Economy

Oil extends gains, on track for biggest weekly rise this year (RDSA)

Oil extends gains, on track for biggest weekly rise this year (RDSA)

Kuwait has complied at an average rate of 98% with its pledged reduction of 131,000 barrels a day, while the UAE has implemented only 54% of its promised 139,000 barrel-a-day cut on average, the International Energy Agency said in its latest oil report.

Crude oil prices settled higher in futures market on Thursday, as support from four weeks of falling US crude supplies contributed to a fourth-consecutive session of gains.

Oil futures were flat Friday morning in Asia trade, with USA crude moving near $49 a barrel, while Brent crude was trading at $51.45 a barrel.

U.S. West Texas Intermediate futures were down 13 cents, or 0.3 percent, at $48.62 a barrel.

US oil prices surged toward the key $50 a barrel level this week, but the rally likely has little gas left in the tank, analysts say.

More news: Trump Picks Sam Brownback as International Religious Freedom Ambassador

The gains in Brent pushed the difference between the two benchmarks to the widest in two months.

The US Energy Information Administration reported that the oil reserves in the United States decreased in 7.2 million barrels last week, exceeding the prediction of a 2.6-million-barrel decrease. WTI-Brent spread was stable on Jul-2017.

Brimming U.S. crude supplies have challenged production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries, meaning weekly U.S. inventory data is closely watched.

Supply interruptions from Venezuela also boosted oil.

But despite the move to the top of crude's recent trading range, Essner and other analysts expect prices to remain stuck between $42 and $55 a barrel. Combined, the total oil and gas rig count in the USA now stands at 958 rigs, up 495 rigs from a year ago, with oil rigs in the United States increasing by 2 and gas rigs increasing by 6 this week.


  • England win fourth ICC Women's World Cup crown after thriller at Lord's

    England win fourth ICC Women's World Cup crown after thriller at Lord's

    The Indian Women faltered at the last hurdle at Lord's when they lost to hosts England by 9 runs in the ICC Women's World Cup. At 34, this is most likely Jhulan Gosawmi's last Women's Cricket World Cup and she did her best to take India over the line.

    Overwhelmed! Microsoft decides to keep MS Paint

    She says that the outpouring of support for MS Paint caught the company's attention and that it needs to clarify some things. Paint 3D will now likely supplant the original Microsoft Paint entirely, Samuel Gibbs reports for the Guardian .
    Draymond Green Faces Lawsuit: 'I Still Feel His Hand on My Jaw'

    Draymond Green Faces Lawsuit: 'I Still Feel His Hand on My Jaw'

    Green reached a plea deal in that case and avoided jail time just in time to participate in the Rio Olympics last summer. Green's public relations firm released a statement Tuesday, referring to the lawsuit's allegations as "misinformation".
  • England vs South Africa- Third Test Squads, Preview and Predictions

    These players are learning their skills in the County Championship, but they're still learning at Test level, too. Then after that it was a free for all and you could see the Australian team were feeling a bit of pressure.
    Love Island's creator wants to make a

    Love Island's creator wants to make a "gay version" of the show

    As expected, fans of the show couldn't hide their excitement at the prospect of a potential Kem x Chris x Stormzy collaboration. Replying to Amber's tweet, thanking fans for voting, one person wrote: "That fella won, you're just his plus one".
    Teen arrested after London acid attacks

    Teen arrested after London acid attacks

    He told Sky News : "I heard the sound of water, this kind of glass of water came into my face". A 16-year-old boy has been charged with 15 offenses after five acid attacks in London .
  • Help Wanted: Amazon Job Fair To Fill 50000 Positions

    Help Wanted: Amazon Job Fair To Fill 50000 Positions

    With Amazon continuing to grow at a rapid rate, they need the personnel to help with that growth. Amazon will also hold events for part-time positions in Oklahoma City and Buffalo, New York.
    Jeff Bezos overtakes Bill Gates as the richest man in the world

    Jeff Bezos overtakes Bill Gates as the richest man in the world

    And as of Thursday morning, its founder Jeff Bezos has eclipsed Microsoft co-founder Bill Gates as the world's richest person. According to a report by Bloomberg , a hike in the share price of Amazon helped the CEO to climb the top position.
    Gulf Crisis: Terror List Expanded, Doha Slams Blockades as Illegal

    Gulf Crisis: Terror List Expanded, Doha Slams Blockades as Illegal

    Details published by Saudi media claim the individuals are also linked to Al Qaeda in the Islamic Maghreb. However, HE al-Attiyah said: "Lifting the siege should precede any dialogue".
  • Boulder weather: High of 83 today with more storms this afternoon

    Boulder weather: High of 83 today with more storms this afternoon

    Wednesday night: A 70 percent chance of showers and thunderstorms, low around 11 p.m., up to a half-inch of rain is possible. Sunday: 50-percent chance of showers and thunderstorms with a high near 85 and a low around 75; mostly cloudy conditions.
    Martellus Bennett Sleeps in Lambeau Field Locker Room on Training Camp Eve

    Martellus Bennett Sleeps in Lambeau Field Locker Room on Training Camp Eve

    Unfortunately, for Bennett that meant he got locked out. "I didn't check", McCarthy said to reporters Wednesday. Well, the guy slept on the floor in front his locker the night before camp got underway...
    Charlie Gard's Parents Return to Court For Life Support Hearing

    Charlie Gard's Parents Return to Court For Life Support Hearing

    Mr Armstrong said representatives for GOSH had not visited the family home. "It must be provided in a specialist setting by specialists".