page contents
Connect with us

Business

Trump and curbs supply ignore by Opec gives hope to rising Oil price

Published

on

Oil rose for a second day on Wednesday, buoyed by an unexpected decline in US crude inventories and after Saudi Arabia appeared undaunted by pressure from US President Donald Trump on oil cartel Opec to prevent steeper price rises.



Saudi energy minister Khalid al-Falih said Opec and its partners were “taking it easy” in response to a tweet from Trump on Monday that called on the group to slacken its restrictions on crude production.

“We are taking it easy. The 25 countries are taking a very slow and measured approach. Just as the second half of last year proved, we are interested in market stability first and foremost,” Falih said in Riyadh when asked to comment on Trump’s tweet, CNBC reported.

IMG-20180912-WA0030

The oil price has risen by almost a quarter so far this year, after Opec, together with other producers such as Russia and Oman, agreed to cut output to avoid the build-up of a global surplus, particularly as US output has boomed.

Brent crude futures were up 67c on the day at $65.88 a barrel at 10.15am GMT, while US futures were up 75c at $56.25 a barrel.

“Trump tweeted and Opec replied. It was not the message he wanted to hear so the story is not over yet,” PVM Oil Associates strategist Tamas Varga said.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Based on current market data, the so-called Opec-plus group is “likely to continue with the production cuts until the end of the year”, a Gulf Opec source told Reuters on Tuesday.

Russian energy minister Alexander Novak also said this week that the oil market was more or less stable and price volatility, which is unwelcome to both producers and consumers, was low.

Also underpinning the oil market on Wednesday was a surprise drop in US crude inventories, which fell by 4.2-million barrels in the latest week, according to the American Petroleum Institute (API). This compared with forecasts in a Reuters survey for a rise of 2.8-million barrels.

Official data will be released by the US Energy Information Administration (EIA) after 6pm GMT on Wednesday.

Said Benjamin Lu of Singapore-based brokerage Phillip Futures, “Crude oil futures bounced as Opec members remained firm on planned production cuts despite heightened political pressure from Trump early this week.”

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE

-Reuters

Continue Reading
Advertisement

24 Hours Across Africa

India dismissed 15 top officials

Published

on

images

Source:Reuters

India on Tuesday sacked 15 senior tax officials facing probes in corruption cases, sending across a tough message to bureaucrats taking kickbacks for facilitating tax evasion by companies, a government statement said.

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP

Last week, the government had dismissed 12 income tax officials who were mainly facing corruption charges.

India improved its ranking, among 180 countries, by three points to 78th on a global corruption index in 2018, according to the annual index of the Transparency International, an anti-graft watchdog.


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as source.

JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGEonline training

Continue Reading

Business

Egypt Ranks 2nd Amidst World Emerging Economies.

Published

on

Amidst the 21 most flexible emerging economies worldwide, Renowned Bloomberg has listed Egypt’s economy behind Philippines in the face of the global trade war.

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP

In its analysis, the Bloomberg agency relied on a set of criteria, most important of which being the GDP growth rate, local currency performance against international currencies, foreign exchange reserves, credit rating, and finally current account performance.

The Egyptian cabinet’s Media Center said in a statement on Monday that indicators of the Egyptian economy improved significantly during the recent period, most notably the choice of the Egyptian pound as the second-best performing currency in the world against the US dollar this year so far, according to Bloomberg.

Of these indicators, GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to US$44.3 billion, with the current account deficit as a percentage of the GDP declined from 6.1 percent in 2016/2017 to 2.4 percent in 2017/2018.

The statement added that the Egyptian credit rating achieved its best level since 2011 after the agencies of Moody’s, Fitch and Standard & Poor’s upgraded Egypt’s credit rating.

-Egyptian Independent


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGEonline training

Continue Reading

Facebook

Advertisement
Flag Counter
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved