Iran's light crude oil price up 79 cents in a week

Oil prices stable after two-day decline but rising U.S. output drags

LONDON, March 13 (Reuters) - Oil rose on Tuesday, after Libya said loadings of crude at a key port had been suspended, offseting an earlier dent to the price caused by evidence of the inexorable growth in US oil output.

Both crude benchmarks dropped by around 1 percent on Monday after the U.S. Energy Information Administration said output from the shale basin would hit a new record high in April.

US West Texas Intermediate (WTI) crude futures were at $62.22 a barrel up 18 cents, or 0.3 per cent while Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close.

"It appears that money managers are getting rid of their long positions and this is why the front-end spreads of the two main crude oil futures contracts have been drifting lower lately". S. supply against the likelihood that the Organization of the Petroleum Exporting Countries (OPEC) will maintain supply cuts that have been in effect more than a year.

"The rapidly growing USA shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank. "We have monthly reports from the International Energy Agency and OPEC in the coming days to influence prices, but for now, crude is having a downbeat start to the week, unwinding some of Friday's effervescent rally".


U. S. Stocks closed mixed, with the S&P 500 and Dow Jones Industrial Average ending in the red, while the Nasdaq Composite added about 28 points. That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014.

Last week's U.S.jobs data, as well as an easing of fears of a global trade war, boosted stocks across many parts of the world.

Wall Street's main indexes had closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reclaimed losses sustained in recent weeks when investors feared that higher wages might lead to price pressures.

MSCI's world equity index .

The Japanese yen strengthened 0.21 percent versus the greenback at 106.56 per dollar, while Sterling was last trading at $1.3884, up 0.25 percent on the day.

Related News:



Most liked

ASUS ZenFone 5 Max specs revealed on Geekbench
That said, speaking about battery capacity, we can very well expect the ZenFone 5 Max to pack in a battery larger than 4000 mAh. The ZenFone 5 Max also made a score of 1518 and 5386 points in Geekbench's single and multi-core tests respectively.

Pakistan to play three T20Is with West Indies in Karachi
"Good news! West Indies have agreed to play 3 T20 matches in KARACHI on 1, 2 and 4th April", Sethi tweeted. Sethi also announced he was in talks with West Indies Cricket for a Twenty20 tri-series in United States.

Mourinho names Premier League's worst manager ever
It's never a good idea to get into a war for words with Jose Mourinho . He's a player we trust. "I'm really happy with Marcus". He starts some and comes from the bench in others.

Ziopharm Oncology In (ZIOP): Stock Overview
Over the last 12 months, RNVA's free cash flow per share is a negative -0.3, while that of ZIOP is also a negative -0.2. On Wednesday, 07, Shares of ZIOPHARM Oncology, Inc . (NASDAQ:ZIOP), has jumped by 4.83% year to date as of 03/09/2018.

Manchester United don't need Paul Pogba: Liverpool game showed that - Craig Burley
They rarely allowed United any meaningful time on the ball during the first leg and created a number of chances. Sevilla will go through if it ends in a score draw, and another 0-0 will see the tie go to extra time.

Frida Kahlo: Row erupts over Barbie doll based on artist
The Frida Kahlo Barbie is now available for pre-order on the Barbie website for $29.99, missing unibrow and all. Hayek was not the only one who raised her concern about Kahlo's image being used by a big corporate house.

Boothbay Fund Management LLC Stake In Time Warner INC (TWX) Was Increased
The current share price indicates that stock is -13.23% away from its one year high and is moving 13.82% ahead of its 52-week low. Stock has got OUTPERFORM rating from 4 analyst (s) whereas last month 4 analyst (s) have given outperform rating.

Southampton sack manager Pellegrino
Pellegrino, only appointed in the summer, paid the price for Southampton's alarming recent form. So they hired Pellegrino, and nine months on they must be regretting their decision.

Hamas condemns explosion targeting Pals PM
Three American security specialists were killed and a USA diplomat was injured in that blast. Mr Hamdallah was unharmed, but there are reports of some injuries.

QTS Realty Trust's (QTS) "Buy" Rating Reaffirmed at SunTrust Banks
Tributary Capital Management Llc sold 94,400 shares as the company's stock declined 19.10% while stock markets rallied. Mason Street Advsrs Lc holds 28,404 shares or 0.08% of its portfolio. 242,576 are held by Price T Rowe Assoc Inc Md.

Paul Ryan Tax Cut Showcase Upstaged by Trump Tariff Announcement
Ryan added in a separate statement that he is anxious Trump's decision will have "unintended consequences". Steel is steel, you don't have steel you don't have a country", Trump said.

Trudeau waiting to see if Canada gets exemption from new United States tariffs
Trump said both Canada and Mexico are exempt from the new tariffs, a move that should help to at least lessen a negative impact. Well be doing something with some other countries, ? "Then all bets are off", Isely said.

Albert Adomah sparks Aston Villa to impressive derby win over Wolves
A bit of needle crept into the game with three first-half bookings for Danny Batth, Jota and Adomah. Vexed supporters of the Molineux club took to social media to vent about the Villa boss.

Onlookers attack Miami hit-and-run driver after crash
He then starts bashing in the windows of the auto , starting at the driver's side and working his way around the entire vehicle. Right away, we see a couple of people get in front of the auto and tell Lagutenko to stop while trying to open his doors.

Bollywood singer Aditya Narayan arrested after car hits rickshaw, gets bail
Aditya's medical examination is being carried on and he is likely to be questioned by the authorities on 13 March. However, since he was on charged with a bailable offence, he was released on a personal bond of Rs 10,000.