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Saudi Arabia comes to rescue of oil markets, but sentiment remains fragile

last week’s comments from Saudi Arabia’s Energy and Industry Minister Khalid Al Falih on the extension of the six-month output cut may continue to sooth frayed nerves, especially among traders who are still reeling from falling oil prices, but analysts say positive sentiment still remains fragile. On Friday, Brent crude traded at $51.76 per barrel, after falling more than 10 per cent from the recent high of $57 per barrel. The drop was triggered by rising US oil inventories and shale output. Mr Ole Hansen, head of commodity strategy at Saxo Bank, said that “The soothing comments from Saudi Arabia […]

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Oil prices seen stuck below USD 60 this year as high stocks persist

According to energy lender Arab Petroleum Investment Corp, an historic agreement between OPEC countries and other oil producers to reduce their output won’t be enough to nudge crude prices above $60 a barrel this year. Consumer countries have built up large stockpiles of crude during nearly three years of low prices, and U.S. shale production is rebounding as prices have recovered since OPEC reached the production deal November. That means the process of balancing the market will take at least until the second half of this year, the company known as Apicorp said Monday in a report. It said that […]

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OPEC leans towards oil cut extension, but non-members need to be in

OPEC oil producers increasingly favour extending beyond June a pact on reducing crude supply to balance the market, although Russia and other non-members need to remain part of the initiative. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for six months, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much. The deal has lifted oil prices, but inventories in industrial nations are rising and higher returns have encouraged U.S. companies to pump more. A growing number of OPEC […]

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