Oil trades near strongest levels since mid-2015 on Iranian unrest

Oil trades near strongest levels since mid-2015 on Iranian unrest

The US benchmark, West Texas Intermediate (WTI), was up 0.35 per cent at $60.63 at the time of writing after hitting a June 2015 high of $60.73 earlier.

Brent crude futures, the global benchmark, were also down at around $66.67 USA a barrel after hitting a May 2015 high of $67.29 United States earlier in the day.

The spread between USA crude and Brent hit the narrowest in almost two weeks. The session high of $67.29 was the highest since May 2015.

More news: Fire In New York Apartment Building Injures 16, Including Nine Children

The 14-member cartel, Russian Federation and nine other crude producers announced plans to extend their output cuts until the end of 2018.

Libya is to start repairing the pipeline near the Es Sider terminal this weekend, a Libyan oil official said, while the Forties pipeline was already pumping close to normal levels, according to trading sources.

The 450,000 barrel per day (bpd) capacity Forties pipeline system in the North Sea returned to full operations on December 30 after an unplanned shutdown.

More news: Dense fog blankets Delhi

Russian Energy Minister Alexander Novak has said that 2018 oil production is expected to stay at 547 million tonnes if the cuts last until the end of the year, as agreed.

Oil prices were up slightly on Thursday as a pipeline outage in Britain continued to lift Brent crude prices.

"We think USA tight oil production growth warrants close monitoring as it could spoil OPEC's market-balancing efforts, pushing the market into surplus in 2018", Barclays bank said.

More news: Mega Millions jackpot grows to $306M, Powerball at $337M

The Middle East-dominated Organization of the Petroleum Exporting Countries and other leading oil producers agreed to cut their combined oil production by nearly 1.8 million barrels per day (bpd) from the start of 2017 to prop up prices. If the figure is not revised next month, it would be the highest monthly level since May 1971.

Related Articles

  • Nikki Haley on Iran: 'We must not be silent'

    Nikki Haley on Iran: 'We must not be silent'

    Nikki Haley, the USA ambassador to the United Nations , said Sunday Iran's government is "being tested by its own citizens" after three days of protests against the clerical regime.
    Customs outage causes delays at airports

    Customs outage causes delays at airports

    All the airports involved are now back online, according to CBP, though some are still experiencing effects from the outage. All airports were back on line after wait times for travelers that were longer than usual, it said.
    Dick Clark's New Year's Rockin' Eve 2018 Performers Lineup

    Dick Clark's New Year's Rockin' Eve 2018 Performers Lineup

    Mariah Carey will be returning to perform this year in Times Square along with Nick Jonas , Camila Cabello , and Sugarland . If you're looking for ways to ring in the new year, there is definitely no shortage of celebration coverage on TV.
  • Ashley Young charged with violent conduct for Dusan Tadic elbow

    Ashley Young charged with violent conduct for Dusan Tadic elbow

    Ashley Young has been suspended for three games by the FA after admitted a charge of violent conduct. United face Everton on Monday before they host Derby County in the FA Cup next Friday.
    Harry Kane Could Miss Spurs' First Game Of 2018

    Harry Kane Could Miss Spurs' First Game Of 2018

    We can talk about many things, but at the end it's talk for talk, because it's impossible to put a price on him. It's only because he's young, he needs to breathe sometimes, take some time to again perform in the same way.
    Oil near 2015 highs on strong China data

    Oil near 2015 highs on strong China data

    Front-month prices are about 12 per cent higher this year, after rising 45 per cent - the most since 2009 - in 2016. As a result of e-commerce in London and NY stock exchanges, the world oil prices are rising , Gazeta.ru reports.
  • Winston, Bucs stun Saints in season finale

    The half ended with the Saints up 14-13 and leading in total yards 233 to 125 as quarterback Brees was 7 of 13 for 86 yards. The Bucs came up empty on their next drive but special teams would come up huge as Tampa Bay punted the ball away.
    Raiders surprisingly fire coach in huge Jon Gruden sign

    Raiders surprisingly fire coach in huge Jon Gruden sign

    For the past near decade, Gruden has been an ESPN analyst, with constant rumors around where and when he would return to the game. Raiders owner Mark Davis informed Del Rio after Sunday's loss to the Chargers that he has been fired as head coach.
    Soldier home for Christmas died rescuing neighbors from Bronx fire

    Soldier home for Christmas died rescuing neighbors from Bronx fire

    In 2007, 10 immigrants from Mali, including nine children, died after a space heater caught fire in a Bronx building. NYC Mayor Di Blasio held a press conference early Friday where he stated that the deadly fire was likely accidental.
  • LG Preps an 88-Inch, 8K OLED TV for CES 2018

    LG Preps an 88-Inch, 8K OLED TV for CES 2018

    The former is the arm which sells OLED panels to all TV brands with OLED TVs on the market today, including Panasonic and Sony . The entertainment industry is just catching up with support for 4K and will take a bit longer to rally behind 8K at this rate.
    Eric Garner's Daughter, Erica, Dies After Suffering Massive Heart Attack

    Eric Garner's Daughter, Erica, Dies After Suffering Massive Heart Attack

    Erica Garner became a voice for police accountability after his death, criticising Mayor Bill de Blasio over policing matters. Pantaleo had been in the process of arresting Garner on the suspicion that he was selling loose cigarettes.
    Packers last game of season

    Packers last game of season

    Stafford then connected with Marvin Jones Jr. on a 3-yard TD pass to increase the bulge to 17-3 with 2:20 left until halftime. Latavius Murray had 84 yards rushing and a 2-yard score, giving the Vikings a 27-10 lead early in the third quarter.