Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Oil prices start Friday in hesitant rally
by Daniel J. Graeber
Washington (UPI) Nov 18, 2016


disclaimer: image is for illustration purposes only

Crude oil prices moved higher to start the day on Friday on competing strains from production levels outside of OPEC and sentiment for a market deal.

Crude oil prices opened stronger on Thursday on prospects that members of the Organization of Petroleum Exporting Countries were moving in line behind a production ceiling proposed in Algeria in September. The rally fizzled out, however, after a strengthened U.S. dollar adding to renewed questions about the likelihood of a formal agreement.

OPEC is working to build consensus around a proposal to hold its collective production to around 32.5 million barrels per day, the low end of an offer tabled in September in Algeria. OPEC last reported the combined output from its 14 members was 1.1 million bpd higher than that.

Speaking from the sidelines of an energy summit in Doha, Russian Energy Minister Alexander Novak said a "freeze" was a tool that could pull the market back toward balance, though a production cut would be needed in order to meet the latest terms of OPEC's proposal.

Oil prices were moving higher to start the trading day on Friday, following high volatility during the previous session. The price for Brent crude oil was up about 0.7 percent to start trading at $46.83 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, was up 0.5 percent to open in New York at $45.69 per barrel.

OPEC ministers have said cooperation from non-members like Russia may be needed to make any formal agreement stick. Production figures from Norway, meanwhile, show oil production of 1.71 million bpd, 4 percent above October 2015, and 10 percent more than the government expected.

Oil markets are oversupplied. The latest figures from the U.S. Energy Information Administration show U.S. crude oil inventories built up more than 5 million and data from the U.S. Geological Survey show more oil production could be coming out of shale basins in the Lower 48.

Crude oil prices movements could be influenced later in the day when Baker Hughes releases its weekly figures on exploration and production. Any increase in rig activity could indicate confidence is building in the energy sector, but also point to an eventual build in supplies.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Donald Trump will save us, Colorado oil and gas advocates say
Denver (UPI) Nov 18, 2016
A late-term decision from the Obama administration to sideline some Colorado oil and gas reserves drew fire from industry circles anticipating an about-face. "The Obama administration has hijacked federal agencies tasked by law to facilitate responsible energy development instead to do the bidding of radical environmentalists and shut down production," Rep. Rob Bishop, R-Utah, the chair ... read more


OIL AND GAS
UNIST researchers turn waste gas into road-ready diesel fuel

NextCoal to produce bio-coal for export to Japan, bio-oil for domestic use

New biofuel cell with energy storage

Bioelectronics at the speed of life

OIL AND GAS
Africa looks to solar for communities off the grid

Tesla shareholders approve merger with SolarCity

New Jersey's NEP Solar secures major funding agreement

Wind and solar energy projects could bring 5,000 new jobs to rural Minnesota

OIL AND GAS
Owl-inspired wing design reduces wind turbine noise by 10 decibels

DONG Energy sets wind energy sights on Taiwan

Interior set to rule on future of BLM's Renewable Energy Program

Microsoft Corp. taps deeper into wind power

OIL AND GAS
Breakthrough offers greater understanding of safe radioactive waste disposal

French power company EDF underestimating costs: study

Finnish client 'alarmed' by French nuclear industry overhaul

Time to tackle the UK's plutonium mountain

OIL AND GAS
Earth sees hottest year-to-date in modern era: US

UN meeting urges 'highest political commitment' on climate change

Ban 'optimistic' as leaders tackle climate change in Trump shadow

African leaders in Morocco to unify stance on global warming

OIL AND GAS
A novel catalyst design opens possibility to hydrogen vehicle

Five things to know about VW's 'dieselgate' scandal

How much attention do drivers need to pay

VW reaches 3.0-liter diesel agreement with EPA: report

OIL AND GAS
Iraqis move on airports in month-old Mosul battle

A month into Mosul assault, tough fighting still ahead

At Iraq's Nimrud, remnants of fabled city IS sought to destroy

Iraq Christians tell tales of survival in the 'caliphate'

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.