{"id":1895,"date":"2017-11-24T19:47:47","date_gmt":"2017-11-24T20:47:47","guid":{"rendered":"http:\/\/madaresharghi.com\/crude-prices-extend-rally\/"},"modified":"2017-11-24T19:47:47","modified_gmt":"2017-11-24T20:47:47","slug":"crude-prices-extend-rally","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/crude-prices-extend-rally\/","title":{"rendered":"Crude Prices Extend Rally"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tUS oil prices jumped to a two-year high on Friday as North American markets tightened on the partial closure of the Keystone pipeline connecting Canadian oilfields with the United States.<br \/> \tUS light crude hit highs not seen since July 1, 2015, on Friday, trading at $58.70 a barrel, before easing to $58.53 but still 51 cents up on the day. Trading activity was expected to be low on Friday due to the US Thanksgiving holiday, CNBC reported.<br \/> \tBenchmark Brent crude was trading flat at $63.58 a barrel, up just 3 cents on the day, after spending much of the Asia trading session in negative territory.<br \/> \tPVM Oil Associates strategist, Tamas Varga, said the oil spill that shut the Keystone pipeline was supporting US crude, flipping prices into backwardation, when front-month prices rise above those for future months, indicating an undersupplied market.<br \/> \t\u201cJanuary is now 4 cents more expensive than February, and I think we have not seen that for three years,\u201d he said.<br \/> \tThe pipeline spill on Nov. 16 reduced the usual 590,000 barrel-per-day flow to US refineries, driving down inventories at the storage hub of Cushing, Oklahoma, traders said.<br \/> \tMarkets have also tightened globally due to output cuts since January by the Organization of Petroleum Exporting Countries, Russia and several other producers.<br \/> \tOPEC meets on Nov. 30 and is expected to extend to the pact on cutting output beyond its March expiry, although Russia has sent mixed signals about its support for an extension.<br \/> \t\u201cWith the majority of OPEC members endorsing an extension, Russian support is the key risk,\u201d Jon Rigby, the head of oil research at UBS, wrote in a note.<br \/> \t&#8220;Russian President Vladimir Putin indicated in October that Russia backed extending the deal to the end of 2018, but comments by officials and in Russian media have created uncertainty since then.&#8221;<br \/> \tRising US oil production has also curbed crude price gains. US output jumped by 15% since mid-2016 to a record 9.66 million bpd, thanks largely to shale drilling.<br \/> \tEnergy Minister Alexander Novak also said on Friday that Russia is ready to discuss an extension of a global deal between OPEC and other countries to cut oil output in Vienna on Nov. 30.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi US oil prices jumped to a two-year high on Friday as North American markets tightened on the partial closure of the Keystone pipeline connecting Canadian oilfields with the United States. US light crude hit highs not seen since July 1, 2015, on Friday, trading at $58.70 a barrel, before easing to $58.53 but still [&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 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\/crude-prices-extend-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Prices Extend Rally - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi US oil prices jumped to a two-year high on Friday as North American markets tightened on the partial closure of the Keystone pipeline connecting Canadian oilfields with the United States. 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