{"id":19364,"date":"2020-06-05T10:30:21","date_gmt":"2020-06-05T10:30:21","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=19364"},"modified":"2020-06-05T10:30:44","modified_gmt":"2020-06-05T10:30:44","slug":"oil-prices-climb-higher-on-hopes-of-sustained-supply-cuts-bonny-light-now-38-27","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=19364","title":{"rendered":"Oil prices climb higher on hopes of sustained supply cuts, Bonny Light now $38.27"},"content":{"rendered":"\n
\"European<\/figure>\n\n\n\n

Oil prices advanced further on Friday as traders expect signals from a conference that could hold this weekend among key oil producing countries to consider the prospect of extending historic output cuts.<\/p>\n\n\n\n

Brent crude<\/a> futures gained 65 cents or 1.63% to reach $40.64 a barrel as of 09:49 West African Time just as its American counterpart benchmark, West Texas Intermediate<\/a> (WTI) crude futures rose 38 cents or 1.02% to $37.79.<\/p>\n\n\n\n

Bonny Light<\/a>, Nigeria\u2019s chief oil grade, notched up 3 cents or 0.08% at Thursday\u2019s session to close at $38.27 per barrel.<\/p>\n\n\n\n

Brent, the benchmark for Nigeria\u2019s grades, has added up approximately 14% so far this week while the WTI is higher by almost 6%. Both benchmarks are on course for their sixth week of gain.<\/p>\n\n\n\n

The reasonable price appreciation had been achieved, thanks to production cuts and intimations of expanding fuel demand as nations start to relax coronavirus lockdowns.<\/p>\n\n\n\n

On Saturday, the Organisation of the Petroleum Exporting Countries (OPEC) and an alliance of other oil producers led by Russia, a grouping known as OPEC+, are to meet on Saturday to deliberate on extending output cuts, Algeria\u2019s Ennahar TV channel reported on Friday, citing an OPEC insider.<\/p>\n\n\n\n

According to Reuters, three OPEC+ sources mentioned earlier that a ministerial video conference might be held this week in a situation where Iraq and others consent to up their commitment to current production cuts.<\/p>\n\n\n\n

Edward Moya, Senior Market Analyst at OANDA Corporation, said oil prices are approaching their sixth weekly advance but gains had eased as traders are taking the possibility of Iraq\u2019s full compliance with output cuts \u201cwith a grain of salt\u201d.<\/p>\n\n\n\n

\u201cThere still could be a chance that they manage to stretch the cut deal to three months, but energy traders would be extremely sceptical that compliance would remain high beyond July\u201d.<\/p>\n\n\n\n

Saudi Arabia and Russia intend to take the current production cuts of 9.7 million barrels per day (bpd) into July.<\/p>\n\n\n\n

Earlier timed to hold on 4th June, the OPEC+ meeting was postponed due to insinuations regarding poor compliance with resolutions to reduce supply by a number of oil producers.<\/p>\n\n\n\n

\u201cThe growing fear is that not only will a deal to extend the deep cuts not be reached, but (some) producers may even relax their current over-compliance. This would ultimately see output rise in coming weeks,\u201d said ANZ Research in a note.<\/p>\n\n\n\n

Failure to sustain the current supply cuts by OPEC+ could cause the reduction to fall to 7.7 million bpd from July to December according to original plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices advanced further on Friday as traders expect signals from a conference that could hold this weekend among key oil producing countries to consider the prospect of extending historic output cuts. Brent crude futures gained 65 cents or 1.63% to reach $40.64 a barrel as of 09:49 West African Time just as its American counterpart […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nOil prices climb higher on hopes of sustained supply cuts, Bonny Light now $38.27 » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=19364\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=19364#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Oil prices climb higher on hopes of sustained supply cuts, Bonny Light now $38.27\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices climb higher on hopes of sustained supply cuts, Bonny Light now $38.27 » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=19364","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=19364#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Oil prices climb higher on hopes of sustained supply cuts, Bonny Light now $38.27"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Oil prices advanced further on Friday as traders expect signals from a conference that could hold this weekend among key oil producing countries to consider the prospect of extending historic output cuts. Brent crude futures gained 65 cents or 1.63% to reach $40.64 a barrel as of 09:49 West African Time just as its American counterpart…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/19364"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19364"}],"version-history":[{"count":-3,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/19364\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}