. Military Space News .
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 Space Media 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.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork 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
Saudis intercept missile fired from Yemen

US general says missile system in S. Korea in 8-10 months

Yemen rebel missile shot down near Mecca: coalition

US to deploy missile defense to South Korea 'soon'

OIL AND GAS
Officials announce missile cooperation between U.K., France

Iran missile programme 'non-negotiable': spokesman

USS Carl Vinson test-fires Rolling Airframe Missile, Phalanx

Is China's new short-range missile system designed to compete with Iskander

OIL AND GAS
State Dept. approves sale of 26 Predator B drones to U.K.

India's Rustom-II combat UAV completes first flight test

A tethered drone-based asset management solution

Pie in the sky: New Zealand makes pizza drone delivery

OIL AND GAS
NSA gives Type1 certification to Harris radio

Upgraded telecommunications network for Marines

Unfurlable mesh reflectors deploy on 5th MUOS satellite

Ultra Electronics, GigaSat becomes channel partner for Milspace comms in Indonesia

OIL AND GAS
European Defense Agency helps tackle IEDs

CACI providing ISR services to Navy

MBDA demos laser effector

Thales Australia delivers Hawkei military vehicles

OIL AND GAS
U.S. Foreign Military Sales hit $33.6 billion for 2016

After State Dept. blocks the sale, Rodrigo Duterte cancels order for 26,000 U.S. M16s

UK ex-minister says MoD misled him over Saudi arms deal

Turkish foreign minister hits back at 'weak' Iraq PM

OIL AND GAS
Japan PM confident in Trump's diplomacy debut

Britain deepens defence ties with France, despite Brexit

US troops train in Philippines despite Duterte threat

Signs of infighting as Trump weighs key posts

OIL AND GAS
Researchers use acoustic waves to move fluids at the nanoscale

Researchers use graphene templates to make new metal-oxide nanostructures

Nano-scale electronics score laboratory victory

First time physicists observed and quantified tiny nanoparticle crossing lipid membrane









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.