Pump jacks are silhouetted against the rising sun on an oilfield in Baku, Azerbaijan, January 24, 2013.
Crude futures slumped almost 5% on Thursday after the production-cut deal led by the Organization of the Petroleum Exporting Countries was extended by nine months but not deepened-a let down for investors who anticipated output cuts would be more severe.
West Texas Intermediate for July delivery rose 0.9 percent, or 45 cents, to $50.24 a barrel on the New York Mercantile Exchange at 11:48 a.m.
Trading was subdued due to public holidays in China, the United States and Britain.
Brent for July settlement was at $52.12 a barrel on the London-based ICE Futures Europe exchange.
Last week, members of the Organization of the Petroleum Exporting Countries (and some non-OPEC members) met in Vienna, Austria to discuss extending production cuts to help stabilize the price of the precious commodity, amid two years of soft oil prices stemming from a supply glut which has ballooned in recent years.
We believe that rising United States output will continue to cap prices this year but the Opec deal, for now, has ensured that WTI prices probably won't fall below $45-47.
Irish PM Kenny steps down as party leader
Donegal Junior Minister Jo McHugh has declared he will be supporting Leo Varadkar in the race for leadership of Fine Gael. A number of politicians, including the departing Finance Minister Micheal Noonan, have not yet said who they will back.
Despite the agreement on Thursday, oil price suffered a major selloff on that day and was down around 3 percent by the end of the day. Nigeria is targeting production to touch 2 million barrels per day this year and Libya could increase output by another 0.2 million barrels per day in the coming months.
High compliance with the cuts so far was unlikely to last, he said, adding to the concern about whether the pledge would dent physical oil stockpiles that remained near record levels.
US inventories have dropped seven weeks in a row in a sign Al-Falih may be right, though they still remain above the five-year average.
But U.S. crude production has risen 10 per cent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russian Federation and Saudi Arabia.
Oil rose above $50 a barrel on expectations OPEC will succeed in bringing down inventories as the summer driving season kicks off in the U.S.
The market overreacted to OPEC's decision to extend the production curbs, and the global crude market is heading toward balance in the second half of this year, Japan's Cosmo Oil Co. said in an emailed response to questions. While the last week's increase of just 2 rigs was the weakest among all 19 weeks of increase, the total numbers of operating rigs (722) have touched the highest level since April 2015.
"It's going to be all about inventories and whether they fall as much as OPEC thinks", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
SENATOR Kieran O'Donnell has become the latest local politician to back Leo Varadkar in the Fine Gael leadership race. The process for electing the next Leader of Fine Gael is defined in Rule 49 of the Fine Gael Constitution and Rules.
PC fans will finally get a chance to get aboard the Destiny community. "That's not good enough for 'Destiny 2 , '" he says. Destiny 2 will be released on PC (exclusively on Activision's Battle.net), PlayStation 4, and Xbox One on September 8.
On Wednesday, UFC President Dana White announced he'd struck a deal with McGregor for a potential fight with Mayweather. Earlier last month, Mayweather declared he has chose to get out of retirement to face McGregor in a boxing match.
No title has been given as of yet, We expect to hear more about the film when Sony formally announces Hardy's portrayal as Venom . The project is one of Sony's top priorities and the studio is not wasting time as the movie is set to open October 5, 2018 .
Styles also confessed that at least one of his songs, " Sign of the Times ", makes him cry sometimes during performances. He is best known to NY theatergoers for his Tony-winning performance in Richard Bean's One Man, Two Guvnors in 2012.
However, Assange is still not a free man, since he can be prosecuted anytime till 2020 if he chooses to return to Sweden. He claimed they were made up as part of a plot to see him extradited to the U.S. over his involvement with WikiLeaks.
He denied being in favour of making all countries that use the euro liable for other individual countries' existing debt. Merkel warmly welcomed the fourth president to occupy the Elysee Palace since she came to power 12 years ago.
Queensland police killer shot dead after 21-hour siege
On Monday, Queensland Police Commissioner Ian Stewart said he wanted to resolve the siege "as peacefully as humanly possible". That stand-off is continuing this morning, with officers in contact with Maddison, who is in a shipping container.
Aubameyang scores as Dortmund win German Cup
Police made an appeal to Dortmund fans not to celebrate with more pyrotechnics after some were lit behind the west-end goal . Tuchel said Dortmund would not have won the title if there wasn't a good bond between him and the players.
Month-Long Ramadan Observance Begins
Similar to the Christian celebration of Easter, the event falls on varying dates each year in accordance with a lunar calendar. A new month in the Islamic Calendar begins with sighting of moon on 29th of the prevailing month.
Ivanka And Melania Wear Headscarf To Meet Pope
He is now flying on to Brussels for a summit of North Atlantic Treaty Organisation , the Western military alliance. Melania and Ivanka respected the Vatican clothing and wore back dressed as well as veils.
Region under tornado watch
A second radar-indicated torando was moving toward the town of Lancaster just after 4 p.m., the Weather Service said. A flood watch remains in effect, as additonal 1 to 2 inches of rain could fall on the state, forecasters said.
Softbank-Saudi high-tech fund raises US$93 billion
The Public Investment Fund signalled an interest in the technology sector in 2016 by investing $3.5bn in Uber. SoftBank says it will put up about 25 billion dollars for the Vision Fund over the next five years.
Mortgage Rates Take a Slight Drop
The refinance share of mortgage activity accounted for 41.1 percent of all applications, its lowest level since September 2008. David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower.
Ruby Rose blasts Katy Perry's 'mean-spirited' new song
Perry's "Swish, Swish," the new track she dropped on Friday, May 19, seems to be a total clap back at her former friend. But Perry managed to add: "One thing to note is: You can't mistake kindness for weakness and don't come for me".