{"id":1787,"date":"2017-11-17T20:28:26","date_gmt":"2017-11-17T21:28:26","guid":{"rendered":"http:\/\/madaresharghi.com\/oil-prices-set-for-weekly-fall\/"},"modified":"2017-11-17T20:28:26","modified_gmt":"2017-11-17T21:28:26","slug":"oil-prices-set-for-weekly-fall","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/oil-prices-set-for-weekly-fall\/","title":{"rendered":"Oil Prices Set for Weekly Fall"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil prices rose on Friday but remained en route for their first week of losses in six, as concerns grew over Russia\u2019s support for an extension of the crude output cuts that have bolstered prices in recent months.<br \/> \tBenchmark Brent crude oil was up 50 cents at $61.86 a barrel. US light crude was at $55.9 a barrel, up 76 cents, Reuters reported.<br \/> \tFriday\u2019s slight uptick belied a downturn seen in recent days, with prices set to fall between 2-4% for the week as a whole.<br \/> \t\u201cAfter five days of continuous losses, an upside correction is always on the cards. Such a jump, however, will not mean a change of heart,\u201d said Tamas Varga, analyst at brokerage PVM Oil Associates.<br \/> \tAn agreement by the Organization of Petroleum Exporting Countries and other producers such as Russia to limit oil production has propped up prices in recent months, with the deal expected to be extended at the group\u2019s next meeting on Nov. 30.<br \/> \tBut fears of hesitation on Russia\u2019s part weighed on prices on Friday.<br \/> \t\u201cRussian support for a formalized extension of production cuts at the (next) OPEC meeting appears questionable, even if only to defer the decision to 1Q, 2018,\u201d US investment bank Jefferies said.<br \/> \tSaudi Arabia has signaled a willingness to extend the curbs, which are due to expire in March 2018, with the country&#8217;s Energy Minister Khalid al-Falih saying on Thursday that targets to reduce global oil surplus would not be reached in time.<br \/> \tOPEC\u2019s main obstacle in tightening the market is the United States, where crude oil production hit a record of 9.65 million barrels per day this month, meaning US output has risen by almost 15% since their most recent low in mid-2016.<br \/> \t\u201cLet\u2019s assume that US oil production continues its upward trajectory. They could very well be at 10 million bpd by the end of 2017,\u201d said Matt Stanley, a fuel broker at Freight Investor Services in Dubai.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil prices rose on Friday but remained en route for their first week of losses in six, as concerns grew over Russia\u2019s support for an extension of the crude output cuts that have bolstered prices in recent months. Benchmark Brent crude oil was up 50 cents at $61.86 a barrel. US light crude was [&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 Prices Set for Weekly Fall - 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-set-for-weekly-fall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Prices Set for Weekly Fall - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil prices rose on Friday but remained en route for their first week of losses in six, as concerns grew over Russia\u2019s support for an extension of the crude output cuts that have bolstered prices in recent months. Benchmark Brent crude oil was up 50 cents at $61.86 a barrel. 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