US Oil Prices Fall Below $27 a Barrel

Feb 23, 2016, 17:35
US Oil Prices Fall Below $27 a Barrel

The Wall Street Journal reported on Thursday said citing United Arab Emirates' energy minister that the Opec was willing to cooperate on an output cut.

Brent gained as much as 6 percent against its previous settlement and was up 4.9 per cent at US$31.53 per barrel at 0938 GMT.

The announcement, in OPEC's closely watched monthly oil report, comes after oil prices resumed their decline after members of the oil-producer group failed to agree on a production cut over the week.

Still, analysts said such a move remained unlikely and prices for Brent and U.S. West Texas Intermediate (WTI) crude were on track for weekly losses of more than 7 per cent and 11 per cent, respectively, weighed down by oversupply.

Kanye West blames big dreams for $53m debt
The 38-year-old rap star took to Twitter moments before he was due to appear on "Saturday Night Live" to make the {bizarre But you're not alone, as his wife Kim reportedly gets annoyed by his weird outbursts to the point the couple fall out.

Oil prices collapsed over the past 18 months to below $30 a barrel from as high as $115 as OPEC opened its taps to drive higher-cost producers such as U.S. shale companies out of the market.

Oil supplies from non-OPEC countries in 2015 increased by 1.32 million barrels per day - up to 56.99 million barrels per day. Opec also cut its forecast for world economic growth in 2016 to 3.2 percent from 3.4 percent and said low oil prices were hurting the economy, in contrast to previous price slides that were supportive of global growth.

"The risks of China growth concerns and oil price downside... materialized faster than we anticipated", the bank said.

It added that it did not envisage oil prices falling as low as US$10 a barrel, although it was equally hard to see how they could rise significantly.

Denise Matthews, troubled 1980s pop singer known as Vanity, dies a 57
Vanity now known as Denise Matthews performs with the group Vanity 6 on the TV Show "Solid Gold". Matthews said she had no regrets about leaving her celebrity lifestyle behind.

Production cuts at the Organization of the Petroleum Exporting Countries would help ease the global glut of crude oil that has crushed the commodity in recent months and tipped USA gasoline prices into a downward spiral.

Tehran is aiming to increase output by 500,000 bpd, which would fill most of the hole left by non-Opec members. Brent crude futures rocketed 8.5 per cent in London.

Kuwait Petroleum International (KPI) today said oil prices could reach a range of $50-$60 a barrel by mid-2017, the official state news agency reported.

Grammys 2016: The Cast of Hamilton Perform "Alexander Hamilton"
Founding Father, with Stephen Colbert presiding over the evening's festivities. They're also scheduled to perform at the Tony Awards on June 12.

YOU MIGHT ALSO LIKE
  • Kanye West vs Taylor Swift: The Feud That Made Them InFamous

    Swift will perform at the Grammys on Monday night, and we have a few ideas how she should address it during the show. Taylor's brother Austin posted an Instagram video that showed him throwing his Yeezy sneakers into the bin.
    Zika Virus Symptoms Seen in More Than 5000 Pregnant Colombian Women

    Zika Virus Symptoms Seen in More Than 5000 Pregnant Colombian Women

    On Saturday, the Colombian national health institute said it had registered 31,555 Zika patients, including more 5,000 pregnant women.

    David Bowie's son throws cryptic dig at Lady Gaga following Grammys tribute

    It's unclear whether the Tweet was actually a veiled swipe at Gaga's performance, but users were quick to decipher it as such. Nile Rodgers has moved to defend Lady Gaga's Grammy Awards tribute to David Bowie against fierce online criticism.
  • Lady Gaga Delivers Flawless David Bowie Tribute At The 2016 Grammys

    David Bowie's son, director Duncan Jones took to Twitter after Gaga left the stage and his tweet was cryptically critical. Gaga channelled Bowie's Ziggy Stardust persona with a bright red wig and went through a number of costume changes.
    New York Knicks: Five Possible Deals At NBA's Trade Deadline

    New York Knicks: Five Possible Deals At NBA's Trade Deadline

    They didn't have enough to pry point guard Brandon Jennings from Detroit, which sent him to Orlando for Tobias Harris. Knicks coach Kurt Rambis expects Carmelo Anthony (knee) to play in every game the rest of the way.
    Clock winding down to NBA trade deadline

    Clock winding down to NBA trade deadline

    When the dust settled, 12 trades involving 39 players clogged the league's approval process for hours after the deadline passed. During the previous NBA Trade Deadline, a record-setting 37 players (besides draft picks) were moved in a total of 11 trades.
  • Cam Newton on Instagram:

    Cam Newton on Instagram: "I Will Win…My Way"

    They proclaimed after the game that they're better than the Steel Curtain defense, the '85 Bears, the 2000 Ravens or the '02 Bucs. But players such as Derek Wolfe and Chris Harris Jr. have re-signed over the past two seasons without even testing the market.

    Donald Trump Says He Respects the Pope

    The ad's claims getting lots of talk in SC ...an area known as Bush country. Trump called Rove, who was a senior advisor to former President George W.
    Does David Bowie's Son Have a Problem with Lady Gaga's Tribute Performance?

    Does David Bowie's Son Have a Problem with Lady Gaga's Tribute Performance?

    After the singer's performance, the filmmaker posted a definition of the word " gaga " from the Oxford English Dictionary . She sang Space Oddity , Changes, Ziggy Stardust , Suffragette City, Rebel Rebel, Fashion, Fame, Let's Dance and Heroes .
  • Last of Louisiana's 'Angola 3' inmates released after decades in solitary

    Last of Louisiana's 'Angola 3' inmates released after decades in solitary

    Woodfox be unconditionally released and barring the state from taking him to trial for a third time on the same charge. The same went for Herman Wallace , who was released in 2013 after a judge vacated his murder conviction and sentence.
    Taylor Swift responds to Kanye lyric during Grammys speech

    Taylor Swift responds to Kanye lyric during Grammys speech

    I'm just a little confused, because previously he said we should care more about him than about poor children in Africa . It's like I want the best for that person, but there's people going through real issues out here".

    Ted Cruz leaps over Donald Trump to lead in new poll

    Cruz and legal experts have said he is eligible because his mother was a United States citizen at the time of his birth. The fierce fight over Cruz's campaign ad led Trump to send a cease-and-desist letter demanding that it be taken down.
popular