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International Organizations OPEC

  • ABUJA, June 23- Nigeria hopes to raise at least $1 billion from a scheme that will give tax evaders a chance to make payments retrospectively, the finance ministry said on Friday. The OPEC member, which has Africa's largest economy, is in the second year of a recession brought on by low oil prices. Economists have long criticised the low levels of tax in Africa's most...

  • NEW YORK, June 23- Oil futures edged higher on Friday with a lift from a weaker dollar, but finished a fifth straight week lower as OPEC- led production cuts have failed to substantially reduce a global crude glut. Brent futures settled up 32 cents, or 0.7 percent, to $45.54 a barrel. "The higher rig count this week reflects decisions made a couple of months ago when oil...

  • A worker with Apache in the Permian Basin in Mentone, Texas.

    Oil rose with a lift from a weaker dollar but remained down for a fifth week in a row.

  • *Many U.S. shale drillers profitable at $40/ barrel- Cenkos. NEW YORK, June 23- Oil futures edged higher on Friday with a lift from a weaker dollar but remained down for a fifth week in a row and close to a 10- month low as OPEC- led production cuts have failed to substantially reduce a global crude glut. Brent futures were up 15 cents, or 0.3 percent, at $45.37 a barrel by...

  • on a lift from a falling dollar but remained down for a fifth week in a row and close to a 10- month low as OPEC- led production cuts have failed to reduce a global crude glut. After agreeing in December to cut production by around 1.8 million barrels per day from January-June, OPEC and other producers in late May agreed to extend those cuts for another nine months...

  • NEW YORK, June 23- Oil futures climbed almost 1 percent on Friday on lift from a falling dollar but remained down for a fifth week in a row and close to a 10- month low as OPEC- led production cuts have failed to substantially reduce a global crude glut. Brent futures were up 40 cents, or 0.9 percent at $45.62 a barrel by 11:52 a.m. EDT, pushing the front-month out of...

  • *Many U.S. shale drillers profitable at $40/ bl- Cenkos. Brent crude futures were up 14 cents at $45.36 a barrel at 1138 GMT. Bearish factors like higher output in Libya or Nigeria result in lower oil prices but bullish factors, like the really high OPEC commitment, are ignored, "said Frank Schallenberger, head of commodity research at LBBW in Stuttgart.

  • *Many U.S. shale drillers profitable at $40/ bl- Cenkos. Brent crude futures were up 28 cents at $45.50 a barrel at 0830 GMT. Bearish factors like higher output in Libya or Nigeria result in lower oil prices but bullish factors, like the really high OPEC commitment, are ignored, "said Frank Schallenberger, head of commodity research at LBBW in Stuttgart.

  • *Analysts doubt OPEC's ability to tighten the market. *Rising U.S. output undermines OPEC- led efforts to cut. Prices are also still down around 15 percent since OPEC extended on May 25 its cuts to cover the first quarter of 2018 instead of expiring at the end of this month.

  • *Analysts doubt OPEC's ability to tighten the market. *Rising U.S. output undermines OPEC- led efforts to cut. The weak markets are a result of doubts over OPEC's ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption.

  • The weak markets are a result of doubts over OPEC's ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption. "Markets remain sceptical of OPEC's ability to balance supplies," ANZ bank said on Friday. At the heart of the glut is that rising production levels from the traditional suppliers of OPEC...

  • LONDON, June 22- Oil traders have become increasingly doubtful that OPEC will manage to cut crude stocks down to the five-year average in 2018 and keep them there. Calendar spreads for Brent futures throughout the rest of 2017 and 2018 have weakened significantly since OPEC agreed to roll over its production allocations at the end of May. Calendar spreads are...

  • *European shares flat, Wall Street modestly higher. Brent edged up from November lows hit in the prior session, when U.S. crude hit its lowest intraday level since August 2016, but sentiment remained negative as a supply glut has persisted despite OPEC- led cuts to output. "I would not be surprised if it breaks down, considering momentum is still in that direction as...

  • Commodities tomorrow:

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • NEW YORK, June 22- Oil rose on Thursday, a day after hitting 10- month lows, but market sentiment remained negative because the global crude glut has persisted despite OPEC- led output cuts. Brent crude futures ended 40 cents higher to $45.22 a barrel, after falling as low as $44.53. Crude has dropped around 20 percent since late February, erasing gains after OPEC and...

  • An oil pump jack in the oil town of Gonzales, Texas.

    Oil rose but market sentiment remained negative due to ongoing pressure from a persistent supply glut.

  • *European shares flat, Wall Street modestly higher. Oil edged up from November lows hit in the prior session, when U.S. crude hit its lowest intraday level since August 2016, sentiment remained negative from a supply glut that has persisted despite OPEC- led efforts to balance the market. Those declines weighed on European shares but the picture was reversed on...

  • *Some U.S. shale producers can profit with oil below $40. NEW YORK, June 22- Oil rose on Thursday, a day after sliding to 10- month lows, but market sentiment remained negative due to ongoing pressure from a persistent supply glut despite OPEC- led efforts to balance the market. Brent crude futures were up 70 cents at $45.52 a barrel at 11:58 a.m. ET, after falling as low...

  • Mohammed bin Salman of Saudi Arabia

    Oil prices have further to fall, says John Kilduff. But traders should watch the geopolitical situation carefully.

  • *European shares flat, Wall Street modestly higher. Oil edged up from November lows hit in the prior session, but prices remained under pressure from a supply glut that has persisted despite OPEC- led efforts to balance the market. Those declines weighed on European shares but the picture was reversed on Wall Street, with energy up 0.5 percent, among the best...