Oil trades near strongest levels since mid-2015 on Iranian unrest

West Texas Intermediate Crude Oil

Oil prices rebounded in mid-morning trade on Thursday, having earlier sunk after the International Energy Agency increased its forecast for US oil output growth in 2018, raising the prospect of excess supply.

Crude Oil prices closed Y 2017 with strong gains on signs the global glut that has dogged the market since Y 2014 is shrinking. But prices have rallied almost 50 percent since the middle of the year on robust demand and strong compliance with the production limits.

Brent rose 0.6% to $67.29 a barrel on the London-based ICE Futures Europe exchange at 7.16am local time.

U.S. West Texas Intermediate (WTI) crude futures settled at $60.42, the highest close since June 2015.

US commercial crude oil inventories have fallen by nearly 20 per cent from their historic highs last March, to 431.9 million barrels.

Analysts expect United States production to top 10-M BPD in the next few weeks and to keep growing, limiting efforts by other producers to cap global supplies.

More news: Police Identify Victims in Savage Quadruple Murder in NY

Russian Energy Minister Alexander Novak has said that 2018 oil production is expected to stay at 547 million tonnes if the cuts last until the end of the year, as agreed.

WTI prices were further boosted by an EIA report of a 4.6-M bbl weekly drop in USA commercial Crude Oil storage levels.

A possible rise in USA oil production may pose a threat to higher oil prices.

Russian Federation said it would cut its output by 300,000 bpd from the 30-year monthly high of 11.247 million bpd hit in October 2016 and achieved the targeted cut by the second quarter.

In global markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018.

Boosted by OPEC's latest deal and outages from the North Sea to Libya, prices have already surged above those levels in recent weeks.

Related News:

  • Rick Smith to take leave of absence

    Rick Smith to take leave of absence

    They may want to hire someone who's familiar with O'Brien and has a similar philosophy when it comes to personnel. But mitigating factors are the season-ending injuries that led to the loss of key players like defensive end J.J.
    Lee Corso: Lamar Jackson should return, would be Heisman favorite

    Lee Corso: Lamar Jackson should return, would be Heisman favorite

    Jackson has yet to declare for the National Football League draft, but most outsiders believe the dynamic junior will turn pro. He led Mississippi State to two touchdowns during the final minutes to almost pull off a comeback win in the Egg Bowl.
    Trump Fires All Members Of HIV/AIDS Council

    Trump Fires All Members Of HIV/AIDS Council

    Cecilia Chung, an Obama-era appointee who left voluntarily after her term expired earlier this year, echoed these concerns. President Donald Trump fired the remaining members of the White House's advisory council on HIV/AIDS on Wednesday.
  • "LG Set To Reveal 88" 8K OLED TV At CES 2018

    Even if you were to pick up LG's very big display for a not-so-insignificant price, you'll be upscaling 4K content at best. OLED panels can easily overcome this issue as OLEDs are self-emissive and require much less power than backlit LCD panels.
    JK: 2 jawans injured as terrorists storm CRPF training center

    JK: 2 jawans injured as terrorists storm CRPF training center

    The militants initially said to be two, barged into the Lethpora centre from the hillside and killed two CRPF men. It is being said that the terrorists went into a building and started firing from there.
    Nifty reclaims 10500, Sensex up 40 points in opening trade

    Nifty reclaims 10500, Sensex up 40 points in opening trade

    The US stocks turned choppy during the trading session on Thursday, while the Dow reached a new record closing high. European markets were down in early trade with Paris CAC 40 falling 0.11%, while Frankfurt's DAX shed 0.29%.
  • South Korea offers to talk with North ahead of Olympics

    South Korea offers to talk with North ahead of Olympics

    During her speech, Haley further pressed the worldwide community to support the Iranian people. Around 20 protesters have been murdered by the Iranian regime and over 450 have been arrested.

    Don't give up on Nigeria, your dreams, Oyintiloye urges youths — George Weah

    Former soccer star George Weah has been declared victor of Liberia's presidential runoff vote held on December 26. Weah's critics have said his brief experience in politics will be a challenge for the nation.
    Black Lives Matter activist Erica Garner dies at 27

    Black Lives Matter activist Erica Garner dies at 27

    Erica Garner , the daughter of police brutality victim Eric Garner , has died, according to the New York Daily News . Erica Garner became an activist after the death of her father, Eric Garner , in Staten Island, New York, in 2014.
  • Over 300 women in Hollywood launch campaign to fight sex abuse

    Over 300 women in Hollywood launch campaign to fight sex abuse

    Backing legislation to penalise companies which tolerate harassment or participate in the cover-up of systemic sexual misconduct. And a request that women walking the red carpet at the Golden Globes speak out and raise awareness by wearing black.
    Ex-soccer star Weah elected Liberia president by wide margin

    Ex-soccer star Weah elected Liberia president by wide margin

    She led the country from back-to-back civil wars and saw it through a deadly Ebola outbreak that killed almost 5,000 Liberians. The results were almost identical to those announced on Thursday evening by the commission after 98 percent of returns.
    Instagram will start showing recommended post in your photo feed

    Instagram will start showing recommended post in your photo feed

    While you scroll through your Instagram feed, you may now see posts of people that you don't follow. Users may be less inclined to hit "like" when posts are more prominently visible to their friends.


Most liked

Time for DOJ to act on Abedin, Comey?
Comey in his tweet saying that he too needs to be looked into for his actions in the Clinton email case. The report noted that Abedin forwarded State Department passwords to her personal Yahoo email account.

Commissioner: 16 people hurt in NY fire will be OK
It was the deadliest fire in New York City in more than 25 years, officials said , and left at least 14 families homeless. The Fire Department of NY says 16 people are hurt, four of them seriously, in a fire raging through a Bronx building.

Full 'Wolf Moon' to illuminate sky tonight
Did you miss the full moon New Year's Day? This will be the second full moon in a month, also called the Blue Moon. With the moon being as close to Earth as it is, there is a significant impact on the tides.

Coutinho 'looks for Barcelona home'
In fact, Paulinho has apparently been making jokes about Coutinho looking for a house in Spain, which might actually be true. The page it linked to was, however, a dead link, and the text has quickly been removed.

Thick fog greets Delhi on New Year; flights, trains delayed
The Northern Railways said over 50 trains coming to Delhi were running late and 20 were rescheduled. The three-hour suspension of flight operations meant that it took hours for the backlog to clear.

Gujarat IMA to oppose NMC bill, observe 'black day' today
The draft bill was introduced by Union Health Minister JP Nadda in Lok Sabha on Thursday to replace and subsume the MCI. However, emergency and critical services in all the government and private run hospitals have remained opened.

Italy's Manufacturing Growth Robust In December
Italy's manufacturing activity continued to expand strongly at the end of the year, survey figures from IHS Markit showed Tuesday. As a outcome , the sector observed a modest increase in pre-production inventories for the first-time since June.

And the title for Shah Rukh, Katrina and Anushka's new film is…
Zero is scheduled to be released on 21 December 2018, thus cementing itself as a blockbuster already. The movie, which is going to release later this year, will feature Katrina Kaif and Anushka Sharma .

Winston, Bucs stun Saints in season finale
Defensive end Ryan Russell got the first sack of Saints' quarterback Drew Brees during the Saints' first drive of the second half. The Buccaneers (4-11) scored on a pair of 1-yard runs, the first by Peyton Barber and the second by quarterback Jameis Winston .

Seoul seizes Panama vessel for alleged North Korea ties
China vehemently denied the accusations. "This is not how a USA president should behave", read the opinion piece. On the same day, a Chinese vessel was seen transferring oil to North Korea's Rye Song Gang 1 ship in U.S.

Raiders Fire Jack Del Rio After Three Seasons
Gruden went 95-81 over his coaching career, notching a 38-26 record over the first four years of his career in Oakland. They went just 2-6 on the road, unable to capitalize on a season in which they won their first two contests.

Week 17 Preview: Eagles vs Cowboys
Nate Sudfeld , seeing the first National Football League action of his career, made the most of his opportunity. The Eagles' title chances suffered a huge blow when quarterback Carson Wentz went down for the year.

Week 17 Ups and Downs: Minnesota Vikings vs Chicago Bears
Despite the minus-11 temperature outside at the start of the game, all fans were required to open their coats for inspection. Bears: Two starting offensive linemen, LT Bobby Massie and RG Josh Sitton, did not suit up.

Pence neighbors in Aspen hang 'Make America Gay Again' banner
But those only applied in cities, some of which are the most liberal in the state, where such protections already exist locally. What is his history with the LGBT community? Later, he signed an amendment to that law that protects that community.

"Up to 2" Of Snow Friday, Saturday
The Winter Weather Advisory was issued because travel conditions will be hazardous. Wind chills could fall well below zero and at times down to or lower than -15° .