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Oil prices surge after Saudi Arabia's anti-corruption crackdown
11 November 2017, 01:20 | Jan Cross
Waning risk premium, more US production pushes oil prices lower
The arrest orders were made by a panel Saudi King Salman bin Abdulaziz Al Saud formed on Saturday, headed by Crown Prince Mohammed bin Salman.
"The U.S. shale machine is poised to shift up a gear as producers make hay amid the improving price backdrop", Stephen Brennock, an analyst with London oil broker PVM, said in an emailed market report.
The price rose by $2.45 per barrel or 4.2 percent to push Iranian crude price once again into the $60 range after two years.
Oil prices rose almost 1% on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. "We're on our way to set record crude oil production in 2018", said Andrew Lipow, president of Lipow Oil Associates in Houston.
Saudi Arabia plans to cut crude exports by 120,000 barrels per day in December from November, slashing allocations to all regions, a spokesman for the energy ministry told Reuters.
Crude oil prices spiked as much as 3 percent early this week after the government in Riyadh rounded up a handful of ministers as part of a sweeping crackdown tacitly broadcast as a move against corruption.
Oil prices held steady on Thursday after falling late in the previous session, supported by ongoing supply cuts led by OPEC and Russian Federation. If that happens, some said prices could rally more.
Despite this, many analysts say the strong price rally of the past months has likely run its course, at least for now.
"It doesn't matter how bullish the fundamentals are ... when an asset goes vertical there is always room for a pullback and consolidation of recent price moves", said Greg McKenna, chief market strategist at brokerage AxiTrader.
There are also expectations in the market that OPEC's next meeting on November 30 will agree to extend cuts beyond the current expiry date in March 2018.
USA crude production rose 67,000 barrels per day to 9.62 million bpd, the highest for decades. Texas issued 997 oil and gas drilling permits last month, up almost 17 percent versus the same month a year ago.
"EIA expects global oil supply growth to outpace global oil demand growth in 2018, contributing to global oil inventories rising by a forecast 0.3 million barrels per day in 2018, compared with an estimated 0.2 million barrels per day draw in 2017", the report read.
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Toulouse prosecutor Pierre-Yves Couilleau said: "The individual was known to the police and the judiciary for several offences". France has seen a number of vehicle attacks inspired by the Islamic State group.
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Places around Madison for Veterans Day discounts
Ruby Tuesday (Concord, Nashua and Portsmouth): Former and active duty service members receive a free appetizer Saturday, Nov. 11 . Outback Steakhouse will also donate to Operation Homefront from November 8 through January 2, 2018 to support military families.
SBI standalone profit falls 37.7%
The Reserve Bank of India's stern message on provisioning and recognition is inflicting more wounds than anticipated. The growth will be be around consumption (retail), bank executives said. "We are focusing on recovery of bad loans".
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At the Seventh Avenue Center for Family Services, parents picking up their children were just hearing about what happened. Ruben Porras, a cousin of Elijah's father, said the school did not call an ambulance but called the boy's mother instead.