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 rises one percent on signs OPEC not prepared to boost output

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Sep 18, 2018
09:00 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Oil futures rose more than 1 percent on Tuesday on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Brent crude futures rose $1.08, or 1.4 percent, to $79.13 a barrel, by 10:57 a.m. EDT (1457 GMT).

U.S. West Texas Intermediate (WTI) crude futures gained $1.03 to $69.94 a barrel, a 1.5 percent gain.

Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC producers meet on Sunday to discuss compliance with output policies. OPEC sources have told Reuters no immediate action was planned and producers would discuss how to share a previously agreed output increase.

Bloomberg reported on Tuesday, citing unnamed Saudi sources, the kingdom was currently comfortable with prices above $80 per barrel, at least for the short term.

The news agency reported that while Saudi Arabia had no desire to push prices higher than $80, it may no longer be possible to avoid it. U.S. sanctions affecting Iran`s petroleum sector are due to come into force from Nov. 4.

Reuters had previously reported that Saudi Arabia wants oil to stay between $70 and $80 for now as the world`s biggest crude exporter strikes a balance between maximising revenue and keeping a lid on prices until U.S. congressional elections.

Russian Energy Minister Alexander Novak said an oil price between $70 and $80 was temporary and sanctions-driven, adding that the long-term price would stand around $50.

U.S. Energy Secretary Rick Perry said last week in Moscow that he did not foresee any price spikes once sanctions came into effect, and was positive about Saudi output.

Oil futures also drew support from geopolitical risk on Tuesday.

Russia`s Ministry of Defence said that the Syrian military had accidentally shot down a Russian military plane over Syria, but said it blamed the incident on Israel, the RIA news agency reported.

"This market remains highly reactive to such headlines given some apparent global oil supply tightening that is developing ahead of the official kick-off to the Iranian oil sanctions," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Market participants awaited industry data on Tuesday from the American Petroleum Institute that was expected to show U.S. crude inventories last week fell for a fifth straight week. The data is due to be released at 4:30 p.m. EDT (2030 GMT) while the government`s weekly report is due on Wednesday.TRADE WAR CAPS GAINS

However, the longer-term outlook remains weighed down by an escalation in the China-U.S. trade war that has clouded the outlook for crude demand.

China said it had no choice but to retaliate against new U.S. trade measures after President Donald Trump imposed on Monday 10 percent tariffs on about $200 billion worth of Chinese imports.

On Tuesday, China announced tariffs of 5 to 10 percent, a lower volume than previously planned, on $60 billion of U.S. goods that would become effective on Sept. 24. Trump, meanwhile, accused Beijing of trying to sway the U.S. congressional election by targeting farmers.

The tariffs are likely to limit economic activity in both China and the United States, potentially hitting growth in demand for oil as less fuel is consumed to move goods for trade.

(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
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Indian Army Recruitment Rally 2021: 8th pass, 10th pass can apply; know where to apply and other details

Heranba IPO allotment status: Finalisation date, direct BSE link to check share subscription

Indian Army Recruitment 2021: Apply for Technical Graduate Course on joinindianarmy.nic.in—Check age limit, last date, how to apply and more

IRCTC Share price: Dolat Capital initiates coverage on IRCTC share with target of Rs 2650

Kareena Kapoor posts first photo of herself after welcoming second baby, says ''missed you all''

Alia Bhatt launches her ''Eternal Sunshine Productions''

Rakesh Jhunjhunwala stock: This Big Bull holding gets a target hike I Details here

Petrol, Diesel Prices Today in your city– Monday relief; Know how to EARN MONEY from rising oil prices

SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside

SBI reduces home loan rates to 6.70 pc

  • 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