Thanks to a combination of broad-based USA dollar weakness, expectations for stronger global growth, ongoing production limits from OPEC and non-OPEC producers and signs that global crude markets are tightening, Brent crude - the global benchmark - now tops $70 a barrel, extending its rally from early 2016 to 161%.
U.S. benchmark West Texas Intermediate (WTI) oil was up 0.93 percent to $66.22 per barrel. It rose as high as $70.43 on Wednesday, setting a fresh three-year high.
The Energy Information Administration reported yesterday that overall oil production in the Untied States had hit 9.75 million barrels daily last week, up by 258,000 bpd from the previous week and a whopping 806,000 bpd from a year earlier. The oil for delivery in March was trading higher by Rs 70 or 1.69 per cent at Rs 4,201 per barrel in 114 lots.
The drop also comes at a time of synchronized global economic growth that is raising hopes about demand for oil.
Also supporting oil prices was a 0.7 per cent drop in the USA dollar after Treasury Secretary Steven Mnuchin's comments that a weaker currency was positive for American trade.
As Vivek Dhar, Mining and Energy Commodities Analyst at the Commonwealth Bank, points out, there's any number of factors out there to explain why crude prices continue to rally.
While the biggest threat to market stability is how quickly shale oil production will be back on line now that oil company coffers are filling up again, expectations are that demand for the black gold is not going to stop rising.
Gasoline inventories rose by 3.1 million barrels and stocks of distillate fuels, which include diesel, were up by 639,000 barrels.
In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day.
World oil prices have renewed their highs since December 2014 amid the publication of data from the U.S. Energy Department on reducing raw material reserves in the country, the OPEC + agreement and the weakening of the dollar. While the OPEC cut agreements have been extended for a number of times now, the rising USA crude production during the second half of 2017 have offset the recovery of the oil prices sooner.
DBS Vickers Securities is maintaining its "overweight" stance on the oil and gas (O&G) sector given the recent oil price rally, which has driven up O&G stocks to directly benefit oil majors leading the rally.
The symptoms of cervical cancer aren't always obvious and it may not cause symptoms at all until it's reached an advanced stage. Women who have had the HPV vaccine still need to have regular Pap tests. "We have studies that say that's not true".
Instead, three types of stories will be available to share outside of the app: Official Stories , Our Stories and Search Stories . Snapchat is an app that I've been trying to avoid for some time, but it looks like that quest will soon be much more hard .
Mkhitaryan , 29, moves in the opposite direction to Sanchez after scoring 13 goals in 63 appearances for United . Arsenal have confirmed the arrival of Henrikh Mkhitaryan from Manchester United in exchange for Alexis Sanchez .
If you are puzzled which telco offers better benefits on a prepaid connection, your answer lies right here. Rs 498 plan: Subscribers can avail 182GB of data for a period of 91 days with a limit of 2GB data per day.
We may also think of steller if its use continues to grow while Bitcoin Cash and light coin would also be highly considered. And of the businesses that are accepting Bitcoin on Stripe, we've seen their revenues from Bitcoin decline substantially.
But you should prepare yourself for the potential to be underwhelmed by what you see from the roof of your apartment building. The phenomenon known as Blue Moon, the second full moon in a calendar month, will occur on January 31.
Reaction to the news of the Berkeley native's passing moved swiftly among fans, admirers and fellow writers through social media. Fantasy, she told the Guardian in 2005 , is "about power - just look at Tolkien". "I have had a long career and a good one".
In addition, after 13 years of marriage, the couple let their wedding anniversary slip quietly by last week. Trump would not make the trip to the summit, citing unspecified scheduling and logistical issues.
After bundling out India cheaply, South Africa will look to gain a significant first innings lead and dent the visitors further. Bhuvneshwar Kumar has done wonders with the ball too in the first innings and has rattled the South African batting line up.
Revealed at Apple's Worldwide Developers Conference ( WWDC ) in June 2017 , the HomePod smart speaker is keeping fans waiting. Powering the HomePod is an Apple A8 chip and the speaker is covered in a mesh fabric that looks like a crochet yarn.
Graphic photos show dog near death after owner uses hair dye
Right, listen up dog owners - no matter how cute you think it would be DO NOT dye your dog purple, or any colour for that matter. Let's all say that together-Do NOT, under any circumstances, use hair color intended for humans on your pets", the post warned.
Apple working on revamped Books app
That follows other Apple services, like iTunes and iTunes Podcasts, that changed into apps like Apple Music and Apple Podcasts. In December Apple hired Kashif Zafar, former senior vice president with Amazon's audio book unit Audible, to lead the effort.
Britain's Princess Eugenie to Marry Boyfriend this Year
The future spouses will say "I do" at the same location where Prince Harry and Meghan Markle will tie the knot in May. Mr Brooksbank's parents said in a short statement: "We could not be more delighted with the news of the engagement".
WWE release Enzo Amore following assault allegations
The Police understands stand the incident occured in a hotel on October 19 previous year , and most probably in the early hours. According to Sheahan, she went to Phoenix authorities days after the alleged rape and Enzo has been under investigation since.
The five biggest 2018 NBA All-Star snubs
Horford, Love and Wall will be in their fifth All-Star games while Lowry makes his fourth appearance in the game. Hip-hop group N.E.R.D. announced Friday that it will perform at halftime of the 2018 NBA All-Star Game.
Tesla Crashes Into Fire Truck While Reportedly on Autopilot
Tesla has since beefed up the alerts the vehicle will give a driver if it feels they aren't paying full attention to the road. The safety board did note in its report that the introduction of Tesla's Autosteer software had cut collisions by 40 per cent.
Bud Light to Eagles: Philly Philly!
Johnson responded at the time, tacking on the necessary clinking-beer-mugs emoji at the end. So far, Long and Johnson's tweets have not been answered by the Official NFL Shop account.