{"id":1860,"date":"2017-11-21T21:01:36","date_gmt":"2017-11-21T22:01:36","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-steady-at-62\/"},"modified":"2017-11-21T21:01:36","modified_gmt":"2017-11-21T22:01:36","slug":"brent-steady-at-62","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-steady-at-62\/","title":{"rendered":"Brent Steady at $62"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising US output capped gains.<br \/> \tBrent crude oil was up 47 cents at $62.69 a barrel. US light crude was at $56.74, up 32 cents, CNBC reported.<br \/> \tAnalysts said Brent was expected to fluctuate in a narrow range, between $61 and $63, as the market awaited the outcome of the Organization of Petroleum Exporting Countries\u2019 meeting on Nov. 30.<br \/> \tOPEC, together with a number of non-OPEC producers led by Russia, has been restraining output this year in an effort to end a global supply overhang and prop up prices. At its meeting next week, the group is widely expected to extend the deal beyond its March 2018 expiry date.<br \/> \t\u201cThere is a general belief that anything but an extension could have a significant negative impact &#8230; So the market is just waiting for confirmation that OPEC wants to move on with the extension,\u201d said Ole Hansen, senior manager at Saxo Bank.<br \/> \tOPEC is expected to extend cuts as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to keep restricting production.<br \/> \tBut the biggest headache for OPEC has been a rise in US drilling, led by shale oil producers.<br \/> \tEnergy consultancy Westwood Global Energy Group said US output would climb even faster than implied by the rising rig count, which has jumped from 316 rigs in mid-2016 to 738 last week, as producers become more productive per well.<br \/> \t\u201cWestwood Global Energy forecasts an 18% increase in active rigs in 2018, but more rapid demand growth in certain service areas as operators focus on efficiency and delivering more for less,\u201d the consultancy said.<br \/> \tFGE, another consultancy, also warned that potential supply disruptions in 2018, during an already tighter market, could trigger oil price spikes. But it said the market could slump again toward 2019, if US production continued to soar, especially since the OPEC deal withholding output must end at some point.<br \/> \t\u201cWe see another big rush with US production growth of some 1-1.5 million barrels per day in 2018 and 2019,\u201d FGE said.<br \/> \tReflecting rising US oil exports to Asia, US commodity exchange CME Group said it would list a new futures contract that prices the spread between US WTI futures and Middle East benchmark Dubai, starting Dec. 18.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising US output capped gains. Brent crude oil was up 47 cents at $62.69 a barrel. US light crude was at $56.74, up 32 cents, CNBC reported. Analysts said [&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 Steady at $62 - 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-steady-at-62\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Steady at $62 - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising US output capped gains. Brent crude oil was up 47 cents at $62.69 a barrel. US light crude was at $56.74, up 32 cents, CNBC reported. 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