% to 46.20 on Monday May 8 from 46.22 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.

Crude oil is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Crude oil – actual data, historical chart and calendar of releases – was last updated on May of 2017.

 

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Oil prices rise as Saudi Arabia discusses supply cuts

Oil prices rise as Saudi Arabia discusses supply cuts

Oil prices rise as Saudi Arabia discusses supply cuts

Oil

  • Buz Investors Oil prices rise The commodity is trading at $53.27 per barrel at 10:40 GMT this morning, 0.15% lower from the New York close.
  • Crude oil witnessed a high of $53.42 per barrel and a low of $53.04 per barrel during the session. In the New Yor k session yesterday, crude oil rose 1.46% to close at $53.35 per barrel, after the API disclosed that US crude oil inventories fell more than expected by 7.4 million barrels last week.
  • Immediate downside, the first support level is seen at $52.47 per barrel, while on the upside, the first resistance level is at $53.75 per barrel.

Oil prices rise

Oil prices rise as Saudi Arabia discusses supply cuts

Oil prices rise Oil prices rose on Thursday after Saudi Arabia commenced talks with customers approximately a reduction in crude income to support a plan by way of OPEC to lessen worldwide supply.

The organization of the Petroleum Exporting countries promised in November to reduce output to help prop up charges.

under the deal, Saudi Arabia agreed to reduce output with the aid of 486,000 barrels consistent with day (bpd), or four.sixty one percent

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Oil prices rise 

of its October output of 10.544 million bpd.
“Aramco is drawing close all its customers for viable cuts from February and discussing possibly (deliver) eventualities,” one source advised Reuters. “nothing is confirmed but,” the supply said, adding the situations have been for cuts of three-7 percent.

investors had been suspicious that OPEC won’t reduce as a good deal as promised, but numerous resources told Reuters on Thursday the arena’s largest oil exporter intended to lessen exports to conform with the OPEC cuts.

Benchmark Brent crude oil LCOc1 became up 45 cents a barrel at $fifty six.ninety one with the aid of 1225 GMT. U.S. mild crude oil CLc1 turned into up 40 cents a barrel at $fifty three.sixty six. both contracts rose by using around 2 percentage on Wednesday.

“There remains a query mark over whether OPEC, with an extended history of non-compliance, will surely comply with through (with the cuts). only a few respondents anticipate full compliance,” Singapore exchange (SGX) said on Thursday, citing outcomes from a survey of its individuals.

“three-quarters of those surveyed went for (crude) expenses averaging within the contemporary $50-$60 a barrel variety (for 2017),” SGX introduced.

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Saudi Arabia Money Supply M3 decreased in August

Saudi Arabia Money Supply M3 decreased in August

Saudi Arabia Money Supply M3 decreased in August

  • Money Supply M3 in Saudi Arabia decreased to 1752329 SAR Million in August from 1753382 SAR Million in July of 2016.
  • Money Supply M3 in Saudi Arabia averaged 811477.41 SAR Million from 1997 until 2016, reaching an all time high of 1828169 SAR Million in September of 2015 and a record low of 260058 SAR Million in February of 1997.
  • Saudi Arabia Money Supply M3 includes M2 plus long-term time deposits in banks. This page provides – Saudi Arabia Money Supply M3 –

Saudi Arabia Money Supply M3

Saudi Arabia Money Supply M3 decreased in August

Money Supply M3 Prices continued to remain subdued through August due to concerns over rising levels of US and global petroleum products inventories coupled with a rebound in US oil rig counts.

Further BOE accommodation may be necessary in order to avoid a slowdown, especially that an exit will require two years after Article 50 is triggered by Theresa May’s government.

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Money Supply M3

Monetary policies have aided global commodities as continued Fed accommodation alongside the UK, Europe and Japan led to lower exchange rates against commodity currencies. The declining trend of the USD this year led dollar-denominated assets, including commodities, to appreciate.

As a proxy for consumer demand, the volume of point-of-sale transactions is in a clear deceleration as it upturned by 2.7% Y/Y, contrasting with last year’s average of 13.5%.

The much anticipated entry of Qualified Financial Investors has largely been burdened by the economic slowdown and stringent regulations for entry into the domestic market

oil prices losses were capped

oil prices losses were capped after Saudi Arabia and Russia reached an agreement

oil prices losses were capped after Saudi Arabia and Russia reached an agreement

Oil

  • oil prices losses The commodity oil is trading at $44.87 per barrel at 09:40 GMT this morning, 0.51% lower from the New York close.
  • Crude oil witnessed a high of $45.62 per barrel and a low of $44.72 per barrel during the session. In the New York session yesterday, crude oil fell 0.22% to close at $45.10 per barrel.
  • However, the losses in oil prices were capped after Saudi Arabia and Russia reached an agreement on crude production to stabilize the global oil market. Immediate downside, the first support level is seen at $44.23 per barrel, while on the upside, the first resistance level is at $46.01 per barrel.

 

oil prices losses were capped: Most OPEC members support $50-60 oil price

oil prices losses were capped

oil prices losses were capped  Iran’s oil minister says his country would support any decision by the oil producing group of nations that seeks to stabilize the oil market, Iranian state TV reported on Tuesday.

The remarks by the minister, Bijan Namdar Zangeneh, came after talks with OPEC chief Mohammad Sanusi Barkindo on Tuesday in Tehran.

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According to Zangeneh, most OPEC members want to see the price of crude oil at 50 to 60 dollars per barrel.

“This price makes production of oil by OPEC members profitable, economical and useful, while preventing the rivals from raising their output,” he said,

Iran is trying to regain its share of the global petroleum market after the removal of Western sanctions following Iran’s nuclear deal with world powers. It has said it will participate in talks on a possible production freeze after it reaches an output of 4 million barrels per day by April 2017.

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Saudi Arabia, Russia sign oil pact, may limit output in future

Saudi Arabia, Russia sign oil pact, may limit output in future

Saudi Arabia, Russia sign oil pact, may limit output in future

  • Saudi Arabia, Russia agreed on Monday to cooperate in world oil markets, saying they will not act immediately but could limit output in the future, sending prices higher on hopes the two top oil producers would work together to tackle a global glut.
  • The joint statement was signed by the country’s energy ministers in China on the sidelines of a Group of 20 summit and followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
  • Russian Energy Minister Alexander Novak said the two countries were moving toward a strategic energy partnership and that a high level of trust would allow

Oil prices soared almost 5 percent ahead of a news conference by the two ministers Saudi Arabia, Russia

Saudi Arabia, Russia sign oil pact, may limit output in future

“Freezing production is one of the preferred possibilities, but it does not have to happen specifically today.”

Even if the Monday statement was short on action, it marks a significant development in the Russia-Saudi relationship. The two countries have been effectively fighting a proxy war in Syria and Moscow also sees itself as a big ally of Iran – Riyadh’s arch-rival in the Middle East.

Saudi Arabia, Russia sign oil pact

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OPEC’s de facto leader Saudi Arabia has also signaled willingness to cooperate as it faces budget pressures and seeks to float a stake in state-owned producer Aramco.

Venezuela, which has consistently pushed for a deal to boost prices, hailed the agreement as “an important step in coordinating joint action between the biggest OPEC member and one of the biggest non-OPEC producers”.

Venezuela has presented an “alternative proposal” to be considered at the upcoming Algeria meeting that would help “stabilize both the volume of supplies to markets and the fair price for producers,” the Oil Ministry said in a statement.

Any deal between OPEC and non-OPEC producer Russia would be the first in 15 years since Moscow agreed to cut output in tandem with the cartel at the turn of the millennium, although Russia never followed through on that promise.

 

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Oil Holds Above $44 as Saudi Arabia, Russia Agree to not to say what they agree on

Oil Holds Above $44 as Saudi Arabia, Russia Agree to Stability

Oil Holds Above $44 as Saudi Arabia, Russia Agree to not to say what they agree on

  • Oil held above $44 as Saudi Arabia and Russia agreed to work together to ensure market stability, while the leaders stopped short of offering detailed proposals. Futures fell as much as 0.9 percent in New York.
  • Crude rose the most in two weeks on Friday when President Vladimir Putin said he’d like OPEC and Russia to agree to freeze crude supply to steady the market.
  • Oil-market stability is impossible without Saudi-Russian cooperation, the kingdom’s influential Deputy Crown Prince Mohammed bin Salman said after meeting on Sunday with Putin in Hangzhou, China. The two biggest crude producers stopped short of offering detailed proposals

Oil rallied last month amid speculation

Oil Holds Above $44 as Saudi Arabia, Russia Agree to not to say what they agree on

Oil rallied last month amid speculation that members of the Organization of Petroleum Exporting Countries and other producers would agree to a plan when they meet later this month in Algiers. A deal to freeze output, originally proposed in February, wasderailed in April after Iran declined to cap its production.

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 “At this stage, markets are probably just going to take the view that it needs to see some evidence, some tangible idea on what the agreement might actually amount to before responding to it,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “We will get a lot of statements about it but probably nothing really concrete until we get to the stage of the Algiers meeting.”
West Texas Intermediate for October delivery fell as much as 38 cents to $44.06 a barrel on the New York Mercantile Exchange and traded at $44.15 at 9:44 a.m. Tokyo time. The contract rose $1.28 to $44.44 on Friday, the biggest gain since Aug. 18. Total volume traded was about 22 percent below the 100-day average.
Oil up on Rumors and Promises Saudi Arabia

Oil up on Rumors and Promises From Saudi Arabia

Oil up on Rumors and Promises  Saudi Arabia 

Oil up on Rumors and Promises  Saudi Arabia

Oil up on Rumors and Promises The commodity is trading at $43.83 per barrel at 09:40 GMT this morning, 0.85% higher from the New York close. Crude oil witnessed a high of $44.17 per barrel and a low of $43.37 per barrel during the session. In the New York session yesterday, crude oil rose 4.42% to close at $43.46 per barrel, following comments from the Saudi Arabia’s oil Minister about possible action to stabilize crude prices and a report from the IEA hinted that crude markets would tighten in the second half of 2016. Immediate downside, the first support level is seen at $42.08 per barrel, while on the upside, the first resistance level is at $44.87 per barrel.

 


Oil prices rose more than 4 percent on Thursday on comments from the Saudi oil minister about possible action to stabilize prices and as the International Energy Agency forecast crude markets would tighten in the second half of 2016.

Saudi Energy Minister Khalid al-Falih said OPEC members and non-members would discuss the market situation, including any action that may be required to stabilize prices, during an informal meeting on Sept. 26-28 in Algeria.

The comments by the minister of the world’s top oil exporter triggered fund buying and some algorithmic trades, giving a boost to prices, traders and brokers said.

However, most traders remain skeptical of the outcome, expecting a repeat of the Doha meeting in April when talks fell through after Saudi Arabia backed out, citing Iran’s refusal to join in a so-called production freeze.

“Our crude oil balance indicates a hefty draw in the third quarter after a lengthy stretch of uninterrupted builds.”

U.S. light crude rose $1.78, or 4.27 percent to settle at $43.49 a barrel. North Sea Brent crude was up $1.89, or 4.29 percent, at $45.92.

Global demand growth is expected to decline from 1.4 million barrels per day in 2016 to 1.2 million bpd in 2017, the IEA said, after a revision to the global economic outlook.

Still, the overall takeaway from the IEA’s report has been more bullish than bearish.

Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters

Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters

Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters

Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters

Oil consumption in Saudi Arabia, the world’s biggest crude exporter, is expanding at the slowest pace in at least six years as low energy prices hurt economic growth. The kingdom’s demand for oil increased by an average of 24,000 barrels a day in the first five months of 2016, the slowest growth rate for that period since at least 2010, the first year for which data are available from the Joint Organisations Data Initiative in Riyadh. The International Energy Agency is now looking for a drop in demand in Saudi Arabia for all of 2016, after forecasting an increase earlier this year. Consumption of gasoline, kerosene and other
300x250 new sheriff en 08.10.2014
“If the oil slump continues into next year and governments are not in the position to use counter-cyclical fiscal measures to support the economy, we aren’t going to see a huge contribution to oil-consumption growth from the region,” Edward Bell, a commodities analyst at Dubai-based lender Emirates NBD PJSC, said in an interview.

Saudi Arabia has boosted output for years to sustain export income while also satisfying domestic demand. The kingdom’s consumption spikes between June and September when air-conditioning use peaks. Demand for refined fuels such as gasoline has doubled since 2003, according to JODI. Saudi Arabia, the United Arab Emirates, Qatar, Oman and Bahrain have reduced or eliminated fuel subsidies over the past year to limit government spending because of low oil prices. Brent crude, an international benchmark, has dropped 20 percent in the past year and traded at $42.46 a barrel on Friday compared with over $100 a barrel as recently as in 2014.

Gasoline demand in Oman grew 1 percent during the first four months of this year, far below the annual average growth rate of 9.6 percent over the past decade, according to BMI. “The slowing consumption in Oman causes concern that other countries that have enacted or plan to roll out subsidy reforms might see a greater impact than first anticipated,” it said in the report last week.

… (full story)