{"id":2195,"date":"2017-12-12T02:25:46","date_gmt":"2017-12-12T03:25:46","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-wti-prices-stable\/"},"modified":"2017-12-12T02:25:46","modified_gmt":"2017-12-12T03:25:46","slug":"brent-wti-prices-stable","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-wti-prices-stable\/","title":{"rendered":"Brent, WTI Prices Stable"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil markets were stable on Monday as ongoing output cuts led by OPEC were countered by rising US drilling activity that points to a further increase in American production.<br \/> \tUS West Texas Intermediate crude futures were at $57.32 a barrel, down 4 cents from their last settlement. Brent crude futures, the international benchmark for oil prices, were unchanged at $63.40 a barrel, CNBC reported.<br \/> \tCrude prices have gained well over a third in value from their 2017 lows, largely due to production cuts by the Organization of Petroleum Exporting Countries and a group of non-OPEC producers, including Russia, which have been in place since the start of the year.<br \/> \tBut analysts said the effect of these cuts could be undermined by rising output from the United States, which is not participating in the deal to voluntarily withhold production.<br \/> \t&#8220;The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardize the OPEC and Russian agreement when they meet for a review in June 2018,&#8221; said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.<br \/> \tThe number of rigs drilling for new oil output in the United States rose by two in the week to Dec. 8 to 751, the highest level since September, General Electric Company&#8217;s Baker Hughes energy services firm said on Friday.<br \/> \tA higher rig count points to a further rise in US crude production, which is already up by more than 15% since mid-2016 to 9.71 million barrels per day.<br \/> \tThat&#8217;s the highest level since the early 1970s and close to levels from top producers Russia and Saudi Arabia.<br \/> \tRising US output threatens to undermine efforts to support prices by withholding supplies.<br \/> \tOPEC and its allies started withholding supplies last January and a decision was announced in late November to continue doing so throughout 2018.<br \/> \tSome uncertainty remains over how suddenly the group will increase output once the voluntary restraint ends.<br \/> \tKuwait&#8217;s Oil Minister Issam al Marzouq said on Sunday that OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement.<br \/> \tThe UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Monday OPEC and non-OPEC oil producers plan to announce in June an exit strategy from the cuts.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil markets were stable on Monday as ongoing output cuts led by OPEC were countered by rising US drilling activity that points to a further increase in American production. US West Texas Intermediate crude futures were at $57.32 a barrel, down 4 cents from their last settlement. Brent crude futures, the international benchmark for [&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, WTI Prices Stable - 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-wti-prices-stable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent, WTI Prices Stable - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil markets were stable on Monday as ongoing output cuts led by OPEC were countered by rising US drilling activity that points to a further increase in American production. US West Texas Intermediate crude futures were at $57.32 a barrel, down 4 cents from their last settlement. 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