Oil has advanced this month on forecasts for rising crude demand and as U.S. Gulf Coast plants recover from Hurricane Harvey, which halted almost a quarter of the nation’s refining capacity. Nine months into the OPEC-led supply agreement, implementation of the pledged production cuts remains high. Nigeria, which is currently exempt from making cuts, reiterated that it would accept a cap once output stabilizes around 1.8 million barrels a day. “Today’s meeting of the Joint Ministerial Monitoring Committee is lending buoyancy,” Commerzbank said in a note. “Although no binding promises to extend or expand the agreement can be expected, Nigeria – which like Libya had not signed up to the production cuts – is at least showing a willingness to come on board.” Click Read More below for more of the story.
National Average Price for Regular Unleaded – Current: $2.139; Month Ago: $2.294; Year Ago: $2.686
National Average Price for Diesel – Current: $2.326; Month Ago: $2.373; Year Ago: $2.754
The Association of American Publishers welcomes the announcement by the Office of the U.S. Trade Representative (USTR) of the 2018 Special 301 Out-of-Cycle Report of Notorious Markets. The inclusion of problematic online and physical markets on the list encourages the market operators or responsible authorities in the countries associated with such markets to intensify efforts to combat piracy in their markets. The 2018 Notorious Markets List issued today by USTR includes online sites that continue to pose significant concerns for book and journal publishers.
Oil has rebounded after falling to the lowest in more than 12 years amid signs that a global glut will ease as U.S. output declines. Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said it will agree to a freeze only if it’s joined by other suppliers including Iran, while Kuwait said a deal can be done without Tehran’s support. West Texas Intermediate for May delivery fell as much as 47 cents to $39.25 a barrel on the New York Mercantile Exchange and was at $39.57 as of 10:52 a.m. London time, erasing an earlier gain of 1.9 percent. Brent for June settlement lost as much as 53 cents, or 1.3 percent, to $41.41 a barrel on the London-based ICE Futures Europe exchange. Prices increased 8.5 percent last week. The global benchmark crude was at a 98-cent premium to WTI for June.