US oil futures traded as high as $48.68 a barrel earlier in the session. That rose for a 9th week by 8 to 617 rigs last week, almost 60% above the level of a year ago. "However, the key to market performance this week is the response to the USA lift in rates".
Optimism about an agreement between the Organization of Petroleum Exporting Countries and some non-OPEC producers to cut output is fizzling as stockpiles continue to climb and USA drilling rigs are returning at the fastest rate since 2012.
"Unless there are positive signs from non-OPEC producers on production cuts or there is a significant supply outage, the relentless pursuit of the US shale production will cut into OPEC's plans", said Stuart Ive, a client manager at OM Financial, reports Market Watch.
United States drillers boosted the rig count by eight to 617 last week, according to data Friday from Baker Hughes.
Fund managers still held an overwhelming bullish position at the end of March 7, with long positions outnumbering shorts by a ratio of 7:1 (http://tmsnrt.rs/2nloC76).
"The data from the last two reports suggests they were getting nervous", Tim Evans, an energy analyst at Citi Futures Perspective in NY, said in a telephone interview. OPEC is said to be prepared to extend the deal, and may also increase the cuts, if inventories fail to drop to a specified level, sources from the group told Reuters.
The kingdom, the world's biggest oil exporter, had long refused to cut output under veteran oil minister Ali al-Naimi.
Shale billionaire Harold Hamm said his industry could "kill" the oil market if companies keep increasing spending to boost drilling.
According to the EIA, the amount of crude oil in USA storage reached another record high the week-ending March 3, jumping 8.2 million barrels. Crude production rose to 9.09 million barrels a day, the highest since February 2016. That brought the total count to 617, the most since October 2015.
The EIA (U.S. Energy Information Administration) will release its monthly Drilling Productivity report on March 13, 2017.
Craig Erlam, senior market analyst at Oanda, added: "Of course, these changes take time to have an impact and non-Opec compliance is still a little low but with an extension to the deal in doubt, prices are reverting back towards pre-deal levels, although I doubt we'll get close to the lows any time soon".
UNC's opponent enters the tournament after going 16-2 in the SWAC conference on their way to a 23-11 overall record. If history is any indicator, there will nearly certainly be some ACC flavor in town for the NCAA Tournament .
In the United States, the celibacy requirement is partly what sets priests apart from clergy in Protestant denominations. Despite that aforementioned "enormous" priest shortage, Pope Francis did not mention opening the priesthood up to women.
LLC now owns 3,260 shares of the company's stock worth $132,000 after buying an additional 1,891 shares in the last quarter. Investment Counsel ADV purchased a new position in Marathon Petroleum Corp during the third quarter worth about $105,000.
Having a confident Koenig hitting from the 3-point line should force defenses to think twice about doubling Happ and Hayes. UW shot 53.8% in the first half (14 of 26) to stay within a point but slumped to 26.7% (8 of 30) in the second half.
The police gave no further details apart from saying the investigations in Oberhausen were linked to the Essen operation. Armed police and vans surrounded the shopping center , which is one of Germany's largest with nearly 200 stores.
China, which was reportedly protecting Kim Jong Nam, banned all coal imports from North Korea, prompting the regime to lash out. Kim Jong Un was widely suspected to be behind his brother's murder to eliminate a potential challenger to his rule.
He spent over 40 years in the diplomatic service and headed the Russian Mission to the United Nations for more than a decade. The medical examiner investigates deaths that occur by criminal violence, accident or suicide or when the death is sudden.
Forecasters say to expect rainy, windy conditions throughout the mid-valley on Saturday , with highs around 55. New rainfall amounts between a tenth and quarter of an inch, except higher amounts possible in thunderstorms.
Cedar Hill Associates LLC's holdings in Exxon Mobil were worth $1,331,000 as of its most recent filing with the SEC. The company had revenue of $61.02 billion for the quarter, compared to analyst estimates of $62.28 billion.
It's certainly good for myself and the staff to realise that we do work with these players and they do develop and improve. Klopp admitted he has held talks with the striker in a bid to help the Belgium global get back to his best form.
Ryan shared a photo of dominoes pieced together, with some extra black dots added to the pieces, to spell out Zazie's full name. Meanwhile, it's still unclear precisely which leading man type will be playing Domino's love interest Nathan Summers/Cable.
In today's game, Barnes pinpointed the defense by Georgia and the lack of production from Williams as the issues with the scoring. And from that point, we were really scrambling to try to get the ball where we wanted it and doing something with it.
Houston Trades Brock Osweiler To The Browns
Most of those assets are draft picks and they are banking on some of them becoming good National Football League players. If the Browns can't find a trade partner for Osweiler , they can cut him and owe him nothing besides his 2017 salary.
E-mail threat forces JCC to close
The DeWitt center was put on lockdown for some time while police investigated a non-specific threat of violence. Similar threats have been called in today in Wisconsin, New York and California.
Ireland U20s Six Nations hopes dealt a blow against the Welsh
Ireland's Six Nations championship dream is over for another year after Wales won this evening's encounter in Cardiff 22-9. Little offloads, discipline, those sorts of things throughout the 80 minutes that we could control, and we did that today.
Court Ousts South Korean President Park Geun-hye
Outside South Korea's Constitutional Court Friday morning, thousands of South Koreans crammed onto the street to await the ruling. A leftish government might well re-open the industrial complex just inside North Korea, but with South Korean firms and managers.
Tebow goes hitless in Mets' exhibition loss to Astros
This week, Tebow faced reigning AL Cy Young Award victor Rick Porcello during a Grapefruit League game, and struck out looking. Tebow, the 29-year-old ex-Heisman trophy victor , is a few months into an attempt to start a baseball career.
USA committee raises concerns over Trump's deleted tweets
The White House in a press release, touting what it sees as President Trump's accomplishments in his first 50 days in office. The letter mentioned that when Barack Obama was President, his administration utilized an auto-archiving method for accounts.