Sign in
|
Register
International Edition
Home
Business & Finance
Investing Tools
News
Live Quote:
On
RSS
My Page
|
Contact Us
RSS
Markets
|
Industries
|
Stocks
|
Analysis Reports
|
Expert Ideas
|
World Indices
|
Currencies
|
Commodities
RSS
Company A-Z
|
Stock Screener
|
My Portfolios
|
Streaming Quotes
|
Technical Analysis
RSS
Markets
|
Companies
|
Banking & Finance
|
Economy
|
Real Estate
|
International
Quotes
News
Reports
Investing Tools
Company A-Z
Company Search
Stock Screener
Portfolios
Trigger Alerts
Technical Analysis
Live Terminal
Mobile Tools
Useful Links
My Profile
My Favorites
Saturday, April 27, 2024 2:11:59 AM
-
Markets open
VN-INDEX
1,209.52
+4.55/+0.38%
HNX-INDEX
226.82
-0.75/-0.33%
UPCOM-INDEX
88.76
+0.43/+0.49%
U.S. oil ticks up for second day on record OPEC output cut compliance
Reuters - 2/28/2017 9:17:47 AM
(
0 ratings. You must sign in to rate.
)
Print
|
Add To Favorites
|
Email
|
RSS
U.S. crude oil edged higher for a second day on Tuesday, underpinned by high compliance with OPEC's production cuts even as the market remains anchored by rising U.S. production.
West Texas Intermediate crude oil added 11 cents, or 0.2 percent, to $54.16 a barrel by 0154 GMT, while benchmark Brent crude oil added 18 cents, or 0.3 percent, to $56.11 a barrel.
OPEC has so far surprised the market by showing record compliance with oil-output curbs and could improve further in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets.
"With the prospect of OPEC extending the current cuts even longer, we would expect to see prices continue to push higher from here," ANZ said in a note.
Under the deal, the Organization of the Petroleum Exporting Countries agreed to curb output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers agreed to cut around half as much.
A Reuters survey of OPEC production later this week will show compliance for February.
Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week, anticipating an energy market rally as the OPEC output cut slashes supply.
At the same time rising U.S. oil production continues to limit gains.
U.S. producers boosted crude production to over 9 million bpd during the week ended Feb. 17 for the first time since April 2016 as energy firms search for more oil, according to federal data.
U.S. drillers added five oil rigs in the week to Feb. 24, bringing the total count up to 602, the most since October 2015, energy services firm Baker Hughes Inc said on Friday.
A bearish target at $53.37 per barrel has been aborted for U.S. oil, as it seems to have stabilized around a support at $53.99, said Wang Tao, Reuters market analyst for commodities and energy technicals.
Brent oil looks neutral in a range of $55.93-$57.26 per barrel, and an escape could suggest a direction.
Newer News
09/12
Measures needed to help SMEs tap ASEAN market: seminar
24/08
Upstream oil businesses profit from higher rents and limited supplies
06/03
Taxing second homes must be studied carefully: experts
21/09
Central banks set to hit peak rates at faster pace
23/03
Policymakers fear high inflation and unemployment
17/03
Current global inflation a worrisome situation
26/01
ASEAN+3 economic prospects positive in 2022
30/12
Cryptocurrency continues to be attractive investment channel next year
13/08
Biden, Harris vow to 'rebuild' America post-Trump
05/01
Game-changing strategy for smart manufacturers
Older News
28/02
Asian shares edge up, await Trump's policy speech
28/02
Dow hits 12th record high close; Trump talks up infrastructure spending
27/02
Asia stocks erase losses but some investors await Trump talk
24/02
Dollar nurses losses from this week's Fed minutes
24/02
U.S. oil slips as stockpiles rise for seventh week
24/02
Asian share off 1-1/2-year high, Trump's yuan comment in focus
23/02
U.S. oil rises after report shows drop in stockpiles
23/02
Dollar steadies after slipping in knee-jerk reaction to Fed minutes
23/02
Asia stocks ease, dollar steadies after Fed-led losses
22/02
U.S. oil holds near seven-week high; OPEC upbeat on output curbs
Newsletter Signup
*
*
Top Stories
Businesses concerned about rising exchange rate pressure
Gold bar auction to be resumed after 11 years of suspension
PM Chính requires strengthened gold market management
Bank shareholders to receive high dividends, stock bonuses
Shares sustain gains on strong investor confidence
Market Update
HOSE
HNX
UPCOM
World
Last updated at
3:05:00 PM
VN-INDEX
1,209.52
+4.55/+0.38%
Top 5 Actives
Top 5 Gainers
Top 5 Losers
Market Overview
My Favorite Quotes
Recent Quotes
Portfolio Summary
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Current value:
Total gain/loss:
/
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
Choose a sector
Basic Materials
Industrials
Consumer Goods
Health Care
Consumer Services
Utilities
Financials
Technology
Oil & Gas
Telecommunications
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple
Portfolios
to help you better manage your investments.
Trigger Alerts
Get up-to-date
alerts
delivered directly to your email address.
Stock Screener
Allow you to
filter the market
and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME
streaming quotes
for hundreds of stocks from HOSE, HNX and UPCOM exchanges.