{"id":2341,"date":"2017-12-19T22:19:34","date_gmt":"2017-12-19T23:19:34","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-rises-toward-64\/"},"modified":"2017-12-19T22:19:34","modified_gmt":"2017-12-19T23:19:34","slug":"brent-rises-toward-64","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-rises-toward-64\/","title":{"rendered":"Brent Rises Toward $64"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil edged up towards $64 a barrel on Tuesday, supported by the Forties pipeline outage in the North Sea, OPEC-led supply cuts and expectations that US crude inventories fell for a fifth week.<br \/> \tBrent crude, the global benchmark, was up 34 cents to reach $63.75 a barrel. US crude also gained 34 cents to $57.50, CNBC reported.<br \/> \tRising output in the United States put a lid on gains, however. Shale production will rise to a record in January, according to a government forecast published on Monday, as higher prices encourage companies to pump more.<br \/> \tThe unplanned shutdown of Forties since last week has supported Brent in particular, as Forties is the largest of the North Sea crude grades underpinning the benchmark. Brent reached $65.83, its highest since mid-2015, on Dec. 12.<br \/> \t\u201cThis should ensure buying pressures remain at the fore of the Brent structure until the turn of the year at the very least,\u201d said Stephen Brennock of oil broker PVM.<br \/> \tIneos, operator of the Forties pipeline, said on Tuesday it was moving forward with a preferred repair option and the timeframe for the fix remained two to four weeks starting from Dec. 11, the date of the shutdown.<br \/> \tA deal by the Organization of Petroleum Exporting Countries and non-member producers, including Russia, to cut supplies in an attempt to get rid of a supply glut that has built up since 2014 has also boosted prices.<br \/> \tOPEC and its allies have extended the agreement until the end of 2018 and Russia\u2019s Rosneft said on Monday it could be maintained beyond next year.<br \/> \tAs a result of the cuts, oil inventories are falling globally and the latest weekly supply reports are expected to show a further reduction in US crude inventories.<br \/> \tStill, rising US production is countering OPEC\u2019s cuts and other supply losses.<br \/> \tUS shale output in January is forecast to increase by 94,000 barrels per day to 6.41 million bpd, according to EIA\u2019s monthly drilling productivity report.<br \/> \t\u201cThe US shale oil report issued late yesterday is on the bearish side, as it confirms an acceleration in US production,\u201d said Olivier Jakob, analyst at Petromatrix.<br \/> \tThat forecast follows an EIA prediction last week that total oil production, including non-shale, will grow by 780,000 bpd to a record 10.02 million bpd in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil edged up towards $64 a barrel on Tuesday, supported by the Forties pipeline outage in the North Sea, OPEC-led supply cuts and expectations that US crude inventories fell for a fifth week. Brent crude, the global benchmark, was up 34 cents to reach $63.75 a barrel. US crude also gained 34 cents to [&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 Rises Toward $64 - 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-rises-toward-64\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Rises Toward $64 - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil edged up towards $64 a barrel on Tuesday, supported by the Forties pipeline outage in the North Sea, OPEC-led supply cuts and expectations that US crude inventories fell for a fifth week. Brent crude, the global benchmark, was up 34 cents to reach $63.75 a barrel. 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