Brent on Monday closed up 3.8%, at $59.02 a barrel, its highest settlement since July 2015, while US crude futures settled almost 23% above this year's low of $42.53 a barrel on June 21.
The Kurdish referendum on independence from Iraq may have no immediate impact on oil supply, but it is a timely reminder that potentially disruptive political events in the Middle East can never be ignored.
However, analysts warned that exporters whose budgets are dependent on oil revenues will be tempted to pump above agreed-upon levels as Brent crude nears $60 a barrel.
He also suggested that OPEC's relationship with Russian Federation is showing signs of strain, with the former Soviet Union's cutback compliance "well short of what was promised" and various officials pegging oil prices next year at an anemic $40-$43 per barrel.
Crude oil prices rallied Monday, with Brent hitting its highest level in two years and West Intermediate Texas (WTI) futures rising to their biggest price in about five months, amid strong demand and a bet the oil output cut will be extended next year. The oil group's cuts are doing the job intended, shale isn't responding, and Opec and friends may finally be reaping the rewards from nine months of impressive compliance with the output deal they agreed on late previous year.
"On the basis of the current IEA estimates, the oil market is more or less balanced in the second half of the year", said Commerzbank in a note. Libya's crude oil production fell by about 112,000 bpd, to 0.89 mbpd while Nigeria's output jumped by 138,000 barrels, reaching 1.86 million bpd.
The higher price of oil is also expected to translate into higher prices at petrol pumps, which could push inflation above 3%. EIA also revised lower 2018 USA oil production from 9.91 million b/d to 9.84 million b/d, a 70k b/d decrease.
OPEC also recently pledged to cut output by a collective nearly two million barrels per day, and there are signs that the notoriously fractured cartel will make good on its pledge this time.
This potential loss, combined with 1.8 million bpd of output reductions by the Organization of the Petroleum Exporting Countries and non-OPEC producers, raised concerns of tighter supply.
The production cuts have clashed with rising output from the US and Canada, which has consistently put downward pressure on prices even after the OPEC production halt. "If OPEC doesn't extend the supply curbs, the market will return to oversupply again, forecasts from the International Energy Agency indicate", according to Phil's Stock World. The U.S. government on Wednesday announced a build of 4.6 million barrels for the week ended September 15. "I imagine confidence will come back to the market with more activity, and diversification should accelerate", said Imtiaz Sikder, a finance advisor.
In total, the 7-year-old has detected the bodies of 52 people throughout her career, 12 of whom are still alive. Morelos state accounted for 73, Puebla for 45, Mexico State for 13, Guerrero for six and Oaxaca for one.
Brennan Gilmore tweeted the photo of his grandfather John Middlemas Sunday morning before any team took the field. President Donald Trump first posted his thoughts on the protests on Twitter Saturday afternoon.
A number of prominent LDP and Democratic Party members have said that they will switch to the new movement. He said his goal is for the ruling party to take over half of the seats of the lower house of parliament.
The leftist stars of "Will & Grace" looked horrified as Megyn Kelly made a gay joke while pandering to NBC's liberal audience. Another reporter compared the TV personality's attempt at having a hit NBC show to a 'HomeGoods catalog brought to life '.
All 8th-generation chips get onboard support for 4K video and Intel is touting improved gaming and video processing as big wins. Coffee Lake desktop processors, the follow up to 2016's Kaby Lake processors, launch on October 5, Intel announced today.
The decision to play Richardson in place of Faulkner also worked out for the captain after he took three wickets as well. So KL Rahul remains in argument, although India is having outstanding Pandey which is worth for the team.
Those scans can then be printed, used as a wallpaper, shared with friends on social media, and morphed onto a different body. Placed in the premium segment, the Sony Xperia XZ1 will compete with the likes of Samsung Galaxy S8 and the HTC U11 .
Not once did he fumble or throw an interception, unlike Tampa Bay quarterback Jameis Winston , who tossed three picks on Sunday. On throws of 15 yards or more, Keenum was 7-of-9 for 221 yards and two touchdowns, according to ESPN Stats & Information.
Target to raise minimum wage to $15 by 2020
With Target's out-sized influence in the retailing world, its hike could force rivals to match the pay in order to compete. The $11 wage is higher than the minimum wage in 48 states, and it matches amounts in MA and Washington, Target says.
Intel unveils 8th-Gen processor family for gaming, desktops
The Core i5-8600K is a six-thread chip with a base clock speed of 3.6GHz, while the Core i5-8400 has a base clock speed of 2.8GHz. The new processors will support Intel Optane , the memory acceleration technology that Intel began rolling out in 2016.
Iraqi Kurds begin count in independence referendum
Also on Sunday, Iran closed its airspace to all flights to and from the Kurdish region at the request of the Iraqi government . Iran and Turkey have sizeable Kurdish populations of their own and fear the vote will stoke separatist aspirations at home.