69528
Oil Near $53
Oil Near $53

Oil Near $53

Oil Near $53

Oil traded near $53 a barrel on Tuesday, close to a two-month high, supported by signs that a persistent inventory glut is starting to ease and strong global demand, although stronger OPEC production kept a lid on gains.
Brent crude, the international benchmark, was down 9 cents at $52.63 a barrel. The contract traded intraday at $52.93, the highest since May 25. US crude was up 1 cent at $50.18, CNBC reported.
“The most bullish argument looking forward is that we are now in the second half of the year,” said Tamas Varga of oil broker PVM. “Global demand is expected to pick up significantly.”
Some forecasters, including the International Energy Agency, have been raising their demand estimates. BP, which reported earnings on Tuesday, was upbeat, seeing demand growing by 1.4 to 1.5 million barrels per day.  The Organization of Petroleum Exporting Countries, as part of a deal with Russia and other non-members, is reducing output by about 1.2 million bpd from Jan. 1, 2017, until March next year to get rid of excess supply.

Short URL : https://goo.gl/yGnWfR
  1. https://goo.gl/cLsUc8
  • https://goo.gl/Hi7iu4
  • https://goo.gl/P5QHi6
  • https://goo.gl/GEcSwc
  • https://goo.gl/TzajsD

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
Private Investors Get Green Light for Renewable Exports
The Energy Ministry has called on the Renewable Energy and...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus