OPEC makes last-ditch bid to save oil deal as tensions grow

The markets traded higher early in the week on optimism that OPEC and other major producing non-member countries would agree to production cuts in an effort to lower supply and stabilize prices. In addition, the threat of US production could also hinder crude oil price movement in the coming days, even if OPEC producers agree to make a combined cut on Wednesday.

A similar OPEC and non-OPEC meeting in October resulted in no specific pledges from outside producers to cut output, with attendees citing the lack of an internal OPEC agreement. Libya and Nigeria want to be exempted.

After more than nine hours of talks, Iran and Iraq continued to insist on higher output numbers, said the sources, who were not allowed to speak publicly about the matter. That would leave the energy industry unsure about the prospects for a sustained market recovery and any loss of momentum will prompt investors to sell down oil-linked assets.

Iran has previously said it will not halt production until it raises its crude output to pre-sanction levels of 4 million barrels per day.

In addition, Iran's oil ministry's news service Shana posted an article on Tuesday in which it discusses Saudi Arabia's positions and invokes the impact U.S. President-elect Donald Trump would have on oil markets. The preliminary deal has limited output of OPEC to between 32.5 million and 33 million bpd.

PV Sindhu breezes past Sun Yu to win maiden China Open title
Sindhu dished out a dominating game as she zoomed to a healthy 11-5 lead early on. "Yes, that is what makes it so memorable". The three game match look so interesting with PV Sindhu leading the game in the beginning with a more than 3 points.

Russian Federation says that a freeze is fundamentally a cut as the country planned to enhance output in fiscal 2017.

The movement of the oil price followed the news associated with the potential OPEC deal. The refined price is more expensive than the crude price, but it does tend to move up or down in line with crude oil.

Bouterfa also shared Zanganeh's view that oil prices would touch a target $50-55 per barrel well in 2017 should OPEC hits a deal; "if we fail to keep the deal alive, prices will plummet well below $50 per barrel", he added.

Saudi Arabia, once seen as fabulously wealthy, is projecting a budget deficit of $87 billion in 2016.

Oil prices regained some ground after steep losses made since Friday in choppy trading ahead of a planned producer meeting on Wednesday aimed at reining in global oversupply. President-elect Donald Trump has promised to reduce restrictions on shale oil, which would further increase global supply.

  • Ravens poised for stretch drive; Bengals' run is a stretch

    After connecting from 52, 57, 54 and 36 yards, Tucker is 27 for 27 and has made all 15 of his conversion attempts. According to the NFL, Tucker is also the first to have such a hat trick in the first half of a game.
    Third death may be linked to asthma crisis

    Third death may be linked to asthma crisis

    Similar thunderstorm asthma events have struck Melbourne in 2010 and 2011 , although this week's incident was far more serious. Melbourne's thunderstorm asthma event was caused by extreme levels of rye grass pollen in the air whipped up by strong winds.
    IN  vs. Michigan: Game Grades, Analysis for the Wolverines

    IN vs. Michigan: Game Grades, Analysis for the Wolverines

    He is 99 yards away from giving Indiana a player with consecutive 1,000-yard rushing seasons since Vaughn Dunbar in 1990 and 1991. It resulted in a 20-10 victory. "The offense did some things they needed to against a great defense", said IN coach Kevin Wilson.
  • Aus deny SA Test series sweep

    Aus deny SA Test series sweep

    There were some new players who came in, they stood up and we showed some fight and character. Stephen Cook, the opener, delayed the end as much as he could with a defiant century (104).

    Panthers QB Cam Newton bring back the dab, sets passing, rushing record

    Now, the Chiefs have reeled off four straight wins to sit at 6-2 on the season, good enough for second-place in the AFC West . Cam Newton and the Panthers run game is firing on all cylinders, but gets a stiff Chiefs run defense this weekend.

    Patriots fight through weather to beat Niners

    It was also a homecoming game for Edelman who turned in a solid performance with 77 yards on eight catches and one touchdown. SOUVENIR BALL: Phil Dawson will find a special place for this souvenir ball - the one from his 400th field goal Sunday.
  • 6 tips to protect yourself on Cyber Monday

    6 tips to protect yourself on Cyber Monday

    Don't pay by bank transfer - try to use a credit card if possible as this offers protection for goods costing more than £100. The Monday after Thanksgiving - dubbed "Cyber Monday" - is the most popular day in the year for online shopping.

    Will Shoppers Buy on Cyber Monday?

    Amazon says they plan to offer over 75,000 just on Monday and they will continue to offer new deals throughout the entire week. Research firm comScore had predicted online spending on Cyber Monday will jump to $3.5 billion from $3.12 billion a year ago .
    Laurie Hernandez's joyful freestyle on 'DWTS' finale

    Laurie Hernandez's joyful freestyle on 'DWTS' finale

    Producers arranged for Johnson Jr.'s son Caleb, 2, to surprise him on camera in the night's most heartwarming moment. Amidst her grief, Hernandez showed her commitment towards her " Dancing With The Stars " journey.
  • Houston's Herman leaving for Texas

    In 1999-Brown's second season as Texas head coach-Herman was hired on as a graduate assistant and worked with the offensive line. Editor's note: This story has been edited by KSAT.com to reflect new information released by the University of Texas at Austin .

    Spartans hoping to upset Penn State in season finale

    You look at it, I think we have 12 seniors, four of which are starting for us, or five, excuse me, if you count special teams. Instead of launching into " Michigan State , Michigan State, Michigan State ", he refreshingly addressed the issue.

    John O'Korn Essentially Guarantees Victory Over Ohio State

    That is not likely with most teams sitting at 11 games played and one game of bad stats would not totally skew the numbers. In the '70s, the ten-year war. "I know exactly what play it was that I missed a cut", Smith said.