The U.S. crude oil production rose to the highest in more than three decades last week, according to the data from the Energy Information Administration.

U.S. crude inventories surged by 2.24 million barrels in the week ending November 3. This is higher than the 2.24 million decline projected by most experts.

While oil has climbed about 20 percent since September on signs the OPEC and non-OPEC will extend production cuts past the first quarter of 2018, the surge in US stockpiles remains a threat to OPEC strategy.

“Higher prices are a definite factor in bringing production back on — this is a problem for OPEC,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “The first response comes from the most agile producers, but once it looks like oil prices could be sustained at higher levels, then even less agile producers can come back online.”

Brent crude oil plunged from $64.27 a barrel reached on November 6 to $63.70 after the report. While the US West Texas Intermediate crude dropped to $56.95 a barrel from $57.37.

Some experts believe the price rally that pushed the Brent crude up by more than 40 percent since July may have run its course. Indicating traders are expecting the surge in US oil production to offset recent gains.

“So this (rally) will prove quite short-lived and we’ll see the price back into $50-$55 a barrel over the next year or two.” U.S. crude stockpiles C-STK-T-EIA rose 2.2 million barrels in the week to Nov. 3, to 457.14 million barrels, the Energy Information Administration said on Wednesday.

http://investorsking.com/nigerian-banks-lose-n237-billion-frauds-10-years/

FTC

I dedicate this spot to pmb for working tirelessly in his fight against terrorism, unlike that drunkard that left bht to control many territories because he ain't from dat region

Have a nice day!!

STC
i dedicate this spot tho gov. ganduje

Going over to read from the main source the correlation and juxtapose this with effect to my country......

Nigeria must be great again.

m

straneur:
The U.S. crude oil production rose to the highest in more than three decades last week, according to the data from the Energy Information Administration.

U.S. crude inventories surged by 2.24 million barrels in the week ending November 3. This is higher than the 2.24 million decline projected by most experts.

While oil has climbed about 20 percent since September on signs the OPEC and non-OPEC will extend production cuts past the first quarter of 2018, the surge in US stockpiles remains a threat to OPEC strategy.

“Higher prices are a definite factor in bringing production back on — this is a problem for OPEC,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “The first response comes from the most agile producers, but once it looks like oil prices could be sustained at higher levels, then even less agile producers can come back online.”

Brent crude oil plunged from $64.27 a barrel reached on November 6 to $63.70 after the report. While the US West Texas Intermediate crude dropped to $56.95 a barrel from $57.37.

Some experts believe the price rally that pushed the Brent crude up by more than 40 percent since July may have run its course. Indicating traders are expecting the surge in US oil production to offset recent gains.

“So this (rally) will prove quite short-lived and we’ll see the price back into $50-$55 a barrel over the next year or two.” U.S. crude stockpiles C-STK-T-EIA rose 2.2 million barrels in the week to Nov. 3, to 457.14 million barrels, the Energy Information Administration said on Wednesday.

http://investorsking.com/nigerian-banks-lose-n237-billion-frauds-10-years/

and naija never ready to diversify

Start you day with some Happy mood and a smile
https://www.youtube.com/watch?v=TgYJDVVSlVU

Budget estimate $45/b, what will happen with the excess crude oil money. i guess it willbe shared as usual.

Cry cry APC will still complain. Useless fools

Sorry.....eye yam not understanding

modelmike7:
Going over to read from the main source the correlation and juxtapose this with effect to my country......

Nigeria must be great again.

Just say you don't understand the news or article as it's not about Buhari where you will be beating chest...

Hmmm

G

.

gurunlocker:


Just say you don't understand the news or article as it's not about Buhari where you will be beating chest...

I guess you dreamt about you darling President last night?!

You have no choice, he will be your President for 8 years.
You can only keep hating him, but he will keep progressing. Child of hate!!

I no know wetin bring my darling President enter dis matter!!

NB, you must have been stalking and following me all around here for you to know how much I LOVE MY PRESIDENT!
Cos I don't even know if you exist or not, never came across you here.
Lord have mercy!!

SWORD419:
FTC

I dedicate this spot to pmb for working tirelessly in his fight against terrorism, unlike that drunkard that left bht to control many territories because he ain't from dat region

Have a nice day!!

GOD BLESS YOU for this bro.

I hope uncle bubu would take his military personnel off the creeks?? Because once oil becomes worthless there will be nothing to guide/protect again.

I hope it dwindles further to $1/per barrel.

SWORD419:
FTC

I dedicate this spot to pmb for working tirelessly in his fight against terrorism, unlike that drunkard that left bht to control many territories because he ain't from dat region

Have a nice day!!

Good talk

Until we realize that our greatest resource lies in our people and not under d ground, we will continue struggle as a nation

Scrap US trying with all their might to bring down the price of oil.na we send dem finish them own,they should thank God for shale oil

Shale oil is the major reason why prices are not rising

good

jjk

SWORD419:
FTC

I dedicate this spot to pmb for working tirelessly in his fight against terrorism, unlike that drunkard that left bht to control many territories because he ain't from dat region

Have a nice day!!

Im sure if you lived in that region your story would be different

As long as WTI is trading above 55 dollars, its a good sign!

modelmike7:
Going over to read from the main source the correlation and juxtapose this with effect to my country......

Nigeria must be great again.

Nigeria has never been a great country.

modelmike7:


I guess you dreamt about you darling President last night?!

You have no choice, he will be your President for 8 years.
You can only keep hating him, but he will keep progressing. Child of hate!!

I no know wetin bring my darling President enter dis matter!!

NB, you must have been stalking and following me all around here for you to know how much I LOVE MY PRESIDENT!
Cos I don't even know if you exist or not, never came across you here.
Lord have mercy!!

Lol.... Same old bullshit. Why will I dream of the president? Hell NO!

Stalking you? I think most people know the top retards zombies on here that, so no one is stalking you.

You can't know I exist, as you don't know everyone on here.

Nigeria should just focus on agriculture... the oil sector is not stable..


and our dependence on it is making us Lazy

in the near future oil will almost be worthless.. and if we don't act now, in terms of mass agricultural development, we will be the ones to suffer for it

kokomaster3d:
Budget estimate $45/b, what will happen with the excess crude oil money. i guess it willbe shared as usual.

As usual abi... Becasue it was in your toilet they shared the last one na!! Mtcheeew!!

EnEnPeecee:
Cry cry APC will still complain. Useless fools

My friend shattap... If they call for youths to turn up and protest against the "useless fools" will you show up?? but you'll come to nairaland and form patriot!!

PrecisionFx:




Nigeria has never been a great country.

How will it be great? When senseless people like you have easy access to own a phone and buy data just to come online and type rubbish!