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Nairaland Forum / Nairaland / General / Business / Oil Prices Plunge On Surprise Rise In US Oil Inventories (12910 Views)
Crude Oil Price Hits Two-week High At $74 As US Inventories Drop / Global Oil Prices Drop On Higher U.S. Inventories / Crude Oil Jumps As Brent Tops $71 On Drop In US Inventories (2) (3) (4)
Oil Prices Plunge On Surprise Rise In US Oil Inventories by straneur(m): 4:26am On Nov 10, 2017 |
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/ 1 Like 1 Share |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by SWORD419(m): 8:04am On Nov 10, 2017 |
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!! 17 Likes 4 Shares |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by SWORD419(m): 8:05am On Nov 10, 2017 |
STC i dedicate this spot tho gov. ganduje |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Nobody: 8:05am On Nov 10, 2017 |
Going over to read from the main source the correlation and juxtapose this with effect to my country...... Nigeria must be great again. 1 Like 2 Shares |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by SWORD419(m): 8:05am On Nov 10, 2017 |
m |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Badonasty(m): 8:05am On Nov 10, 2017 |
straneur: and naija never ready to diversify |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by ezana1(m): 8:06am On Nov 10, 2017 |
Start you day with some Happy mood and a smile https://www.youtube.com/watch?v=TgYJDVVSlVU 1 Like |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by kokomaster3d: 8:06am On Nov 10, 2017 |
Budget estimate $45/b, what will happen with the excess crude oil money. i guess it willbe shared as usual. 2 Likes |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by EnEnPeecee: 8:08am On Nov 10, 2017 |
Cry cry APC will still complain. Useless fools 2 Likes |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by mrhipup(m): 8:09am On Nov 10, 2017 |
Sorry.....eye yam not understanding ![]() |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by gurunlocker: 8:11am On Nov 10, 2017 |
modelmike7: Just say you don't understand the news or article as it's not about Buhari where you will be beating chest... 2 Likes |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by idris4r83(m): 8:11am On Nov 10, 2017 |
Hmmm |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by twilliamx(m): 8:12am On Nov 10, 2017 |
G |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by ehinmowo: 8:16am On Nov 10, 2017 |
. |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Nobody: 8:16am On Nov 10, 2017 |
gurunlocker: 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!! 6 Likes 2 Shares |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Nobody: 8:18am On Nov 10, 2017 |
SWORD419: GOD BLESS YOU for this bro. 4 Likes 1 Share |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by nairaman66(m): 8:23am On Nov 10, 2017 |
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. |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by vedaxcool(m): 8:25am On Nov 10, 2017 |
SWORD419: Good talk 2 Likes |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by clevadani: 8:25am On Nov 10, 2017 |
Until we realize that our greatest resource lies in our people and not under d ground, we will continue struggle as a nation 1 Like |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by GavelSlam: 8:27am On Nov 10, 2017 |
Good stuff. Let's use this opportunity for the greater good. Let's speed up infrastructural change. Let's get our people engaged. We can do this. 1 Like |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by taurusdude0(m): 8:59am On Nov 10, 2017 |
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 |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Kobicove(m): 9:10am On Nov 10, 2017 |
Shale oil is the major reason why prices are not rising 1 Like |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by jobbers: 9:30am On Nov 10, 2017 |
good |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by mgbadike81: 9:37am On Nov 10, 2017 |
jjk |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by erico2k2(m): 9:37am On Nov 10, 2017 |
SWORD419:Im sure if you lived in that region your story would be different |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Nobody: 9:40am On Nov 10, 2017 |
As long as WTI is trading above 55 dollars, its a good sign! |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by Nobody: 9:56am On Nov 10, 2017 |
modelmike7: Nigeria has never been a great country. ![]() ![]() |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by gurunlocker: 9:59am On Nov 10, 2017 |
modelmike7: 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. |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by piagetskinner(m): 10:17am On Nov 10, 2017 |
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 1 Like |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by steperone(m): 11:32am On Nov 10, 2017 |
kokomaster3d: As usual abi... Becasue it was in your toilet they shared the last one na!! Mtcheeew!! |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by steperone(m): 11:48am On Nov 10, 2017 |
EnEnPeecee: 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!! |
Re: Oil Prices Plunge On Surprise Rise In US Oil Inventories by steperone(m): 11:52am On Nov 10, 2017 |
PrecisionFx: 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! |
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