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 prices firm on optimism over declining stocks

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Jul 26, 2017
09:24 am
Reuters

Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing.

Brent crude futures had risen 36 cents, or 0.7 percent, to $50.56 a barrel by 0332 GMT, after rallying more than 3 percent on Tuesday.

U.S. West Texas Intermediate futures climbed 46 cents, or 1 percent, to $48.35 a barrel.

U.S. crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories declined by 10.2 million barrels in the week ending July 21 to 487 million, compared with expectations for a decrease of 2.6 million barrels.

The market has been buoyed by Saudi Arabia`s announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier.

"This has seen expectations of further drawdown in inventories increase," ANZ said in a research note, referring to the Saudi plans.

Nigeria also agreed to join a push to rein in production by capping or cutting its output from 1.8 million bpd once it stabilizes at that level.

However, the current uptrend in oil prices could be limited to the low $50 per barrel region, according to Ric Spooner, chief market analyst at CMC Markets in Sydney.

"As we approach $50 and into the low $50s, that`s a level that could attract increased U.S. shale oil production if it stays around that level," he said.

On Monday, Anadarko Petroleum Corp said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so, after posting a larger-than-expected quarterly loss.

Oil prices have come under pressure from an oversupply of crude around the globe, brought on in part by rising production from U.S. shale regions.

Indonesia`s energy minister said on Tuesday that Southeast Asia`s top crude producer would be open to rejoining the Organization of the Petroleum Exporting Countries (OPEC) as long as it is not forced to curb its own crude oil production.

(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:

LATEST NEWS

7th Pay Commission: Don't Miss! What government employees should know about salary hike, DA release, arrears clearance

Can't avail LPG subsidy without Aadhaar Card? Here is a way out - check how it can be done through HP, Indane and Bharat Gas via PAHAL scheme

Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification

Subhas Chandra Bose 125th birth anniversary: PM Modi to visit Kolkata to address 'Parakram Diwas' celebrations; will also disburse plot certificates in Assam

Home First Finance Company IPO review: Motilal Oswal recommends subscribe to the issue for Long Term

CBSE Class 10, Class 12 exams 2021: Latest updates, inlcuding date sheet announcement, students must know

7th Pay Commission latest news today: Massive pay plus dearness allowance, house rent allowance; Details of this 7th CPC central government offer at upsconline.nic.in

KBC 12: Amitabh Bachchan to honour '1999 Kargil War' heroes in Kaun Banega Crorepati Grand Finale tonight

Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list

Important notification from HDFC Securities! Can't place any order from this date; will be back after gap on January 25

  • 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