Oil has struggled to recover losses from last month’s broader market slump after topping $66 a barrel in January. While a brighter economic outlook has underpinned demand expectations following a better-than-expected U.S. jobs report, expanding American production remains a challenge to the Organization of Petroleum Exporting Countries and its allies, which are trying to prop up prices via output curbs. Production from shale regions will reach 6.95 million barrels a day next month, the U.S. Energy Information Administration said in its monthly drilling report. The Permian Basin is seen leading the way with an 80,000-barrel increase. Total American output has passed 10 million barrels a day, beating a record set in 1970. Click Read More below for additional information.
American Dollar to Canadian Dollar = 0.740108;
American Dollar to Chinese Yuan = 0.145269;
American Dollar to Euro = 1.061576;
American Dollar to Japanese Yen = 0.009076;
American Dollar to Mexican Peso = 0.048898
Brent crude, the global benchmark, was up 90 cents at $53.95 a barrel at 1045 GMT, 1.7 percent above the previous close and on track to rise 12 percent this week alone. U.S. crude was up 1.35 cents, or 2.7 percent, at $50.78 a barrel, the highest level in more than two months. The U.S. central bank’s meeting minutes showed more policymakers than expected agreed to keep the first interest rate hike in a decade on hold. The news also supported equity markets on Friday, with top European stocks climbing to a one-month high.
Flint Group, as part of its strategy to grow in strategic market segments, has today announced the acquisition of Advanced Color Systems, Inc. (ACS) located in Tualatin, Oregon, USA. Advanced Color Systems manufactures and distributes water-based inks in North America and also exports to some countries outside of North America. With this acquisition, Flint Group strengthens its position and support to the Paper & Board markets in North America. “Flint Group is very pleased with this new partnership and the opportunities it presents to expand in the North American Paper & Board packaging market,” said Antoine Fady, CEO, Flint Group. He continued, “Tim Becker, Reed Fowler, and the team at Advanced Color Systems have built a customer focused and responsive organisation with teams dedicated to its clients’ success. This culture of teamwork and customer satisfaction fits perfectly with Flint Group’s own strategy and vision.”