Oil prices up amid workers' strike in Norway, API data

Author

24 September, 2016

Market analysts' expected a crude-stock increase of 3.35 million barrels, while the American Petroleum Institute late Tuesday reported a supply draw of a whopping 7.5 million barrels.

Barkindo has said the group is not seeking a definite price range for oil but stability for the market.

US West Texas Intermediate (WTI) crude futures were up 1.93 per cent, or 85 cents, at US$44.90 (RM186) a barrel at 0644 GMT (2.44am EDT). According to the API, inventory data showed a substantial draw of 7.5 million barrels of crude during the week-ended September 16.

Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed USA crude inventories declined. A "definitive answer" for market stability could come this month, state oil company Petroleos de Venezuela SA wrote on Twitter, citing Maduro. OPEC's 14 members are pumping more than 33 million barrels a day, and inventories will grow even more if no action is taken, Bouterfa said. Meanwhile, the secretary-general of OPEC said on Tuesday a possible deal to support oil prices by the world's leading producer countries may last for one year, longer than other officials have indicated.

He made his comments in Algiers after meeting with the country's energy minister, Nourredine Boutarfa, it said.

Playwright Edward Albee dies at the age of 88
The acclaimed author and Pulitzer victor died on Friday at his home in Montauk, on New York's Long Island. Albee's assistant was quoted as saying by BBC that he died on Friday at his home on Long Island near NY .


ASEAN Summit: US President Barack Obama Urges China To Recognize Arbitration's Ruling
Officials said that talks on Wednesday between ASEAN leaders and China's Li had gone smoothly. (Philippine Government via AP). China claims almost all of the South China Sea , through which $5 trillion in shipping trade passes each year.


M J Akbar lambast Nawaz Sharif's speech at United Nations as "rising immaturity"
It involves the various branches of India's military conducting offensive operations as part of unified battle groups. The Prime Minister is scheduled to meet President of Iran Hassan Rouhani and UN Secretary General Ban Ki-moon.


"The informal gathering was proposed as a move to having an extraordinary meeting with the aim of taking decisions to stabilise the market", he said. "Political tensions will prevent cohesion, and individual members will continue to protect market share from resilient non-OPEC producers", BMI Research said in a note to clients.

US gasoline futures tumbled 4 per cent after Colonial Pipeline Co said it expects to restart its main 1.3 million barrel per day gasoline line on Wednesday after being shut for more than a week to fix the biggest leak in almost two decades.

"We are still very well supplied for this time of year", Tariq Zahir, trader in crude oil spreads at Tyche Capital Advisors in NY, said referring to total USA crude stocks that stood record seasonal peaks of almost 505 million barrels.

OPEC Secretary-General Mohammed Barkindo has damped expectations ahead of the September 28 meeting, saying the talks are for consultation rather than decision making.


More news


  • UCLA knows it will have its hands full with McCaffrey

    UCLA knows it will have its hands full with McCaffrey

    USC under coach Clay Helton has won just one game since he was hired permanently as coach and the team has looked inept this year. Southern California's sluggish loss to Stanford a week ago prompted Trojans coach Clay Helton to switch quarterbacks.

    Video allegedly shows NYC bombing suspect doing dry run in backyard

    Fingerprints led to Rahami, officials said. - Associated Press writer Eric Tucker in Washington contributed to this report. A second pressure cooker bomb left in Manhattan didn't explode and is the subject of the latest public plea.
    Cystic fibrosis patient dies 5 days after husband passes on

    Cystic fibrosis patient dies 5 days after husband passes on

    In January 2013, the hospital began evaluations on both Katie and Dalton Prager to see if they were eligible for lung transplants. The young couple garnered worldwide attention past year after CNN wrote about Katie's fight to get a lung transplant.
  • Mark Zuckerberg and Priscilla Chan want to cure every single disease

    Mark Zuckerberg and Priscilla Chan want to cure every single disease

    This is the biggest major move of the Chan Zuckerberg Initiative when it comes to curing diseases and venturing into science . Power couple Mark Zuckerberg and Priscilla Chan have pledged to invest at least $3 billion in the fight against disease.
    Sarah Paulson brings Marcia Clark to tears with emotional Emmys speech

    Sarah Paulson brings Marcia Clark to tears with emotional Emmys speech

    It is a repeat win for the HBO series, which stars Julia Louis-Dreyfus as a fictional US politician who ascends to the presidency. The actress had brought the 63-year-old prosecutor with her on the red carpet who then sat beside her at the awards show.
    Kate Moss Just Launched Her Own Modeling Agency

    Kate Moss Just Launched Her Own Modeling Agency

    With not much left to accomplish in the world of modeling, it's time for Kate Moss to reproduce-models, we mean. There's a pretty good chance a new supermodel or two will come from her intriguing new endeavor...
  • Jimmy Kimmel's Emmy hosting was absolutely memorable!

    The host made cracks about deporting "The Apprentice" producer, United Kingdom born Mark Burnett if Trump wins the 2016 election. Julia Louis-Dreyfus: "Our show started out as a political satire, but it now feels more like a sobering documentary".

    Rome set to pull out of Olympics 2024 bid on cost grounds

    Los Angeles replaced Boston as the United States candidate in August 2015 after a collapse in local support for the latter. Italy's Olympic committee CONI said ahead of the announcement it would withdraw the bid if it was opposed by the city.

    Back to school in Turkey after post-coup teacher purge

    The July 15 coup attempt occurred when rogue elements in the Turkish military tried to overthrow the country's democratically elected government.
  • IPhone 7 and iPhone 7 Plus users report EarPods Remote issue

    It is now unknown how many devices are affected by the hissing noise, and Apple has yet to comment on the problem. The sound appears when the iPhone 7 is under heavy load.
    MacOS Sierra launch time and new Apple features revealed

    MacOS Sierra launch time and new Apple features revealed

    Messages on macOS can now see the stickers sent by iOS users, as well as handwritten texts, but those can't be created on the app. More specifically, Apple says, your computer will need OS X 10.7.5 or later, 2GB of RAM, and 8.8GB of free storage.
    Facebook hires Anand Chandrasekaran to help Messenger app grow

    Facebook hires Anand Chandrasekaran to help Messenger app grow

    An announcement could come as soon as tomorrow, and it's not now clear if he'll be based in the USA or India. Chandrasekaran confirmed the jump to Facebook in a post on the site on Monday, according to Mint .