{"id":1427,"date":"2017-10-27T22:15:18","date_gmt":"2017-10-27T22:15:18","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-crude-near-60\/"},"modified":"2017-10-27T22:15:18","modified_gmt":"2017-10-27T22:15:18","slug":"brent-crude-near-60","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-crude-near-60\/","title":{"rendered":"Brent Crude Near $60"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil prices steadied on Friday, with benchmark Brent crude trading just below $60 a barrel, buoyed by comments from Saudi Arabia\u2019s crown prince backing the extension of OPEC-led output cuts.<br \/> \tBrent was unchanged at $59.30, after Thursday\u2019s rise to $59.55, its highest since July 2015. The contract is more than 30% above 2017 lows touched in June. US light crude oil was down 4 cents at $52.60 but still 25% above its June 2017 low. US crude prices have been capped by rising US production, \u200cCNBC reported.<br \/> \t\u201cOil raced higher overnight with Brent finishing in sight of the magical $60 a barrel mark, spurred on by Saudi remarks supporting the oil production cut through to the end of 2018,\u201d said Jeffrey Halley, senior analyst at futures brokerage OANDA.<br \/> \tSaudi Arabia\u2019s Crown Prince Mohammad bin Salman told Reuters on Thursday the kingdom would support extending the output cut to stabilize oil demand and supply.<br \/> \tThe Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, have pledged to reduce their production by around 1.8 million barrels per day until the end of March to drain a global supply glut.<br \/> \tOPEC is expected to discuss extending that agreement at a meeting in Vienna on Nov. 30.<br \/> \t\u201cIf OPEC and their non-OPEC partners can agree to extend their production curtailments through 2018, then we estimate the oil market will remain in modest undersupply until 2019,\u201d US investment bank Jefferies said.<br \/> \tOil prices have hovered near their highest for this year in recent weeks amid signs of a tightening market, talk of an extension of production cuts and worries over conflict in Iraq.<br \/> \t\u201cThe ingredients are there for the current uptrend to take the European crude benchmark above $60 a barrel,\u201d said Stephen Brennock, analyst at London brokerage PVM Oil Associates.<br \/> \t\u201cThose placing their betting chips on an imminent breakout above $60 will take heart from tightening oil market fundamentals,\u201d Brennock said. \u201cA solid global demand backdrop coupled with OPEC-led cuts is eating into the oil glut.\u201d<br \/> \tHowever, rising US crude production remains an issue for OPEC as it strives to clear a global overhang.<br \/> \tUS crude production rose by 1.1 million bpd to 9.5 million bpd in the week ended Oct. 20, according to US Energy Information Administration data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil prices steadied on Friday, with benchmark Brent crude trading just below $60 a barrel, buoyed by comments from Saudi Arabia\u2019s crown prince backing the extension of OPEC-led output cuts. Brent was unchanged at $59.30, after Thursday\u2019s rise to $59.55, its highest since July 2015. The contract is more than 30% above 2017 lows [&hellip;]<\/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":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent Crude Near $60 - 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\/brent-crude-near-60\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Crude Near $60 - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil prices steadied on Friday, with benchmark Brent crude trading just below $60 a barrel, buoyed by comments from Saudi Arabia\u2019s crown prince backing the extension of OPEC-led output cuts. Brent was unchanged at $59.30, after Thursday\u2019s rise to $59.55, its highest since July 2015. 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