Daily Trends Now
Daily Trends Now


Oil edges up from 2-week lows but gains limited

Oil prices were little changed on Thursday after falling in the previous two sessions as investors shied away from riskier assets amid volatile equity markets and the USA dollar gained, limiting overall interest in commodities.

Brent crude LCOc1 rose 30 cents to $64.13 a barrel by 12:10 p.m. EST (1710 GMT).

Analysts said oil prices. "We see more downside for oil".

A surge in North American crude output also has the market anxious, despite efforts by the Organization of the Petroleum Exporting Countries and external producers such as Russian Federation to limit global crude production. Observers have noted that should the USA exceed these production levels, it could potentially overtake Saudi Arabia and Russian Federation to become the world's top crude oil producer.

US output was 10.27 million barrels per day (bpd), according to last week's government figures, higher than the latest figures for the world's largest exporter Saudi Arabia and just below Russian Federation.

"We got a little extended on the upside - we had a price advance of more than $6 a barrel in crude in less than two weeks", said Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates.




WTI Crude oil futures edged up on bargain buying after testing a two week low near $60 per barrel.

OPEC officials are expected to meet US shale executives next week in Houston, at the annual CERAWeek conference, presented by IHS Markit.

Demand levels, meanwhile, are contributing to overall market balance and indices show USA consumer confidence at its highest level in almost two decades. West Texas Intermediate, the US benchmark for the price of oil, was up 0.37 percent to $63.24 per barrel. "A transition of the deal is needed but not yet visible, with both an over-tightening and an orderly unwinding being potential scenarios", said Norbert Rucker, head of commodity research at Swiss bank Julius Baer.

The (), which measures the greenback against six major currencies, increased for a second day on Wednesday and was slightly higher on Thursday.

The OPEC/non-OPEC cuts totaling roughly 1.8 MMBPD, which began in January 2017, have helped raise prices from lows around $26/Bbl in January 2016.

follow

editors' picks

March 02, 2018
Jerusalem's Church of the Holy Sepulchre closes in protest at Israeli 'persecution'
It includes the transfer of other security and administrative responsibilities to the Arab authorities in Areas A and B. Muslim doorkeeper Wajeeh Nuseibeh stands outside the closed Church of the Holy Sepulcher in Jerusalem's Old City.

March 02, 2018
Thursday, March 1 Morning Forecast Discussion
That being said, regardless of any severe weather threat, winds will be gusty all day long, exceeding 35 miles per hour at times. As we end next week, there will be another cold front that will bring some rain for Thursday , Friday and possibly Saturday.

March 02, 2018
IPhone 11 Rumors: Largest iPhone Ever, Cheaper Model In The Works
With a screen close to 6.5 inches, Apple's big new handset will be one of the largest mainstream smartphones on the market. Sources say that the incoming 6.5 inch model will be one of the largest phones on the market, and Apple's biggest iPhone.

March 01, 2018
Czech's Ester Ledecka wins snowboarding parallel giant slalom gold, makes history
Vonn would like to be a multisport athlete , but her forays into tennis, figure skating, soccer and gymnastics were short-lived. She did the same after winning gold in the parallel giant slalom. "Don't tell my coaches ", she reportedly said.

February 25, 2018
Airbnb Is Making Some Big Changes To Stay Competitive
The company said collections for social stays, weddings, honeymoons, group getaways and dinner parties are coming later this year. In the past, users could only search the platform based on three options: Shared Space, Private Room and Entire Home.

February 24, 2018
Europe 'Beast From the East' Weather to Bring Cold, Snow
Today, Friday, is expected to be mostly dry with a mix of cloud and sunny spells; the best of the sunshine is likely in the north. Met Éireann have forecast a cold and frosty night on Friday, with temperatures reaching as low as -1C.

February 22, 2018
Low carb versus low fat diets equally effective says study
A string of studies have found that the average person fares about as well on one diet as they do on the other. By the end of the study, individuals in both groups lost weight, on average about 13 pounds (almost 6kg).

February 21, 2018
Snow melt, rain forecast leads to flood watch
In those regions, meteorologists say, the main concerns will be damaging winds and the possibility of a few tornadoes. Many area streams are already running near bankfull and ponding of water has been reported in low lying areas.

February 21, 2018
Cassie Sharpe Wins Gold In Ski Halfpipe At PyeongChang Olympics
She scooped up her daughter in her arms after the run, having said she is giving up the competitive skiing to have more children. The 28-year-old from Calgary broke her arm in the shoulder joint just nine weeks ago and it's not yet healed.

February 21, 2018
Jackson Memorial Middle School in lockdown after student fires gun
Jackson Local Schools explained why they planned to reopen Wednesday: "Our goal is to maintain the normalcy of the school day". JMMS Superintendent Chris DiLoreto said he notified all parents of the incident as soon as it happened via notifications.