Oil up on reduced US output estimate, stalled Venezuelan exports

There will come a time when the price of crude Oil will spill down

Crude oil prices rose marginally on Monday, driven by comments from Saudi Arabian oil minister, Khalid al-Falih, that an end to the Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts was unlikely before June.

Global benchmark May Brent crude, +0.81 per cent gained 95 cents, or 1.5 per cent to $66.69 a barrel on ICE Futures Europe, after the contract registered a weekly rise of one per cent on Friday.

The IEA said it expects world demand for oil to grow at an average annual rate of 1.2 million barrels a day through 2024, reaching 106.4 million barrels a day. USA crude oil futures settled at $58.26 a barrel, rising $1.39 cents, or 2.44 percent.

America will add 4m barrels per day (bpd) of oil, mostly from the prolific Permian Basin in Texas.

Prices were also supported by USA energy services firm Baker Hughes' latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834.

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels.

The EIA revised down its projected 2020 production figure from 13.20 million bpd to 13.03 million bpd. Brent touched $67.39 a barrel on Monday, its highest since February 25.

First full Aladdin movie trailer takes a magic-carpet ride onto screens
No surprises here if you're familiar with the original, but it's the most coherent look yet at the live-action remake. Also read: Aladdin's new trailer is out and Twitter thinks it looks like a low budget Bollywood movie.

Google Releases Android Q Beta for Developers, Early Adopters
This has been a problem because advertisers would use hardware IDs like your phones IMEI or MAC address to target ads. Google also says it plans to integrate support for folding displays in the Android Emulator for developers soon.

Measles outbreak in New Zealand's Canterbury widens to 20
Next week, an additional 18,000 vaccines will be delivered and there will be thousands more shipped in the following week. However, despite the risks, there is a growing anti-vaccine sentiment in the United States and around the world.

Exports from Venezuela's main oil terminal have been stranded as its worst blackout on record has left parts of the country without power for roughly a week.

The so-called OPEC+ alliance, including Russian Federation and other producers, agreed in December to reduce supply by 1.2 million bpd from 1 January for six months, which will help to boost oil prices after last year's downward trend.

India has already built 5.33 million tons of underground reserves in three locations, which can meet 9.5 days of the country's oil needs.

Saudi Energy Minister Khalid al-Falih told Reuters two days ago that it would be too early to change a production curb pact agreed by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, which includes Russian Federation, another major producer, before June.

At least partly offsetting OPEC efforts to tighten the market and disruptions like Venezuela is a surge in USA oil supply.

"The ministers reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of the first joint venture West Coast Refinery and Petrochemical Project in Maharashtra, estimated to cost the USA $44 billion, which will be the largest greenfield refinery in the world", a government statement said on Sunday.

Related News:



Most liked

Mahatma Gandhi wanted Congress disbanded, claims PM Modi
To another question related to women's empowerment, he declared, "In 2019, we are going to pass the Women's Reservation bill, they will receive 33% reservation in jobs".

Huawei clarifies why it used online stock images to promote new smartphone
The Huawei P30 Pro will have a periscope zoom camera – 5x is what were hearing, going up to 10x when coupled with digital zoom. Huawei's upcoming flagship, the Huawei P30 Pro is poised to push the boundaries of smartphone imaging to a whole new level.

Eye check-up to detect Alzheimer’s disease
The differences seen were statistically significant after adjusting for factors such as age, sex and education. One of the researchers used a non-invasive technology called optical coherence tomography angiography (OCTA).

Sanders Won't Say Whether Trump Really Thinks Democrats 'Hate' Jews
But Trump still made some comments memorable enough to survive the phone ban, three attendees tell Axios' Jonathan Swan. Sanders responded by saying that it's a "great shame" that Democrats wouldn't unify to condemn anti-Semitic comments.

NASA Says First Person On Mars Will Likely Be a Woman
LAMP measures the layer of molecules found on the Moon's surface to see the changes that transpired through time. Construction on Gateway - an orbiting lunar outpost - is expected to begin construction as soon as 2022.

Mozilla launches Firefox Send, a free, encrypted file-sharing service
Currently, the service forces users to pick both a timeframe and a download limit and the file link will expire after whichever comes first.

Google is redeploying Pixel staff, raising questions on its future hardware plans
Hardware Engineers, Technical Program Managers and related supporting staff have been given notice of these " roadmap cutbacks ". One source confirmed that the company indeed had "a bunch of stuff in the works " prior to the employee shift.

New Fortnite 8.10 Patch Forces Xbox One & PS4 Crossplay; Improves Switch Performance
Also of note is the new cross-play support between PS4 and Xbox One users, as well as Nintendo Switch and mobile players. Some Switch players may have felt at a disadvantage stacked up against players on other consoles or PC.

Google Chrome gets two important tweaks for speed and data saving
You'll also have to relaunch your browser after it has been updated to version 73 for the changes to take effect. However, the feature is not applicable to secure pages when accessed via Chrome's desktop version.

Google Will Unveil "The Future of Gaming" Next Week
Google already showed off the service running Ubisoft's Assassin's Creed Odyssey during a public test late a year ago . Rumors are Google will introduce both its streaming service and potentially a controller to go with it.

Governor: 2 attackers kill 8, themselves at Brazil school
Latin America's most populous nation has the largest number of annual homicides in the world, but school shootings are rare. Police arrived eight minutes after the shooting started, and the attackers were already dead, Salles said.

Ethiopian Airlines plane with 157 people on board crashes minutes after take-off
National Transportation Safety Board (NTSB) will also participate because the plane was designed and built in the United States. The flight had unstable vertical speed after take off , said flight tracking website Flightradar24 on its Twitter feed.

Prosecutors Request Emails Between Cohen, Attorney Who Sought Pardon For Him
Giuliani said last Thursday he was contacted in May or June about a possible pardon for Cohen. 'But there are no plans to do so'. But investigators want to know if the prospects of presidential pardons were somehow offered or used inappropriately.

Micheál Martin: Irish unity even more important after Brexit 'setback'
Another Brexiteer, Owen Paterson, tweeted that Cox's opinion made it "brutally clear" that nothing had changed. British lawmakers' opposition to the deal centres on concerns over arrangements for the Irish border.

Beto O'Rourke heading to Iowa, fueling speculation about White House bid
First up on Saturday at the festival are two senators who are running - Elizabeth Warren of MA and Amy Klobuchar of Minnesota . In February, Giddens was selected by Black Hawk County Democrats to be their candidate for Iowa Senate District 30.