March 19, 2018

Price of crude oil climbs in worldwide market

13 March 2018, 08:16 | Cesar Cruz

Industrial metals slump to a 12-week low; rising supply hits oil

Pipelines at Enbridge Inc.'s tank farm in Oklahoma. Oil futures have been buffeted as U.S. output has increased and crude stocks have swelled to record highs

Helping the dip, hedge funds and money managers cut their bullish wagers on US crude oil for the first time in three weeks, data showed on Friday.

Crude oil futures are trading lower early Tuesday, extending its losses from the previous session.

Oil markets climbed on Monday, March 12, on the back of a drop in the number of United States rigs drilling for more production and as the USA economy continued to create jobs, which industry hopes will drive higher fuel demand, NAN reports. West Texas Intermediate, the US marker, is now near $62 a barrel.

Investors are weighing increased USA supply against the likelihood that the Organization of the Petroleum Exporting Countries will maintain supply cuts that have been in effect more than a year.

"We are maintaining a bearish trading stance in anticipation of a range in nearby WTI between about $58 and $63, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note".

Hours before late Tuesday's American Petroleum Institute's and Wednesday's U.S. Energy Information Administration's weekly inventories report, traders are eying a surge in U.S. production that could push inventories in the U.S. higher.

The oil prices are looking to continue their slump this week as the growing output numbers continue to drive investors wary. ICE gasoil, a benchmark for diesel fuel, changed hands at $571.75 a metric ton, up 0.6% from the previous settlement.

Michael Carrick to hang up his boots at end of the season
He also helped United win the UEFA Champions League (2008), FIFA Club World Cup (2008) and the UEFA Europa League (2017). Now back in action, he is happy to be retiring on his own terms.

The Treasury on Monday sold $28 billion of three-year notes and $21 billion of the 10-year notes, in what analyst George Goncalves called an "on-the-screws type auction".

The increase in rig count in the USA also points to more output to come in the future.

Increased supply did not quell demand for the U. Prices could trade sideways if the dollar strengthens along with stocks. The silver and copper fell by 0.19% and 0.42% respectively.

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.

Wall Street's main indexes closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reversed declines in recent weeks when investors feared that higher wages might lead to price pressures.

Emerging market stocks rose 1.21 percent. DXY fell 0.21 percent, with the euro up 0.27 percent to $1.2338.

Other News

Trending Now

Former Clemson star Sammy Watkins to sign with new National Football League team
On the Rams, though, that tool mostly benefited the likes of Robert Woods , Cooper Kupp and Todd Gurley underneath. Still, now the Rams must alter an offense that was one of the best in the National Football League last season.

Black Panther,' 4 weeks in, tops 'A Wrinkle in Time'
Ryan Coogler published a attractive ode to Ava DuVernay on Friday, the nationwide opening of her Disney film A Wrinkle In Time . In this article, he goes in depth about what makes Ava stand out among her peers, Coogler being one of them.

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.

Joy Behar Of 'The View' Apologizes For Mike Pence 'Mental Illness' Comment
Iger responded by saying that Behar had already apologized to Pence, which he believed was " absolutely appropriate ". Pence said was happy that Behar had apologized to him personally, but wanted her to apologize to all Christians.

Sevilla boss Vincenzo Montella reveals Champions League tactics
He will be hoping to replicate this form in the Champions League, where he is yet to score a goal . Frenchman Lenglet told Spanish broadcaster COPE Sevilla: "I believe we are ready for United".

Switch Parental Controls app has been updated; mentions Switch firmware v5.0
Digital software purchases made from a PC or smart device will henceforth start downloading sooner than with the previous system. Once the download is complete, you'll be asked if you'd like to install the update.

Angry motorists attack driver accused of hit-and-run accident
City of Miami police later confirmed that they'd caught the Infiniti driver and arrested him on a number of (unspecified) charges. The driver was later taken into custody though, at which point a cop remarked that he looked "to be high on narcotics".

Watch the Champions League online
Mourinho confirmed Daley Blind, Marcos Rojo, Ander Herrera and Phil Jones are all injured and will play no part against Sevilla . Mourinho retaliated against Frank de Boer for the criticism made by the Dutchman , and absolutely destroyed the Dutchman.

Bills have 'some interest' in QB Sam Bradford — NFL free agency
Keenum's teams are 20-18 in his games as a starter and he made both of his career playoff starts this past January for the Vikings.

De Boer is worst manager in English premier league history - Mourinho
Not many were expecting you to start against Liverpool and he had a good match not just about scoring goals. United face Sevilla in the second leg of their last-16 Champions League tie on Tuesday.