![]() (Only the headline and picture of this report may have been reworked by the Business Standard staff the rest of the content is auto-generated from a syndicated feed.)īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. (Additional reporting by Mohi Narayan in New Delhi and Yuka Obayashi in Tokyo) He is expected to stress the Fed's focus on controlling inflation. Market participants will be watching Federal Reserve Chair Jerome Powell's speech at the Jackson Hole central bank symposium on Friday. government figures are due out on Wednesday. Analysts had estimated a drop by 900,000 barrels in a Reuters poll. 19, according to market sources citing American Petroleum Institute figures. crude stockpiles fell by about 5.6 million barrels for the week ended Aug. ![]() "Elsewhere, future supply outages in Libya cannot be discounted while Nigeria's oil fortunes show little sign of improving." "Global oil supply could take a hit as peak U.S. "The oil price and supply outlook suggest that an OPEC+ cut is not currently warranted," PVM analyst Stephen Brennock said, outlining possible threats to supply underpinning the market. OPEC+ is already producing 2.9 million barrels per day less than its target, sources said, complicating any decision on cuts or how to calculate the baseline for an output reduction. official said on Monday that Iran had dropped some of its main demands on resurrecting a deal. OPEC sources later told Reuters any cuts by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, were likely to coincide with a return of Iranian the market should Tehran secure a nuclear deal with world powers.Ī U.S. crude was up $1.18, or 1.3%, at $94.92 a barrel.Ĭontracts for both crudes soared on Tuesday after Energy Minister Prince Abdulaziz bin Salman flagged the possibility of cutting production amid poor futures market liquidity and macro-economic fears. LONDON (Reuters) -Benchmark Brent oil climbed above $100 a barrel on Wednesday after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn.īrent for October settlement reached a three-week high, trading up $1.30, or 1.3%, at $101.52 a barrel by 0850 GMT.
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