Oil Eases Below $49

Oil Eases Below $49

Oil slipped from a six-month high to trade below $49 per barrel on Tuesday after a deal between Libyan factions brought higher output a step closer, although outages in Nigeria and Canada lent support. The Libyan factions agreed in principle at talks in Vienna to have one oil organization, Reuters reported. Most of the OPEC member’s output is offline because of conflict. Traders were also eyeing the restart soon of some of the shut Nigerian output.
Brent crude traded at a six-month high of $49.47 intra-day before slipping 17 cents to settle at $48.80. US crude was up 11 cents at $47.83, having reached $48.42, its highest since October. Beside unplanned outages, supply from non-OPEC countries is expected by the International Energy Agency and other forecasters to fall this year and output in some OPEC nations such as Venezuela is suffering because of a cash crunch.
“Globally, there are still a lot of supply disruptions and this comes on top of natural declines,” said Olivier Jakob, oil analyst at Petromatrix. “It does bring forward the expected rebalancing in the second half.”

Short URL : http://goo.gl/bq9aZD
  1. http://goo.gl/kuixQ6
  • http://goo.gl/wVoRq9
  • http://goo.gl/QOpqqW
  • http://goo.gl/l7a0LB
  • http://goo.gl/nkDNIG

You can also read ...

US May Impose Sanctions on China for Buying Iranian Oil
The United States is prepared to impose sanctions on all...
Total to Boost Its Nigeria Output
French supermajor Total will increase Nigeria’s oil production...
Aramco Investments Aimed at Future Oil Demand
Saudi state oil giant Saudi Aramco remains committed to...
Libya’s Oil Security Concerns Increase Freight Premiums
Persistent security concerns over Libya’s oil export capacity...
Seoul Worries Over Condensate Supplies
South Korea is seeking a sanctions waiver from the US to...
Call for Expediting Electricity Joint Ventures With Armenia
Measures should be taken to expedite joint projects between...
50 NIDC Contracts for  Local Manufacturers
The National Iranian Drilling Company has commissioned...
Iran uses a pricing formula whereby gas feedstock is offered to petrochemical plants at 9 cents per cubic meter.
Although Indian investors have signaled their interest in...