{"id":1829,"date":"2017-11-20T20:52:47","date_gmt":"2017-11-20T21:52:47","guid":{"rendered":"http:\/\/madaresharghi.com\/crude-prices-lose-steam\/"},"modified":"2017-11-20T20:52:47","modified_gmt":"2017-11-20T21:52:47","slug":"crude-prices-lose-steam","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/crude-prices-lose-steam\/","title":{"rendered":"Crude Prices Lose Steam"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil eased on Monday, as traders were reluctant to take on big new positions ahead of an OPEC meeting next week, when the exporter group is expected to decide whether to continue output cuts aimed at propping up prices.<br \/> \tBrent crude futures were at $62.37 per barrel, down 35 cents on the day, while US West Texas Intermediate crude futures were down 7 cents at $56.48 a barrel, CNBC reported.<br \/> \tThe Organization of Petroleum Exporting Countries, together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year to end a global supply overhang and prop up prices.<br \/> \tThe deal to curb output is due to expire in March 2018 and OPEC meets on Nov. 30 to discuss the outlook for the policy. The expectation is for the agreement to be extended to cover the whole of next year.<br \/> \t\u201cIt is widely believed that OPEC, together with 10 non-OPEC countries, will rollover their production for the whole of 2018 although Russia is holding its cards close to its chest,\u201d PVM Oil Associates strategist, Tamas Varga, said.<br \/> \tOPEC last week forecast demand for its own crude to rise by 460,000 bpd to 33.42 million bpd next year, in contrast with a forecast from the International Energy Agency for a drop of 320,000 bpd to 32.38 million bpd.<br \/> \t\u201cSuch a rollover (in the deal) would be bullish if you believe OPEC\u2019s numbers but will not reduce global or OECD stocks if the IEA estimate is closer to reality. Judging by the weekly losses, more credit was given to the IEA prediction,\u201d Varga added.<br \/> \tGreg McKenna of futures brokerage AxiTrader said it was \u201cworth noting data showed more longs added by the speculative community\u201d, indicating expectations of rising prices.<br \/> \tThis is certainly the case in US crude futures and options, where money managers raised their net long holdings by 28,297 lots to 409,963 contacts, equivalent to nearly 410 million barrels of oil.<br \/> \tIn the Brent market, fund managers added 4,793 lots in short positions\u2014more than at any time since late June\u2014but that still leaves the overall net managed money long position at 537,557, within a whisker of the previous week\u2019s record high of 543,069 lots.<br \/> \tIn the United States, the number of rigs drilling for new oil production remained unchanged in the week to Nov. 17 at 738, data from oil services firm Baker Hughes showed on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil eased on Monday, as traders were reluctant to take on big new positions ahead of an OPEC meeting next week, when the exporter group is expected to decide whether to continue output cuts aimed at propping up prices. Brent crude futures were at $62.37 per barrel, down 35 cents on the day, while [&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>Crude Prices Lose Steam - 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\/crude-prices-lose-steam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Prices Lose Steam - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil eased on Monday, as traders were reluctant to take on big new positions ahead of an OPEC meeting next week, when the exporter group is expected to decide whether to continue output cuts aimed at propping up prices. 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