Oil prices kept their footing on positive grounds on Tuesday, as markets tightened on the Organization of the Petroleum Exporting Countries' (OPEC) continuous effort to trim output and the upcoming United States sanctions against Iran.
Benchmark Brent crude oil LCOc1 reached $78.60 a barrel, up 37 cents and its highest since November 2014. U.S. light crude was 5c higher at $71.01 a barrel, also not far off its highest since November 2014.
"Strong global oil consumption has come up against a 1½ -year-old deal led by OPEC and Russian Federation to manage crude supply among producers".
President Trump's decision to pull the US out of the Iran nuclear deal "constitutes a major geopolitical shift" which could trigger a move in the direction of "stagflation", a global strategy team at Citi, led by Mark Schofield, said in a research note, CNBC reported.
The revised demand growth predictions come at a time when the global crude market is also facing other significant supply-side question marks, such as the impact of the imposition of U.S. sanctions on Iranian output and the ongoing struggles of the Venezuelan oil sector.
"The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions", said William O'Loughlin, investment analyst at Rivkin Securities.
At 1100 GMT, ICE July Brent crude futures were trading at $79.14/b, up 91 cents from Monday's settle, while NYMEX June WTI crude futures were 65 cents higher at $71.61/b.
Market observers and analysts argue that US energy stocks are in a position to outperform broader equity markets this year, even if oil prices don't move higher.
"For 2018, oil demand growth is forecast to increase by around 1.65 million barrels a day to average 98.85 million barrels a day", the report said, revising upward from its forecasting last month.
OPEC figures published on Monday showed that oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017.
Referred to as "market cap", it is determined by doubling a company's shares outstanding by the current market price of one share. In other Nvidia news, Director Persis Drell sold 5,141 shares of the firm's stock in a transaction dated Wednesday, March 28th.
It's no masterpiece, but the chemistry between Crawford and Damon Wayans is infectious. "#BoycottLethalaweapon", one fan wrote . Shortly after the news was revealed, social media exploded with tuts and hisses from viewers who are still totally Team Clayne.
The Reds lost 3-1 to La Liga giants Sevilla in the Europa League final in 2015 in Klopp's first full season in charge. Arsenal boss Arsene Wenger will manage the Gunners for the last time on Sunday at Huddersfield's John Smiths Stadium.
In the fifth season of a $240 million, 10-year contract, Cano has played in at least 150 games in each of the last 11 seasons. Cano , 35, went into Sunday's game hitting.289/.383/.444 with four home runs in 38 games.
Although Saturday will not be a washout, there could be several rounds of showers and thunderstorms throughout the day. The storm was also responsible for a house fire in Grand Island when lightning struck a home at 3204 Knights Road.
It's quite the opposite, actually. "He was obviously incredibly hard for us to guard past year and we wish he was playing". To fully understand the history between James and Boston, let's take a look at each of the times they met in the playoffs.
He was reportedly suffering from bone marrow cancer and was on medical leave. "He had also taken radiation therapy earlier", Dr. Mumbai: Maharashtra Police official Himanshu Roy shot himself in mouth after getting frustrated with his disease - Cancer .
Both are still fighting for their place in the table - Juve for the first spot and Milan for the final European place. Ghana global , Kwadwo Asamoah has expressed his happiness after winning his fourth Coppa Italia with Juventus .
More than a third of Myanmar's townships are affected by unresolved conflict, according to a 2017 report from the Asia Foundation. The fighting erupted at Muse town yesterday in which nineteen people have been killed so far.
Iran hopes to keep nuclear agreement
President Sirisena, who is on an official tour of Iran, visited the President's House with his delegation, this morning. The head of the elite Revolutionary Guards also warned against relying on foreign powers to guarantee Iran's interests.
China launches first domestically-made aircraft carrier
But CNN reports the new vessel still won't be enough to rival the United States, but will boost the navy's standing in Asia. The ship, the largest and most sophisticated naval vessel in China, was designed and built by the nation on its own.
UFC 224 official weigh-in - Raquel Pennington vs. Amanda Nunes
With a heavy undercard and Nunes defending her bantamweight championship, UFC 224 should pack quite the punch on Saturday night. Amanda Nunes bludgeoned Raquel Pennington for more than 20 bloody minutes on her way to retaining the 135-pound strap.