Muted demand drags down crude palm oil futures by 0.13%

Jan 27, 2018, 16:46
Muted demand drags down crude palm oil futures by 0.13%

Dhar says a major influence behind the tightening in global oil markets is the OPEC-led deal amongst OPEC and other allied producers to sideline 1.8% of global supply until the end of 2018.

Global benchmark Brent crude also reversed earlier losses, rising 11 cents to $70.07.

USA benchmark West Texas Intermediate (WTI) oil was up 0.93 percent to $66.22 per barrel.

The market also looked past EIA data showing USA oil production rose to 9.88 MMBPD during the week ended January 19, drawing ever closer to the all-time high just above 10 MMBPD set in November 1970.

More news: California torture house: Teen who escaped overcame tremendous odds

On Wednesday, the U.S. Energy Information Administration reported that U.S. crude inventories fell for a record 10 straight week to the lowest since February 2015.

Income growth also spurs savings, helping increase demand for gold bars and coins. Exports of USA crude have mostly held above 1 million barrels a day since the end of September.

The U.S. dollar rose against a basket of currencies.DXY after President Donald Trump said he wanted a "strong dollar".

John Kilduff, founding partner at Again Capital, noted that "Underpinning this is this weakened dollar: it's an incredible move in the dollar that's propping up commodity prices in general".

More news: Padmaavat: Bikes set ablaze in Gujarat; theatres refuse to screen film

Gasoline reportedly shows a build of 4.12M barrels and distillates show a draw of 1.28M barrels.

Oil markets have been steadily rising since Saudi Arabian-led OPEC agreed to oil production cuts with non-cartel world producers such as Russian Federation. The tighter fundamentals lifted both crude futures benchmarks about 13pc above levels in early December, helped by production curbs by OPEC and Russian Federation, as well as by healthy demand growth.

“That (the producer cut), the US -dollar fall, along with another inventory draw combined to drive (crude) up, ” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. It is thought to have supported the recent oil price rally and helped to clear a global supply overhang.

The two largest oil producers agreed to continue with production cuts until the end of the 2018 fueling hope among some traders that oil prices could head toward the $80 mark by the end of the year.

More news: Man Gets 5-Foot Long Tapeworm From Eating Sushi Everyday

Loading...
loading...
loading...
YOU MIGHT ALSO LIKE
  • Microsoft is hedging its bets on Game Pass to compete with Sony

    Microsoft is hedging its bets on Game Pass to compete with Sony

    Microsoft has announced it is expanding Xbox Game Pass and will start releasing first-party Xbox One exclusives through the subscription service.
    Princess Eugenie Set to Marry Long-term Boyfriend Jack Brooksbank

    Princess Eugenie Set to Marry Long-term Boyfriend Jack Brooksbank

    Duchess Sarah Ferguson , left, tweeted five separate posts featuring romantic photos of Princess Eugenie and Jack Brooksbank . Brooksbank has been working as a brand ambassador for Casamigos tequila's expansion into Britain and Europe.
    Barcelona denies any contact with Griezmann

    Barcelona denies any contact with Griezmann

    Reports in Spain suggested the Catalan club were close to agreeing a deal for the France global which would see him join in the summer.
  • Dog almost  died after owner dyed it purple

    Dog almost died after owner dyed it purple

    Right, listen up dog owners - no matter how cute you think it would be DO NOT dye your dog purple, or any colour for that matter. The Maltese dog was brought in by the Animal Services after its previous owners dyed the poor dog's hair with violet dye.
    The Shape of Water scores big with 13 Oscar nominations

    The Shape of Water scores big with 13 Oscar nominations

    Steven Spielberg was overlooked despite The Post landing a Best Picture nomination. This year's Oscar nominations , announced overnight, were a charged affair.
    Jones: United can still catch City

    Jones: United can still catch City

    While nothing is flawless in a club, Manchester United are run pretty much how Mourinho would want it to be. Mourinho is now midway through the three-year deal he signed when he succeeded Louis van Gaal in May 2016.
  • Mary Lou McDonald set to be next Sinn Féin president

    Mary Lou McDonald set to be next Sinn Féin president

    She also said: "I believe we are capable of achieving anything that we set our minds to". "Standing still is not an option. Party president Gerry Adams announced his intention to stand down in November after more than three decades at the helm.
    It also said

    It also said "identity politics" could fan geopolitical and domestic risks

    The risk of extreme weather ending human existence is topped only by the risk posed weapons of mass destruction . WEF stated this in its Global Risks Report 2018 , that was released wednesday .
    Sunday Faleye's solitary goal secure maximum points for Nigeria

    Sunday Faleye's solitary goal secure maximum points for Nigeria

    This was after Emeka Ogbugh forced Libya keeper Muhammad Nashnoush into a good save with a header after some good work by Faleye. Later on Friday, Rwanda picked up their first win of the tournament with a 1-0 victory over Equatorial Guinea .
  • Several dead as gunmen attack top Kabul hotel, take hostages

    Several dead as gunmen attack top Kabul hotel, take hostages

    Captain Tom Gresback, spokesman for the NATO-led Resolute Support mission in Afghanistan said they were also watching closely. Reports say insurgents have entered the building as police have cordoned off the area, APA reports quoting Sputnik.
    NASA bumps astronaut off June spaceflight in rare move

    NASA bumps astronaut off June spaceflight in rare move

    Nasa has not given an explanation behind pulling back her but rather says she will be considered for future missions. Epps, an engineer who has been training in Russian Federation for the flight, will be considered for future missions.
    Spain, Portugal seize cocaine smuggled inside pineapples

    Spain, Portugal seize cocaine smuggled inside pineapples

    Along with the pineapple discovery, authorities also dismantled a lab where the cocaine was being cut with additives. Police seized 745kg of the drug hidden in the fruit along with €400 000 (£352,000) in cash, according to Reuters .
popular