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Oil prices fall on relentless rise in U.S. crude output
13 March 2018, 12:06 | Cesar Cruz
Analysts Differ on US Shale's Sustainability but Doubt OPEC's Prospects of Market Control
File picture shows pump jacks near vast Monterey shale formation in the Midway Sunset oilfield, California, April 29, 2013.
Williams also pointed out that based on the figures, US shale plays this year will "add enough to USA production to match all the oil Venezuela now produces".
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.25 a barrel at 0414 GMT, down 11 cents, or 0.2 percent, from their previous close.
Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in US crude output weighed on markets. The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.
"A falling rig count and the strong employment data may have helped support prices", NAN quoted William O'Loughlin, investment analyst at Rivkin Securities, to have said.
Eddy Cue: Apple Music reaches 38 million subscribers
South Africans already have a wide choice of streaming options, from Google Play Music to Apple Music, and Simfy Africa to Deezer. The big question, though, remains whether or not Apple Music will ever be able to eclipse Spotify .
The US economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.
Oil futures settled lower Monday, as the latest data fed expectations that USA output will continue to rise this year, erasing some of the price gains scored late last week on a lower weekly US oil-rig count.
Iran wants OPEC to work to keep oil prices around $60 a barrel to contain US shale producers, Oil Minister Bijan Zanganeh told The Wall Street Journal in a rare interview, while Saudi Arabia has played down shale's ability to upset the market and has indicated $70 for oil is acceptable. "Rising production and inventory in the United States has been reducing fund sentiment since it peaked at the end of January", ING said in a note.
Investors are said to be weighing rising USA output (which continues to climb even though rig counts were cut slightly last week) and supply against the possibility that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers will maintain its supply cuts this year and possibly even next.
On Sunday, Iranian oil minister Bijan Zanganeh said Opec could agree in June to begin easing current production curbs in 2019, the Wall Street Journal reported.
Serena Williams to launch cosmetics line
The sisters first played each other competitively at the Australian Open way back in 1998, with Venus triumphing in straight sets. Venus' last defeat of her younger sister was at the Canadian Open in 2014, where she prevailed in a three-set semi-final.
What Can Be Done for a Nuclear Deal with North Korea?
On Saturday, Trump said his talks with Kim could end with no agreement or they could be "the greatest deal for the world". Mr Pompeo said United States military exercises in the region would continue in the lead-up to the talks.
Randle shines for Lakers against Cavs
Former Lakers fan favorite Larry Nance Jr . added 16 points while Jordan Clarkson was limited to four points in 16 minutes. Smith combined for just 10 points and struggled from the field, shooting a collective 3-for-15 (20 percent).
Neymar Jr May Have Played His Last Game For PSG
Rakitic told reporters that Neymar is one of the players who he will always like to have in his team. When Neymar joined Paris Saint-Germain in August it sent shockwaves through European football.
Buhari to query IGP Idris over Benue
Governor Samuel Ortom said the recent attacks had displaced 170,000 people with children of school age constituting 60 per cent. Akume expressed the anger of the Tivs with the president over the way and manner he handled herdsmen killings in the state.
Yankees agree to deal with Neil Walker
After finishing one win away from the World Series last season, the Yankees appear to be all-in on another run in 2018. This may not be the last deal of the off-season as the Yankees are still scouting the market for a starting pitcher.