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Brent crude settled at .94 a barrel, up 48 cents - or 0.88 per cent - before retreating t.22 a barrel.Non-OPEC producers are expected to agree to add an output cut of 600,000 bpd in Vienna on December 10.New York: US crude futures strengthened Monday before retreating in post-settlement trade as the market lost confidence OPEC cuts would be sufficient to reduce oversupply given increased US drilling.

US West Texas Intermediate crude rose early in the day and began to pare gains in the late afternoon, settling at .79 a barrel, up 11 cents or 0.21 per cent, before retreating to as low as .11 a barrel.Brent crude settled at .94 a barrel, up 48 cents - or 0.88 per cent - before retreating to .22 a barrel.Mondaysingle screw barrel retreat indicated a potential halt to the rally that drove the market up as much as 19 per cent since the Organization of the Petroleum Exporting Countries' agreement was struck on Wednesday. Last week's 12.2 per cent increase was the largest one-week rise since February 2011.The market fell as investors shifted their focus to rising drilling, said Tariq Zahir, managing member of Tyche Capital Advisors in New York."

he Brent-WTI spread has blown out, # and a lot of that has to do not only with shale but with the idea that there would be more drilling," he said.US drilling rigs increased on Friday, increasing sentiment that shale drilling would offset potential cuts from other producers.After OPEC agreed to curb production by 1.2 million barrels per day (bpd) from January, eyes have now turned to a meeting this weekend between OPEC and non-OPEC producers to expand the deal.The market remained leary that cuts by non-OPEC members, in tandem with the OPEC cuts, would be sufficient.Saudi Arabia said Monday afternoon that it would cut its official selling prices to Asia, indicating that it would continue to strive to maintain market share.Weekly data from the InterContinental Exchange on Monday showed investors had raised net long positions on Brent to the highest level in four weeks. Non-OPEC producers are expected to agree to add an output cut of 600,000 bpd in Vienna on December 10."We remain skeptical that non-OPEC producers will line up to pledge their own reductions when OPEC’s announcement last week already largely took responsibility for rebalancing the market," said Tim Evans, energy futures specialist with Citigroup in New York.

"In our view, the rally in prices represents an economic call for more production, not more cuts."Transneft, Russia's pipeline monopoly, suggested on Monday a cut to oil output could begin in March.Iran, which was granted an output rise as part of the OPEC deal as it recovers production curbed by sanctions, will also attend the meeting, SHANA news agency said.Mexico said it would attend the meeting, even as it auctioned off leases in the deepwater Gulf of Mexico, which will pave the way for future production increases.end-ofTags: oil, oil price, crude oil, opecLocation: United States, New York, New York

Brent crude settled at .94 a barrel, up 48 cents - or 0.88 per cent - before retreating t.22 a barrel.Non-OPEC producers are expected to agree to add an output cut of 600,000 bpd in Vienna on December 10.New York: US crude futures strengthened Monday before retreating in post-settlement trade as the market lost confidence OPEC cuts would be sufficient to reduce oversupply given increased US drilling.

US West Texas Intermediate crude rose early in the day and began to pare gains in the late afternoon, settling at .79 a barrel, up 11 cents or 0.21 per cent, before retreating to as low as .11 a barrel.Brent crude settled at .94 a barrel, up 48 cents - or 0.88 per cent - before retreating to .22 a barrel.Mondaysingle screw barrel retreat indicated a potential halt to the rally that drove the market up as much as 19 per cent since the Organization of the Petroleum Exporting Countries' agreement was struck on Wednesday. Last week's 12.2 per cent increase was the largest one-week rise since February 2011.The market fell as investors shifted their focus to rising drilling, said Tariq Zahir, managing member of Tyche Capital Advisors in New York."

he Brent-WTI spread has blown out, # and a lot of that has to do not only with shale but with the idea that there would be more drilling," he said.US drilling rigs increased on Friday, increasing sentiment that shale drilling would offset potential cuts from other producers.After OPEC agreed to curb production by 1.2 million barrels per day (bpd) from January, eyes have now turned to a meeting this weekend between OPEC and non-OPEC producers to expand the deal.The market remained leary that cuts by non-OPEC members, in tandem with the OPEC cuts, would be sufficient.Saudi Arabia said Monday afternoon that it would cut its official selling prices to Asia, indicating that it would continue to strive to maintain market share.Weekly data from the InterContinental Exchange on Monday showed investors had raised net long positions on Brent to the highest level in four weeks. Non-OPEC producers are expected to agree to add an output cut of 600,000 bpd in Vienna on December 10."We remain skeptical that non-OPEC producers will line up to pledge their own reductions when OPEC’s announcement last week already largely took responsibility for rebalancing the market," said Tim Evans, energy futures specialist with Citigroup in New York.

"In our view, the rally in prices represents an economic call for more production, not more cuts."Transneft, Russia's pipeline monopoly, suggested on Monday a cut to oil output could begin in March.Iran, which was granted an output rise as part of the OPEC deal as it recovers production curbed by sanctions, will also attend the meeting, SHANA news agency said.Mexico said it would attend the meeting, even as it auctioned off leases in the deepwater Gulf of Mexico, which will pave the way for future production increases.end-ofTags: oil, oil price, crude oil, opecLocation: United States, New York, New York

[foam wall panel barrel screws Factory expiring July front-month contract was down 17 cents at .20 a barrel at 0242 GMT.(Representational Image) U.S crude's expiring July front-month contract was down 17 cents at .20 a barrel at 0242 GMT.Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues.U.S crude's expiring July front-month contract was down 17 cents at .20 a barrel at 0242 GMT. The more actively traded August contract, the new front-month from Wednesday, was down 16 cents at .80. That contract settled up nearly 3 per cent at .96 on Monday.Brent crude futures' August front-month contract was down 25 cents at .40 a barrel. On Monday, it climbed .48, or 3 percent, to .65 a barrel. The contract has risen about 7 per cent since Thursday's settlement, after dropping 10 per cent in six previous sessions.Two opinion polls released on Monday suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU lawmaker last week, although a third survey found backers for a "Brexit" ahead by a whisker.While concerns over a British exit fade into the background, however briefly, supply issues are back in focus.Saudi Arabia's crude oil exports dropped in April despite high production levels, suggesting its battle for market share against U.S shale drillers may be running its course.

With oil prices up more than 30 per cent this year, shale drillers are # looking at turning the taps on again and have proved resilient beyond Saudi and OPEC expectations."Yet while tentative signs of rising drilling activity have materialized in a rising rig count in recent weeks, many producers are nervous about ramping up drilling operations without seeing a period of price stability," Matt Smith, director of commodity research at ClipperData, said in a note.Potentially adding to supply, Iran has increased its crude exports capacity at its main terminal on Kharg Island to allow eight tankers to load simultaneously, the oil ministry's news agency Shana reported on Monday.Meanwhile, Nigeria's naira slumped 30 per cent against the dollar on Monday after the country's currency peg was removed to alleviate the chronic foreign currency shortages choking growth in Africa's biggest economy and major oil exporter.end-of.

Considering those lopsided Congressional votes, a US rethink on restoring Iran sanctions appears unlikely in the near future.India is developing the Chabahar port in Iran to improve connectivity with Afghanistan and Central Asia. One way to use this natural gas is to convert it into fertiliser, which can be transported easily.What the US withdrawal means?Trump’s decision will bring petroleum-related transactions with National Iranian Oil Company (NIOC) and financial transactions with the Central Bank of Iran under US sanctions in 180 days (by November).4 billion barrels of oil annually — and saved over billion on its annual oil import bill in 2015-17. This burden will eventually fall on consumers, in the form of higher prices and on taxpayers, in form of higher subsidies on critical products.What has the JCPOA done?Iran has massive reserves of oil and natural gas, but produces much below its potential because sanctions have kept away investors and customers. In November 2016, the US Congress voted 419-1 to reauthorise the 1996 Iran Sanctions Act for 10 years. This can throw India’s fiscal and trade deficit out of control.

Even while the JCPOA was in force, Iran continued to remain under US sanctions which imposed significant constraints on its economy, some of which date back to the 1979 Islamic Revolution, when the US embassy staff were taken hostage. During 2016-17, India imported oil at . With JCPOA in force, Iran could freely export its petroleum and increase its oil production by 1. New Delhi can revive this arrangement. Adding Iran sanctions to this mix compounds the problem. Chabahar port is also the hub for the International North South Corridor that India wants to develop for better connectivity with Central Asia and Russia, and as a counter to China’s Belt & Road Initiative. So India will have to live with this reality for the foreseeable future. India’s state-owned Rashtriya Chemicals and Fertilizers had proposed earlier to set up a fertilizer plant in Iran. India also needs to work on long-term programmes to China thread screw barrel Suppliers curb its dependence on imported oil. At current prices, India will have to spend at least /barrel — an extra billion headed out of India annually.Trump ‘tore up’ the Iran nuclear deal, also known as the JCPOA (Joint Comprehensive Plan of Action).6/barrel. Higher price of oil will also trickle down to the end consumers — making diesel, petrol and air-travel more expensive. The US state department subsequently designated Iran as a state sponsor of terror since 1984. In October 2017, the US Congress voted 423-2 authorising the US president to impose new sanctions on Iran for testing ballistic missiles.

This was one of the factors responsible for bringing down the price of oil from over 0/barrel in 2014 to below /barrel in the subsequent years. | AMIT BHANDARI AND KUNAL KULKARNI Published: May 13, 2018, 6:14 am IST Updated: May 13, 2018, 6:14 am IST India is developing the Chabahar port in Iran to improve connectivity with Afghanistan and Central Asia. Low global oil prices of the past few years cut investment in developing new oil fields, reducing oil supply. In the JCPOA, which was concluded in July 2015 between Iran and six global powers — US, China, Russia, France, UK and Germany — Iran agreed to restrict its nuclear programme in return for relief from crippling economic sanctions. This is a re-run of US sanctions on Russia; and a blow to India, which relies on Russia for high-tech defence hardware and technology.On Tuesday, May 8, US President Donald Trump fulfilled an election promise that will end up غير مجاز مي باشدting India billions of dollars in غير مجاز مي باشدtlier oil imports. This was an enormous relief for India, which imports 1.

For India, this is the perfect storm. Iran may be forced to cut down its oil production — as it had to do pre-2015, hurting global oil supply.How will India be affected?The increase in oil prices will hurt India considerably. Money owed to Iran was held in a Rupee account with UCO Bank and used by Iran to purchase goods from India. In an oil market with increasingly tight supply, this is sure to push up prices. The direct impact will be felt in غير مجاز مي باشدtlier oil imports for India. It will damage the country’s trade balance, and may force the government to bring back subsidies on petroleum products such as diesel and petrol, as happened from 2004-14.1 million barrels/day from the 2014 level, to 3.Iranian president Hassan Rouhani holds hands with President Ram Nath Kovind and Prime Minister Narendra Modi at Rashtrapati Bhavan, New Delhi, on February 17.

Similarly, crude oil for December delivery was quoting lower by Rs 53, or 1.49 per cent lower at USD 56.New Delhi: Crude oil futures on Friday fell by Rs 59 to Rs 4,034 per barrel after participants reduced positions, tracking a subdued trend in global markets.end-ofTags: crude oil, multi commodity exchange, brent crude, west texas intermediateLocation: India, Delhi, New Delhi.44 per cent, to Rs 4,034 per barrel with a business volume of 26,575 lots.29 per cent, at Rs 4,048 per barrel with an open interest of 673 lots.87 per barrel, while international benchmark Brent Crude traded down by 0.

The fall in crude oil futures was mostly due to trimming of positions by traders in line with weak global cues, analysts said.Globally, West Texas Intermediate crude oil was trading 0.On the Multi Commodity Exchange, crude oil prices for November China pvc crust foam board screw barrel delivery dropped by Rs 59, or 1.44 per cent, to Rs 4,034 per barrel with a business volume of 26,575 lots.09 per barrel in New York.On the Multi Commodity Exchange, crude oil prices for November delivery dropped by Rs 59, or 1.The fall in crude oil futures was mostly due to trimming of positions by traders in line with weak global cues, analysts said.32 per cent at USD 62.