Oil nears $55 at 16-month high as OPEC deal fuels buying
05:22, Dec 10, 2016
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U.S. West Texas Intermediate crude futures fell $1.05, or 2 percent, to $50.74 per barrel.
Futures slid as much as 1.7 percent in NY after advancing 15 percent over the previous four sessions.
Oil prices have climbed above $51 a barrel after OPEC agreed on Wednesday to reduce the group's output by 1.2 million barrels a day by January, while Russian Federation pledged a cut of as much as 300,000.
"This is Opec's first production cut in eight years and the first in 15 years that non-Opec Russia will also join production..."
"Most of the position adjustments that the OPEC decision forced upon traders have now run their course and it leaves the market exposed to profit taking", said Ole Hansen, head of commodities strategy at Saxo Bank, citing surveys pointing to record production from OPEC during November.
The Automobile Association (AA) says Thursday's price rise was not because of the spike in oil prices due to the OPEC deal.
Barkindo said OPEC has invited non-OPEC countries Russia, Colombia, Congo, Egypt, Kazakhstan, Mexico, Oman, Trinidad and Tobago, Turkmenistan, Uzbekistan, Bolivia, Azerbaijan, Bahrain and Brunei to a meeting on December 10 to discuss their contribution. Prices rose 12 percent last week.
Brent futures, the global benchmark used to trade oil, soared to their highest since July 2015 at $55.33 a barrel.
USA crude for January delivery CLc1 was up 40 cents at $51.24 a barrel.
"The extent to which the announced plans will be carried out and actually reduce supply below levels that would have occurred in their absence remains uncertain", the report said.
But analysts said that based on the figures provided, the actual production ceiling appears to be 32.68 million barrels a day (bpd), which is nearly 200,000 bpd higher than the new target.
Meantime, expectations are that gasoline prices will also rise in 2017, though by a smaller margin than diesel and crude oil.
Saudi Arabia and Iraq plan to supply full contracted volumes of crude to Asia in January, despite the cut commitments.
Previous production cut deals have been made in the past, it remains to be seen if members will follow through on the cuts, as well as the impacts on oil production in non-member nations, including Russia, Canada, and the U.S.
But being a student of the Bills recent sorry history I don't see that happening. "It's an exciting time in Oakland", Carr said. Malcolm Smith leads the Oakland Raiders with 72 tackles, Khalil Mack has 10 sacks and Reggie Nelson has three interceptions.
This game has been a premier bowl game for eight decades, and previous year , it hosted a College Football Playoff semifinal. Michigan's rooting interests are pretty close, but the edge goes to Penn State because they are now ranked slightly lower.
Penney Co Inc and Macy's Inc were among department stores that had more promotions this year, Deutsche Bank analysts said. Amazon .com, which again stepped up its holiday push, said orders were stronger on this year's Black Friday than last.
Recruiting week: Ohio State didn't play in the Big Ten championship, so its coaches put the week to use on the recruiting trail. The Tigers are 5-0 ATS in their last 5 bowl games and the over is 5-0 in Tigers last 5 vs. a team with a winning record .
Sunday's game marked the first time this season that the retractable roof was open for a game at University of Phoenix Stadium. Add in his hop-and-speed-burst 25-yard screen pass touchdown earlier, and they were just a couple of Johnson's highlights .
A loss to Virginia Tech would be the worst loss any of the teams who realistically have a shot at a playoff spot could have. And of course it'll be more fodder for those who say, well, the playoffs should be eight teams at least, not four.
"I think the United States side, including president-elect Trump and his team is also very clear about [this]". To another burst of laughter, he added "I would expect more of this kind of creativity" from President Trump.
The former Auburn standout was one of the seven players designated as inactive for the Rams' game against the New Orleans Saints . Asked on Friday how he thinks New Orleans fans might receive him this weekend, the 58-year-old said: "It's not about that".
However he hopes that West Ham's performances last season have earned him the credit to be allowed to turn his team around. Speaking after the match, Bilic said: "We had some good spells in the game like we've had some good spells in the season".
This year, a healthy Barrett led Ohio State to a double-overtime win at home over MI to ultimately lock down the playoff spot. No semifinalist for the second time in three years because its champion, Oklahoma, was only No. 7 in the final rankings.
Mike Tomlin has been working hard at fixing the multiple problems that he said were plaguing the Steelers a few weeks ago. NY finally found the end zone again with 24 seconds to play on Manning's 1-yard toss to Sterling Shepard .
This amount, it says, might only be enough for the company to pay off debts to its suppliers and complete the transaction. Aside from Fitbit and Pebble , the top wearable companies are Apple (high-end), Xiaomi (low-end), and Garmin (mid-range).
Stafford throws for 341 yards, Lions beat Saints 28-13
Drew Brees let a shotgun snap sail through his hands for a 22-yard loss on the New Orleans Saints' third play against Detroit . Somehow, they managed to come back and win seven of those games - an outcome that had a 0.0025 percent chance of happening.
Did the College Football Playoff pick the four best teams?
The Huskies had three wins against teams ranked in the final College Football Playoff top 20, Penn State had only two. What could provide more consistency, more objectivity while removing much of the subjectivity, is a bigger playoff.
For Lions and Badgers, Big Ten title is lone focus
Penn State is going to sell out to stop Corey Clement, and how successful they are will go a long way to determining the game . Musso, Tindal, Dixon and returning starter Sojourn Shelton have combined for 16 of Wisconsin's FBS-leading 21 interceptions.
Mayfield, Oklahoma top Oklahoma St. 38-20 to win Big 12
After an ugly first four drives that featured four punts, both teams adjusted to the conditions to find some offensive rhythm. No one expected much of the Cowboys, which was why their come-from-behind win in overtime over the Sooners was so shocking.
Ohio State stays at No. 2
In addition to Washington and Colorado, Pac-12 teams in the CFP rankings include: No. 11 USC , No. 18 Stanford and No. 20 Utah . He added the committee doesn't "look ahead" to the possibility of Penn State winning the conference champion in its ranking.
ACC Championship: Opposing coaches almost worked together
Watson and Scott were consensus first-team all-conference picks previous year , and Gallman was on the coaches' first-team ballot. Q: If Virginia Tech's going to pull this off, what must happen? Now the Hokies get to face Clemson in the ACC Championship Game.
How a blocked field goal changed Penn State's season
Even though the Buckeyes aren't in the Big Ten championship game, they are nearly certainly in the playoff field. At No. 3, Clemson moved up to replace MI following the Wolverines' loss to the Buckeyes on Saturday.
Facebook adds free games like 'Pac-Man' to Messenger app
To keep you on Facebook longer or at least using its chat app, Facebook has launched an Instant Games feature for Messenger . Games will also begin to show under Messenger's search field and Facebook's News Feed, allowing for cross-platform play.
OPEC meeting close but not many optimistic on agreement
Benchmark U.S. crude added 33 cents to $45.56 a barrel in electronic trading on the New York Mercantile Exchange. However, if the organization can reach an agreement, analysts see oil prices jumping to $50 a barrel or greater.