{"id":1486,"date":"2017-10-30T21:00:22","date_gmt":"2017-10-30T22:00:22","guid":{"rendered":"https:\/\/madaresharghi.com\/brent-holds-above-60\/"},"modified":"2017-10-30T21:00:22","modified_gmt":"2017-10-30T22:00:22","slug":"brent-holds-above-60","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-holds-above-60\/","title":{"rendered":"Brent Holds Above $60"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tBrent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March, although rising Iraqi exports put a lid on prices.<br \/> \tBenchmark Brent crude futures were 7 cents higher at $60.51 per barrel, close to their highest since July 2015. They are 36% above the 2017 lows marked in June.<br \/> \tUS West Texas Intermediate crude futures were little changed at $53.89 a barrel, near an eight-month high, CNBC reported. \u201cThe latest uptick can to a certain extent be attributed to further Saudi and Russian support for extending the supply cut,\u201d consultancy JBC Energy said. The Organization of Petroleum Exporting Countries plus Russia and nine other producers agreed to cut 1.8 million barrels per day from January 2016 to clear a supply glut.<br \/> \tThe pact, already renewed once, now runs through March 2018, but Saudi Arabia and Russia, who are leading the effort, have voiced support to for a further extension.<br \/> \tOPEC Secretary-General Mohammed Barkindo said Russian-Saudi backing for an extension cleared the fog before the group\u2019s meeting in Vienna on Nov. 30.<br \/> \tSaudi Crown Prince Mohammad bin Salman repeated the kingdom\u2019s support for extending the deal at the weekend.<br \/> \tHowever, traders said a 900,000-bpd export capacity increase from Iraq\u2019s southern ports to 4.6 million bpd had prevented Brent from rising further.<br \/> \tAlso helping to keep a lid on prices, US production is up by almost 13% since mid-2016, resulting in a steep WTI discount of $6.5 per barrel against Brent, making US crude exports attractive.<br \/> \tNevertheless, hedge funds and other money managers raised their bullish wagers on US crude futures and options in the week to Oct. 24, the US Commodity Futures Trading Commission said on Friday. The speculator group raised its combined futures and options position in New York and London by 15,041 contracts to 280,634 during the period. Some analysts added a note of caution.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March, although rising Iraqi exports put a lid on prices. Benchmark Brent crude futures were 7 cents higher at $60.51 per barrel, close to their highest since July 2015. They are [&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 Holds Above $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-holds-above-60\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Holds Above $60 - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March, although rising Iraqi exports put a lid on prices. Benchmark Brent crude futures were 7 cents higher at $60.51 per barrel, close to their highest since July 2015. 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