{"id":1718,"date":"2017-11-13T21:07:33","date_gmt":"2017-11-13T22:07:33","guid":{"rendered":"http:\/\/madaresharghi.com\/oil-holds-near-2-year-highs\/"},"modified":"2017-11-13T21:07:33","modified_gmt":"2017-11-13T22:07:33","slug":"oil-holds-near-2-year-highs","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/oil-holds-near-2-year-highs\/","title":{"rendered":"Oil Holds Near 2-Year Highs"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil was largely steady on Monday, trapped between a bullish push from tension in the Middle East and downward pressure from evidence of rising US production, although record fund bets on a rally kept the price in sight of two-year highs.<br \/> \tBrent crude futures were down 17 cents at $63.35 a barrel, having gained 14% so far this month. US West Texas Intermediate crude eased 6 cents to $56.68, CNBC reported.<br \/> \tTraders said crude prices were generally well supported, as output cuts led by the Organization of Petroleum Exporting Countries and Russia have contributed to a significant reduction in excess supplies that have dogged markets since 2014.<br \/> \tThe excess of industrialized countries\u2019 oil stockpiles over their five-year average \u201chas fallen by more than 50% in 2017, with inventories currently at around 160 million barrels\u201d, consultancy Timera Energy said.<br \/> \t\u201cIf current trends continue, inventories are likely to return to the five-year average at some stage in 2018,\u201d it said, adding that strong demand had also helped reduce the glut.<br \/> \tHedge funds increased their holdings of Brent crude futures and options in the latest week, pushing their bet on a sustained rally in the oil price to the highest on record.<br \/> \tMoney managers now hold a net long position in Brent futures and options equivalent to nearly 544 million barrels of oil.<br \/> \t\u201cOverall, there are a few reasons for confidence\u2014compliance from OPEC\u2014and it seems likely they will extend the cut,\u201d Jasper Lawler, a market strategist with London Capital Group, said.<br \/> \tOn the supply side, tensions in the Middle East raised the prospect of disruptions, traders said, adding it was unclear whether a strong earthquake that hit Iran and Iraq on Sunday had affected the region\u2019s oil production.<br \/> \tBahrain said over the weekend that an explosion that caused a fire at its main oil pipeline on Friday was caused by sabotage.<br \/> \tThe rise in WTI futures toward $60 last week brought an increase in US drilling. US producers added nine oil rigs in the week to Nov. 10, the biggest jump since June, raising the count to 738, energy services firm Baker Hughes said on Friday.<br \/> \tThe rig count is also much higher than a year ago, when only 452 rigs were active, indicating that the US oil industry is comfortable operating at current prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil was largely steady on Monday, trapped between a bullish push from tension in the Middle East and downward pressure from evidence of rising US production, although record fund bets on a rally kept the price in sight of two-year highs. Brent crude futures were down 17 cents at $63.35 a barrel, having gained [&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>Oil Holds Near 2-Year 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-holds-near-2-year-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Holds Near 2-Year Highs - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil was largely steady on Monday, trapped between a bullish push from tension in the Middle East and downward pressure from evidence of rising US production, although record fund bets on a rally kept the price in sight of two-year highs. 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