LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Oil markets firm on tighter U.S. market, expected extension of OPEC supply cuts

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Oct 19, 2017
06:37 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Oil prices were firm on Thursday, supported by ongoing supply cuts led by OPEC, tensions in the Middle East and lower production in the United States as a result of hurricane-enforced closures.

Brent crude futures , the international benchmark for oil prices, were at $58.25 at 0029 GMT, up 10 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.11 per barrel, up 7 cents, or 0.1 percent.

The U.S. Energy Information Administration (EIA) said late on Wednesday that crude inventories fell by 5.7 million barrels in the week to Oct. 13, to 456.49 million barrels.

U.S. output slumped by 11 percent from the previous week to 8.4 million barrels per day (bpd), its lowest level since June 2014 as numerous rigs had to be shut because of Hurricane Nate, which hit the U.S. Gulf coast earlier in October.

Beyond the drop in U.S. production and tensions in Iraq and between the United States and Iran, analysts expect markets to further tighten as the Organisation of the Petroleum Exporting Countries (OPEC) and partners, including Russia, are expected to extend a deal to curb production beyond its expiry date at the end of March 2018.

"OPEC is desperate to bring the market into equilibrium and mop up as much of the excess stockpiles, which was caused as a result of the free for all production approach over the last few years. I am expecting OPEC and Russia to agree on a further 9-month extension to production cuts," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

Political risk consultancy Eurasia Group said Saudi Arabia`s plans to list state-owned oil giant Aramco also favoured extended production cuts in order to prop up oil prices.

"Saudi Arabia will seek a production sharing agreement extension ... as an IPO (of Saudi Aramco) remains part of the long-term plan ... price stability will remain a core part of the strategy ... The government still needs higher oil revenue to support its spending needs and reform programne," it said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

FAUG Mobile Game: Check direct download link - Here is what Akshay Kumar wants gamers to do

FAU-G mobile game launched in English, Hindi and Tamil language | Check more details about the game here

Natural Gas is likely to come under GST ambit: SN Goel, Chairman, IEX

Proud moment! India's TCS becomes world's largest IT company, beats Accenture! Surpasses Reliance Industries market capitalisation

What''s stopping Billie Eilish from going to wild parties

SBI Card MD and CEO Tewari resigns; appointed as SBI MD

Bitcoin slips below $30,000

Vir Das: Stand-up takes time, so when I act it must be an interesting role

India smartphone market falls 2 pc to nearly 145 mn units in 2020: Canalys

Tata Steel, JSW Steel, SAIL to Jindal Steel - Important trend sighted, check impact

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved