{"id":1398,"date":"2017-10-25T21:00:58","date_gmt":"2017-10-25T21:00:58","guid":{"rendered":"http:\/\/madaresharghi.com\/oil-prices-ease-but-hold-near-four-week-highs\/"},"modified":"2017-10-25T21:00:58","modified_gmt":"2017-10-25T21:00:58","slug":"oil-prices-ease-but-hold-near-four-week-highs","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/oil-prices-ease-but-hold-near-four-week-highs\/","title":{"rendered":"Oil Prices Ease But Hold Near Four-Week Highs"},"content":{"rendered":"

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\tOil eased on Wednesday but was still near a four-week high after top exporter Saudi Arabia said it was determined to end a supply glut that has been weighing on the market for three years.
\tBrent crude futures were down 20 cents at $58.13 a barrel, having closed up 96 cents or 1.7% on Tuesday. US West Texas Intermediate crude was trading down 27 cents at $52.20, Reuters reported. Saudi Arabian Energy Minister Khalid al-Falih said on Tuesday the kingdom was determined to reduce oil inventories stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led pact to cut supplies ends.
\tThere is evidence that global inventory levels are falling and demand is strong, but the price has struggled to break above $60 a barrel, partly due to uncertainty about what will happen to crude supplies after March, when the deal is due to end.
\t\u201cWe\u2019ve got a two-way battle here and at this stage, the bulls are having it,\u201d Saxo Bank senior manager, Ole Hansen, said.
\t\u201cWe are in much better shape than we have been for a long time. The million dollar question is: Is the market ready and prepared for a go at key resistance above 60? I still feel that is a step too far,\u201d he added.
\tThe Organization of Petroleum Exporting Countries, Russia and other producers have cut oil output by about 1.8 million barrels per day since January. The pact runs to March 2018, but they are considering extending it.
\t\u201cOPEC is holding a line on the production cuts,\u201d said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. \u201cEven though shale (output) is now rebounding, the stocks are drawing, and now we\u2019re heading into the winter season, so the market is strong.\u201d
\tData from the American Petroleum Institute on Tuesday showed US crude stocks rose by 519,000 barrels last week, compared with analysts\u2019 expectations for a decline of 2.6 million barrels.Gasoline inventories fell by 5.8 million barrels, compared with analysts\u2019 expectations for a 17,000-barrel decline.
\tDisruptions to exports from Iraq, OPEC\u2019s second-largest producer, amid tensions between Baghdad and the autonomous northern Kurdish region have supported oil prices. The Kurdish authorities offered on Wednesday to suspend their independence drive.<\/p>\n","protected":false},"excerpt":{"rendered":"

madaresharghi Oil eased on Wednesday but was still near a four-week high after top exporter Saudi Arabia said it was determined to end a supply glut that has been weighing on the market for three years. Brent crude futures were down 20 cents at $58.13 a barrel, having closed up 96 cents or 1.7% on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"\nOil Prices Ease But Hold Near Four-Week Highs - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/oil-prices-ease-but-hold-near-four-week-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Prices Ease But Hold Near Four-Week Highs - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil eased on Wednesday but was still near a four-week high after top exporter Saudi Arabia said it was determined to end a supply glut that has been weighing on the market for three years. Brent crude futures were down 20 cents at $58.13 a barrel, having closed up 96 cents or 1.7% on […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/oil-prices-ease-but-hold-near-four-week-highs\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-25T21:00:58+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\",\"url\":\"https:\/\/madaresharghi.ir\/en\/\",\"name\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"description\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/madaresharghi.ir\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/oil-prices-ease-but-hold-near-four-week-highs\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/oil-prices-ease-but-hold-near-four-week-highs\/\",\"name\":\"Oil Prices Ease But Hold Near Four-Week Highs - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-10-25T21:00:58+00:00\",\"dateModified\":\"2017-10-25T21:00:58+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/oil-prices-ease-but-hold-near-four-week-highs\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\",\"name\":\"administrator\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/901309319175b0d219e688b01909d220?s=96&d=mm&r=g\",\"caption\":\"administrator\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1398"}],"collection":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/comments?post=1398"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1398\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=1398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=1398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=1398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}