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Company: cnbc, Activity: cnbc, Date: 2018-11-16
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North Korea’s Kim inspects testing of newly developed ‘tactical’ weapon: state media

North Korean leader Kim Jong Un inspected the testing of a newly developed tactical weapon, calling it “another display of our rapidly-growing defense capabilities to the whole region,” North Korean state media said on Friday. It was the first mention by state media of a new development in North Korea’s weapons program in months. “We remain confident that the promises made by President Trump and Chairman Kim will be fulfilled,” the spokesman said in a statement. Kim said that the weapons system


North Korean leader Kim Jong Un inspected the testing of a newly developed tactical weapon, calling it “another display of our rapidly-growing defense capabilities to the whole region,” North Korean state media said on Friday. It was the first mention by state media of a new development in North Korea’s weapons program in months. “We remain confident that the promises made by President Trump and Chairman Kim will be fulfilled,” the spokesman said in a statement. Kim said that the weapons system
North Korea’s Kim inspects testing of newly developed ‘tactical’ weapon: state media Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: kcna
Keywords: news, cnbc, companies, inspects, kim, state, trump, korean, president, tactical, north, weapon, testing, media, newly, koreas, jong, weapons


North Korea's Kim inspects testing of newly developed 'tactical' weapon: state media

North Korean leader Kim Jong Un inspected the testing of a newly developed tactical weapon, calling it “another display of our rapidly-growing defense capabilities to the whole region,” North Korean state media said on Friday.

It was the first mention by state media of a new development in North Korea’s weapons program in months.

“This result today is a justification of the party’s policy focused on defense science and technology, another display of our rapidly-growing defense capabilities to the whole region, and a groundbreaking change in strengthening our military’s combat capabilities,” Kim said.

KCNA said the test was successful.

In response, the United States said it remains confident that promises made by President Donald Trump and Kim at their Singapore summit will be fulfilled, according to a U.S. State Department spokesman on Thursday.

“We remain confident that the promises made by President Trump and Chairman Kim will be fulfilled,” the spokesman said in a statement.

Kim said that the weapons system tested was one that his father, Kim Jong Il, was especially interested during his lifetime and led the development of personally.

This is Kim’s first field visit to a testing site since his unprecedented summit with Trump in June, when the two leaders agreed to work toward denuclearization and peace on the Korean peninsula, and to establish new relations between the United States and North Korea.

The agreement was short on specifics, and negotiations have made little headway since, however.

A North Korean delegation is currently in South Korea visiting economic-related sites as part of inter-Korean reconciliation efforts.

Any testing of new weapons is likely to raise tensions with Washington, which has said there will be no easing in international sanctions until North Korea takes more concrete steps to abandon its nuclear weapons or long-range missiles.

The White House referred questions about the latest development to the State Department, which did not immediately respond to a request for comment.

Trump on Tuesday criticized what he called “inaccurate” media reports that North Korea had not declared an estimated 20 missile bases and added in a tweet: “I will be the first to let you know if things go bad!”

U.S. Secretary of State Mike Pompeo had been due to meet North Korea’s Kim Yong Chol, a senior aide to Kim Jong Un, in New York earlier this month, but it was postponed to a later date.

U.S. Vice President Mike Pence said on Thursday Trump plans to meet Kim Jong Un again in 2019 and will push for a concrete plan outlining Pyongyang’s moves to end its arms programs.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: kcna
Keywords: news, cnbc, companies, inspects, kim, state, trump, korean, president, tactical, north, weapon, testing, media, newly, koreas, jong, weapons


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Asia markets cautious; pound struggles following fresh Brexit uncertainties

Speaking from inside 10 Downing Street on Thursday evening, the prime minister said: “I want to honor the vote the of the referendum,” she said. At least 16 members of her own Conservative Party have openly called for a vote of no confidence in May, citing dissatisfaction with her proposals to leave the European Union. One strategist warned about the outlook of the Brexit deal. The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of


Speaking from inside 10 Downing Street on Thursday evening, the prime minister said: “I want to honor the vote the of the referendum,” she said. At least 16 members of her own Conservative Party have openly called for a vote of no confidence in May, citing dissatisfaction with her proposals to leave the European Union. One strategist warned about the outlook of the Brexit deal. The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of
Asia markets cautious; pound struggles following fresh Brexit uncertainties Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: eustance huang
Keywords: news, cnbc, companies, prime, vote, brexit, uncertainties, asia, minister, struggles, fresh, markets, cautious, mays, parliament, following, members, party, pound, raab


Asia markets cautious; pound struggles following fresh Brexit uncertainties

The U.K. was thrust into political turmoil on Thursday following a spate of resignations from Prime Minister Theresa May’s government, including Brexit Secretary Dominic Raab, who said he couldn’t accept the deal after the promises the ruling Conservative Party made to the country in an election manifesto last year.

Speaking from inside 10 Downing Street on Thursday evening, the prime minister said: “I want to honor the vote the of the referendum,” she said.

At least 16 members of her own Conservative Party have openly called for a vote of no confidence in May, citing dissatisfaction with her proposals to leave the European Union.

One strategist warned about the outlook of the Brexit deal.

“At this stage, it will be almost impossible for the deal to be approved by Parliament because the concerns raised by Raab are issues shared by many members of the government,” Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, said in an overnight note.

“This is not only a major setback for Brexit, but (Member of Parliament) Rees-Mogg’s call for a no confidence vote could also spell the end of May’s role as Prime Minister,” she said, in reference to notable Euroskeptic lawmaker Jacob Rees-Mogg.

The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of Raab’s resignation. The pound traded at about $1.2783 Friday morning during Asian hours.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: eustance huang
Keywords: news, cnbc, companies, prime, vote, brexit, uncertainties, asia, minister, struggles, fresh, markets, cautious, mays, parliament, following, members, party, pound, raab


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Gold prices hit one-week high amid Brexit turmoil

Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union. “The issues around Brexit have invigorated a little bit of safe-haven buyingin the market … Spot gold was up 0.2 percent at $1,215.07 per ounce, as of 0445 GMT. Among other precious metals, palladium edged 0.3 percent lower to $1,153.50 per ounce, having hit a record high of $1,178.30 per ounce in the previou


Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union. “The issues around Brexit have invigorated a little bit of safe-haven buyingin the market … Spot gold was up 0.2 percent at $1,215.07 per ounce, as of 0445 GMT. Among other precious metals, palladium edged 0.3 percent lower to $1,153.50 per ounce, having hit a record high of $1,178.30 per ounce in the previou
Gold prices hit one-week high amid Brexit turmoil Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: getty images
Keywords: news, cnbc, companies, turmoil, amid, prices, brexit, dollar, having, ounce, gold, market, high, session, hit, oneweek, tensions, far


Gold prices hit one-week high amid Brexit turmoil

Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union.

U.K. Prime Minister Theresa May’s draft Brexit plan ran into dispute after the resignation of key ministers from her government and eurosceptic lawmakers stepped up efforts to topple her, provoking fears the country could crash out of the EU without a divorce deal.

“The issues around Brexit have invigorated a little bit of safe-haven buyingin the market … The focus of the market has turned slightly to geopolitical issues at the moment,” said ANZ analyst Daniel Hynes.

Spot gold was up 0.2 percent at $1,215.07 per ounce, as of 0445 GMT. Earlier in the session, the bullion hit $1,216.79, its highest since Nov. 9.

U.S. gold futures were flat at $1,215.3 per ounce.

“Gold should continue to find demand on dips, provided the U.S. dollar remains in check,” Stephen Innes, APAC trading head at OANDA in Singapore said in a note.

The dollar index, which measures the greenback against a basket of six major currencies, was at 97, not far from a 16-month high of 97.69 hit at the start of the week.

A softer dollar, GBP notwithstanding and the U.S. Federal Reserve triggering some early warning signals about global growth risk in 2019, combined with political tensions are being viewed in a positive light for the gold market, Innes added.

Investors also kept an eye on the U.S.-China trade tensions as they looked for concrete signs the economic powers were seeking to de-escalate their dispute.

Spot gold may edge up to $1,223 per ounce, to complete a bounce triggered by a channel support around $1,192, said Reuters technical analyst Wang Tao.

Among other precious metals, palladium edged 0.3 percent lower to $1,153.50 per ounce, having hit a record high of $1,178.30 per ounce in the previous session.

Palladium is on track to mark its biggest weekly gain since Sept. 21 having risen over 3 percent so far.

Silver was little changed at $14.29 per ounce. The metal rose about 1 percent so far this week.

Platinum climbed 0.1 percent to $842.30 an ounce and was down about 1 percent for the week so far.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: getty images
Keywords: news, cnbc, companies, turmoil, amid, prices, brexit, dollar, having, ounce, gold, market, high, session, hit, oneweek, tensions, far


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European markets higher as sterling stabilizes after Brexit drama; Vivendi shares rise 5%

Media stocks led the gains after the opening bell, up more than 1.4 percent amid earnings news. French media conglomerate Vivendi reported stronger-than-anticipated third quarter sales on Friday, supported by growth at its Universal Music Group arm. Shares of the Paris-listed stock rose over 5 percent on the news. Shares of the company jumped more than 6 percent during early morning deals. Shares of the company fell more than 1 percent.


Media stocks led the gains after the opening bell, up more than 1.4 percent amid earnings news. French media conglomerate Vivendi reported stronger-than-anticipated third quarter sales on Friday, supported by growth at its Universal Music Group arm. Shares of the Paris-listed stock rose over 5 percent on the news. Shares of the company jumped more than 6 percent during early morning deals. Shares of the company fell more than 1 percent.
European markets higher as sterling stabilizes after Brexit drama; Vivendi shares rise 5% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: sam meredith
Keywords: news, cnbc, companies, shares, reported, media, markets, morning, amid, drama, stabilizes, vivendi, rise, higher, rose, company, european, sterling, brexit, stocks, watched


European markets higher as sterling stabilizes after Brexit drama; Vivendi shares rise 5%

Media stocks led the gains after the opening bell, up more than 1.4 percent amid earnings news. French media conglomerate Vivendi reported stronger-than-anticipated third quarter sales on Friday, supported by growth at its Universal Music Group arm. Shares of the Paris-listed stock rose over 5 percent on the news.

Europe’s banking index was under pressure Friday morning, down around 0.1 percent as U.K. lenders struggled amid heightened fears the country could soon crash out of the European Union without a Brexit divorce deal. Barclays, Lloyds and RBS were all trading more than 1 percent lower.

Looking at individual stocks, Sweden’s NIBE Industrier rose to the top of the benchmark after it reported pre-tax profit surged 20 percent in the first nine-months of the year. Shares of the company jumped more than 6 percent during early morning deals.

Meanwhile, Astrazeneca said Friday that the combination of two immunotherapy drugs did not meet the main goal in a closely watched late-stage study for a certain type of lung cancer, Reuters reported. Shares of the company fell more than 1 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: sam meredith
Keywords: news, cnbc, companies, shares, reported, media, markets, morning, amid, drama, stabilizes, vivendi, rise, higher, rose, company, european, sterling, brexit, stocks, watched


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No chance for a second Brexit referendum, according to Margaret Thatcher’s former advisor

Getting the draft Brexit agreement approved by a largely hostile Parliament will be a “hard job” for U.K. Prime Minister Theresa May, and a second referendum is out of the question, according to a former advisor to the late Margaret Thatcher. Their resignations came hours after May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. “I don’t think there’s a chance of a second referendum. There’s Brexit,” he added. May could also potentially f


Getting the draft Brexit agreement approved by a largely hostile Parliament will be a “hard job” for U.K. Prime Minister Theresa May, and a second referendum is out of the question, according to a former advisor to the late Margaret Thatcher. Their resignations came hours after May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. “I don’t think there’s a chance of a second referendum. There’s Brexit,” he added. May could also potentially f
No chance for a second Brexit referendum, according to Margaret Thatcher’s former advisor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, wiktor szymanowicz, barcroft media, getty images, -john browne, former british mp
Keywords: news, cnbc, companies, prime, second, thatchers, margaret, brexit, chance, advisor, according, draft, uk, minister, parliament, theres, referendum, remainers


No chance for a second Brexit referendum, according to Margaret Thatcher's former advisor

Getting the draft Brexit agreement approved by a largely hostile Parliament will be a “hard job” for U.K. Prime Minister Theresa May, and a second referendum is out of the question, according to a former advisor to the late Margaret Thatcher.

On Thursday, a flurry of ministers resigned from their positions, including Brexit Secretary Dominic Raab, in protest at May’s proposals. Their resignations came hours after May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward.

It will be a “hard job” to get the draft proposal through Parliament “because Prime Minister May has upset people from all sides, including the ‘Remainers’ … they feel that we’re still in the European Union with no seat on the board,” John Browne, who was also a former member of the British Parliament, told CNBC’s “Squawk Box” on Friday. Remainers are people who voted for the U.K. to stay as part of the European Union.

“I don’t think there’s a chance of a second referendum. The referendum is already been done. It’s like trying to re-run the derby if you didn’t have the winning horse — so, it’s already been done. There’s Brexit,” he added.

May could also potentially face a leadership challenge if enough Conservative lawmakers submit letters of no confidence in the prime minister.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, wiktor szymanowicz, barcroft media, getty images, -john browne, former british mp
Keywords: news, cnbc, companies, prime, second, thatchers, margaret, brexit, chance, advisor, according, draft, uk, minister, parliament, theres, referendum, remainers


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Bond Market: yields fall amid political uncertainty surrounding Brexit

In politics, market focus is largely attuned to Brexit developments, amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May. Back home, investors continue to monitor developments in U.S.-China trade talks. A number of economic data are expected on Friday. ET, Chicago Fed


In politics, market focus is largely attuned to Brexit developments, amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May. Back home, investors continue to monitor developments in U.S.-China trade talks. A number of economic data are expected on Friday. ET, Chicago Fed
Bond Market: yields fall amid political uncertainty surrounding Brexit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: spriha srivastava
Keywords: news, cnbc, companies, uk, talks, uncertainty, bond, et, developments, political, president, trade, economic, trump, expected, xi, market, surrounding, fall, brexit, amid, yields


Bond Market: yields fall amid political uncertainty surrounding Brexit

In politics, market focus is largely attuned to Brexit developments, amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May.

Back home, investors continue to monitor developments in U.S.-China trade talks. On Thursday, a senior Trump administration official told Reuters that China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between President Donald Trump and Xi Jinping later this month.

A number of economic data are expected on Friday. Industrial production numbers are expected to be released at 9:15 a.m. ET, followed by a Quarterly Services Report at 10 a.m. ET, a Kansas City Fed Manufacturing Index at 11 a.m. ET and a Baker-Hughes Rig Count at 1:00 p.m. ET.

At 11:30 a.m. ET, Chicago Federal Reserve Bank President Charles Evans is due to speak about current economic conditions and monetary policy at a roundtable in Chicago.

No auctions are scheduled for Friday.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: spriha srivastava
Keywords: news, cnbc, companies, uk, talks, uncertainty, bond, et, developments, political, president, trade, economic, trump, expected, xi, market, surrounding, fall, brexit, amid, yields


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Dow set to fall 100 points as chip makers drag down tech

U.S. stock index futures indicated a lower open Friday a decline in semiconductor stocks pressured the overall technology sector. ET, Dow Jones Industrial Average futures were down 131 points, indicating a lower open of 112.27 points. Nasdaq 100 and S&P 500 futures also pointed to lower opening trades. The VanEck Vectors Semiconductor ETF (SMH) fell 3.4 percent in the premarket after Nvidia reported weaker-than-expected revenue for its previous quarter. The weakness in chip stocks dragged the te


U.S. stock index futures indicated a lower open Friday a decline in semiconductor stocks pressured the overall technology sector. ET, Dow Jones Industrial Average futures were down 131 points, indicating a lower open of 112.27 points. Nasdaq 100 and S&P 500 futures also pointed to lower opening trades. The VanEck Vectors Semiconductor ETF (SMH) fell 3.4 percent in the premarket after Nvidia reported weaker-than-expected revenue for its previous quarter. The weakness in chip stocks dragged the te
Dow set to fall 100 points as chip makers drag down tech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: fred imbert, spriha srivastava
Keywords: news, cnbc, companies, lower, uk, et, drag, technology, makers, dow, points, futures, semiconductor, fall, previous, stock, tech, chip, set, sector, stocks, 100


Dow set to fall 100 points as chip makers drag down tech

U.S. stock index futures indicated a lower open Friday a decline in semiconductor stocks pressured the overall technology sector.

At around 7:20 a.m. ET, Dow Jones Industrial Average futures were down 131 points, indicating a lower open of 112.27 points. Nasdaq 100 and S&P 500 futures also pointed to lower opening trades.

The VanEck Vectors Semiconductor ETF (SMH) fell 3.4 percent in the premarket after Nvidia reported weaker-than-expected revenue for its previous quarter. The company also posted disappointing guidance, sending the stock down nearly 18 percent before the bell.

The weakness in chip stocks dragged the technology sector, with the Technology Select Sector ETF (XLK) falling 1.1 percent in the premarket.

investors also fretted over political developments overseas amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May.

In the previous session, major stock indexes snapped multi-day losing streaks as J.P. Morgan Chase led banks higher and iPhone maker Apple rebounded after dipping into bear market territory earlier this week.

A number of economic data are expected on Friday. Industrial production numbers are expected to be released at 9:15 a.m. ET, followed by a Quarterly Services Report at 10 a.m. ET, a Kansas City Fed Manufacturing Index at 11 a.m. ET and the Baker-Hughes Rig Count at 1:00 p.m. ET.

At 11:30 a.m. ET, Chicago Federal Reserve Bank President Charles Evans is due to speak about current economic conditions and monetary policy at a roundtable in Chicago.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: fred imbert, spriha srivastava
Keywords: news, cnbc, companies, lower, uk, et, drag, technology, makers, dow, points, futures, semiconductor, fall, previous, stock, tech, chip, set, sector, stocks, 100


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Citi says clients are making business adjustments due to trade war

A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products. Citi can’t name those companies and their specific plans, but said some of their clients are shifting part of their network to Southeast Asia. Nearly three-quarters of the firms polled expect global trade tensions to prolong, with discussions between the U.S. and China to last more than a year. Half the companies polled said their supply chains were already affected by the tariffs, whil


A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products. Citi can’t name those companies and their specific plans, but said some of their clients are shifting part of their network to Southeast Asia. Nearly three-quarters of the firms polled expect global trade tensions to prolong, with discussions between the U.S. and China to last more than a year. Half the companies polled said their supply chains were already affected by the tariffs, whil
Citi says clients are making business adjustments due to trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: yen nee lee
Keywords: news, cnbc, companies, plans, business, adjustments, network, tariffs, shifting, making, war, companies, citi, poll, polled, supply, tensions, clients, trade


Citi says clients are making business adjustments due to trade war

The poll, conducted in early November, found that more than half of those companies have plans to adjust their supply chains, which include shifting manufacturing sites or investing in new ones to circumvent additional tariffs that the U.S. and its trading partners — including China and the European Union — have imposed on each other.

A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products.

Citi can’t name those companies and their specific plans, but said some of their clients are shifting part of their network to Southeast Asia. Nearly three-quarters of the firms polled expect global trade tensions to prolong, with discussions between the U.S. and China to last more than a year.

Half the companies polled said their supply chains were already affected by the tariffs, while the other half expect to see some impact next year.

“This client poll underlines how companies are already proactively adjusting to the realities of the trade tensions,” Rajesh Mehta, the bank’s head of treasury and trade solutions for Asia Pacific, said in a statement.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: yen nee lee
Keywords: news, cnbc, companies, plans, business, adjustments, network, tariffs, shifting, making, war, companies, citi, poll, polled, supply, tensions, clients, trade


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Oil rises on expected OPEC cuts, but surging US supply drags

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record U.S. production dragged. Brent crude oil futures were up 48 cents, or 0.7 percent, at $67.10 per barrel. “OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet.” Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017. “We expect


Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record U.S. production dragged. Brent crude oil futures were up 48 cents, or 0.7 percent, at $67.10 per barrel. “OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet.” Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017. “We expect
Oil rises on expected OPEC cuts, but surging US supply drags Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: andrew burton, getty images
Keywords: news, cnbc, companies, surging, production, crude, bpd, barrels, expected, rises, oil, opec, drags, cuts, supply, record, million


Oil rises on expected OPEC cuts, but surging US supply drags

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record U.S. production dragged.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 percent, from their last settlement.

Brent crude oil futures were up 48 cents, or 0.7 percent, at $67.10 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

OPEC’s de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply, sources told Reuters this week.

However, Morgan Stanley warned a cut by the Middle East dominated producer cartel may not have the desired effect.

“The main oil price benchmarks – Brent and WTI – are both light-sweet crudes and reflect this glut,” the U.S. bank said.

“OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet.”

Due to the structural oversupply that has emerged in the market from record production by many countries, Morgan Stanley said that “OPEC cuts are inherently temporary (because) all they can do is shift production from one period to another”.

While OPEC considers withholding supply, U.S. crude oil production reached another record last week, at 11.7 million bpd, according to U.S. Energy Information Administration (EIA) data published on Thursday.

U.S. output has surged by almost a quarter since the start of the year.

The record output meant U.S. crude oil stocks posted the biggest weekly build in nearly two years.

Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017.

This surge contributed to oil prices falling by around a quarter since early October, taking many by surprise.

“Oil bulls, us included, have capitulated and we no longer see oil climbing to $95 per barrel next year,” Bank of America Merrill Lynch said in a note.

While sentiment has turned bearish, some analysts warn that 2019 could be tighter than expected.

“We expect 2019 oil demand to reach 101.1 million bpd,” natural resources research and investment firm Goehring & Rozencwajg said, up from just under 100 million bpd this year.

At the same time, the firm said production outside North America was set to disappoint.

Add OPEC’s expected supply cuts, and Goehring & Rozencwajg said “those investors who are able to adopt a contrarian stance … and stomach the volatility … are being presented with an excellent investment opportunity” to buy into oil after the recent slump.

Bank of America agreed, saying “we believe oil is oversold and will likely bounce up from the current levels, as OPEC+ dials back production in December”.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: andrew burton, getty images
Keywords: news, cnbc, companies, surging, production, crude, bpd, barrels, expected, rises, oil, opec, drags, cuts, supply, record, million


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