{"id":1523,"date":"2017-11-01T20:11:26","date_gmt":"2017-11-01T21:11:26","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-wti-extend-rally\/"},"modified":"2017-11-01T20:11:26","modified_gmt":"2017-11-01T21:11:26","slug":"brent-wti-extend-rally","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-wti-extend-rally\/","title":{"rendered":"Brent, WTI Extend Rally"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil rose to its highest since mid-2015 on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also widely expected to keep to the deal.<br \/> \tBrent crude futures were up 59 cents at $61.53 per barrel, having hit a session peak of $61.7 earlier, the highest since July 2015. US West Texas Intermediate crude was at $55.12 a barrel, up 74 cents, CNBC reported.<br \/> \tThe oil price gained 7% in October, marking the fourth consecutive month of gains.<br \/> \t\u201cThe bulls have it and momentum is strong,\u201d Saxo Bank senior manager, Ole Hansen, said.<br \/> \t\u201cWe know how oil can easily run ahead of what is fundamentally justified and we\u2019ve seen that in both directions in the last couple of years. We really need to see demand growth pick up even more strongly than what is currently expected for the bullish outlook for to be maintained,\u201d he added.<br \/> \tOptimism has been fueled by an effort this year led by the Organization of Petroleum Exporting Countries, Russia and other producers to hold back about 1.8 million barrels per day in oil production to tighten markets.<br \/> \tOPEC\u2019s October output fell by 80,000 bpd to 32.78 million bpd, putting adherence to its pledged supply curbs at 92%, up from September\u2019s 86%.<br \/> \tAnalysts and traders expect Russia to stick to its agreement to curb its oil output by 300,000 bpd from 11.247 million bpd reached in October 2016.<br \/> \tSaudi Arabia and Russia are considering extending the agreement to potentially cover all of next year. Should participants after that return to full capacity and US output also grow, a supply glut could return.<br \/> \t\u201cWe could rapidly &#8230; go from a predicted deficit of around 260,000 barrels to a surplus of close to 1.5 million barrels. Prices would undoubtedly collapse,\u201d said Matt Stanley, a fuel broker at Freight Investor Services.<br \/> \tAnother factor will be US output, which has risen by almost 13% since mid-2016 to 9.5 million bpd.<br \/> \t\u201cUS crude oil production is 410,000 bpd below the April 2015 peak of 9.62 million bpd. We expect production to surpass this level before yearend,\u201d Barclays bank said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil rose to its highest since mid-2015 on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also widely expected to keep to the deal. Brent crude futures were up 59 cents at $61.53 per barrel, having hit a session peak of $61.7 earlier, the highest [&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, WTI Extend Rally - 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-wti-extend-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent, WTI Extend Rally - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil rose to its highest since mid-2015 on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also widely expected to keep to the deal. 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