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 on weak dollar, Gulf tensions as producers set to meet

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jul 21, 2017
02:54 pm
Reuters

Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday.

Investors were also taking positions ahead of a meeting between OPEC and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts and progress towards rebalancing an oversupplied market.

Benchmark Brent crude futures were up 24 cents at $49.54 a barrel at 0822 GMT on Friday, while U.S. West Texas Intermediate (WTI) crude futures traded at 47.09 a barrel, up 17 cents.

"The weak dollar, the rising tension between Kuwait and Iran and the upcoming meeting in St. Petersburg should all contribute to some kind of short-covering today," Tamas Varga, senior analyst at London brokerage PVM Oil Associates, said.

The dollar index fell to the lowest in more than a year on Friday, incentivising the purchase of dollar-denominated commodities such as crude oil. [FRX/]

OPEC members Iran and Kuwait are embroiled in a diplomatic spat that saw Kuwait ordering the expulsion of the Iranian ambassador and other diplomats for alleged links to a "spy and terror" cell.

The expulsions were an unusual move for Kuwait, which typically avoids conflict and has worked at keeping good relations with all countries in the region.

The tensions come just days ahead of the oil producers` meeting. OPEC, together with some non-members like Russia, has pledged to cut production by 1.8 million barrels per day (bpd) between January this year and March 2018.

The Unites Arab Emirates` Energy Minister said on Friday he hoped that production cuts would have a significant impact in the third and fourth quarter.

Jefferies said "actions from the next OPEC/non-OPEC working committee meeting seem unlikely".

But "if OPEC is to achieve its objective of bringing OECD inventories back to normal levels it will need to take further steps", the U.S. investment bank added.

(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

NEW RESTRICTIONS in Maharashtra from 8 PM TOMORROW, CM Uddhav Thackeray says in his address to the STATE

In chat with Anil Singhvi, analyst Vikas Sethi recommends Tata Motors, JSPL as top buys for big gains

CBSE Board Exam 2021: Cancel exams? 'CANCEL CBSE EXAMS', says Arvind Kejriwal - latest news and updates here

Anil Singhvi recommends BUY on DLF; know the key levels and TARGET here

NATA 2021 Result to be ANNOUNCED on THIS DATE at nata.in - check all details here

Mid-Cap Stock Picks With Anil Singhvi: Aarti Surfactants, Greaves Cotton and FDC are top recommendations

Infosys results TODAY: Expert pegs target price at Rs 1560-Rs 1600

Stocks to Buy with Anil Singhvi – Experts Kunal Saraogi, Rakesh Bansal pick Laurus Labs as their Special Pick for today

PUBG Mobile Update: Massive achievement for PUBG New State; Check details NOW

Yes Bank share price today: Expert says that immediate support is at Rs 13.70 while resistance is at Rs 15.30 levels

  • 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