Oil Prices Climb On News Of OPEC Agreement

referring to Oil prices climbed rapidly on word that OPEC oil ministers had agreed to a moderate increase in oil production on Friday, June 22. Iran said it would not support any increase in oil production whereas Saudi Arabia was reportedly looking for an increase of as much as 1 million barrels per day. After several bilateral meetings between Iran and other producers, the oil ministers reached a compromise that will effectively increase the amount of oil on the market. According to Nigerian oil minister Emmanuel Ibe Kachikwu, this will amount of about 700,000 additional barrels per day. According to Saudi oil minister Khalid al Falih, production increases will be in proportion to each producer's current production allocation.

Housing Prices Soar As Oil Boom Escalates

The national average rent hit $1,405 in June 2018, a 2.9-percent year-over-year increase and all-time high, according to Yardi Matrix data. A good 88 percent of the nation's 250 largest cities recorded rent increases over the past 12 months. Economy and Oil Boom Pushing Rents UpPerhaps unsurprisingly, the 20 sharpest increases were recorded in small cities where strengthening economies and population migration drove prices up. After a two-year crash, crude oil prices began to recover in mid-2017 and crossed the $60 a barrel ceiling this year. You can therefore expect the trend of price inflation and higher rents in the oil basin to accelerate.

A Clash Between U.S. And Iran Could Send Oil Prices Above $100 And Bad News For China

as mentioned in If that turns out to be the case, it will disrupt Middle East oil supplies and push crude oil prices above $100 level. That could be bad news for China – because the Middle East supplies close to 50% of China's oil imports. It could be good for Russia, which will have to sell more oil to its own allies, including China. They, too, want to be the guarantors of the free flow of oil supplies to its own European and Asian allies, including China. Thus, there is a potential for open military confrontation between the two countries that could send oil prices soaring.

Oil Prices Mixed On Libya Supply, Trade Concerns

Oil prices ended the day mixed Thursday after wavering between gains and losses on varying supply signals. Global prices rebounded after a steep decline on Wednesday, when crude tumbled amid concern over resurgent Libyan supply and the U.S.-China trade dispute. Libya's state-run National Oil Corp. lifted the force majeure on eastern oil ports that had kept the country's crude off global markets amid continued civil war. Analysts estimated that those ports could contribute approximately 700,000 barrels of oil a day to the global market. AdvertisementThe global oil-market supply backdrop also remains constructive, analysts said, with crude prices trading near more-than-three-year highs earlier in the week.

collected by :Frank Ithan