Even with direct supply intervention, investors relish in speculation of imminent oil glut to destabilise prices.
Risk-tolerant traders looking for leveraged plays on oil prices can consider the newly minted ProShares rolled out the ProShares UltraPro 3x Crude Oil ETF (NYSEArca: OILU) and ProShares UltraPro 3x Short Crude Oil ETF (NYSEArca: OILD), which debuted in March.
A man smokes outside the Hong Kong Stock Exchange, Friday, May 5, 2017.
Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in US inventories.
But the oil cartel hasn't really taken that crude off the market because exports remain high, said Matt Smith, director of commodity research at ClipperData.
Paris finished Friday's session up 1.12 percent, with opinion polls showing centrist candidate Emmanuel Macro with a commanding lead over the far right's Marine Le Pen going into Sunday's French election. Britain's FTSE 100 was up 0.2 percent at 7,260.49. Wall Street was poised to open slightly higher. Dow futures slipped 0.1 percent to 20,856.00 and broader S&P 500 futures fell a fraction to 2,385.00.
Better-than-expected US non-farm payrolls data showed jobs growth rebounded sharply last month with 211,000 added and the national unemployment rate down to near a 10-year low at 4.4 percent. Chinese iron ore futures fell nearly 7 per cent in Shanghai after tumbling 8 per cent on Thursday. The report suggests the economy's slump in the first three months of the year could prove temporary.
Investors are now awaiting the release Friday of jobs figures for April, which will be closely watched for clues about the Federal Reserve's plans for hiking interest rates. The result has been 11 weeks of expansion in U.S. production in the longest run of gains since 2012.
Others, as quoted by the BBC, see the drop as an indication of "jittery" markets ahead of OPEC's May 25 meeting when an extension of the original cut agreement will in all likelihood be announced. I do think as long as OPEC maintains the cuts, the price will get some stability", Petromatrix analyst Olivier Jakob said."We still have some downside risk, but we're starting to get near the bottom."OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target, which helped offset weaker compliance by other members."Saudi Arabia is the only country that has fulfilled its obligation every month since January".
Volumes spiked on Thursday, with more than 940,000 front-month U.S. crude contracts changing hands, compared with the daily average of 535,000 contracts. He said traders saw $45 as an important level because the Saudi oil minister said earlier this week that prices would be kept in the $45-55 range.
CEO Ben van Beurden said the company would invest US$25bn in new projects this year and he called it a "strong quarter" for the business with revenue at more than US$71 billion. Australian shares .AXJO fell 0.5 percent with metals and mining related stocks leading the decline.
WTI was riding just above $46 dollars a barrel with several hours before the American markets closed. Analysts had been expecting a drop of 2.3 million barrels.
Mr Patnaik inducted experienced leaders like SN Patro, Prafulla Samal, Maheswar Mohanty, Niranjan Pujari and Pratap Jena. Sushant Singh, Nrushingha Sahu, Anant Das and Chandra Sarathi Behera and Sashi Bhusan Behera are first time ministers.
THE attempt to find some common ground over Syria dominated the talks on May 3rd between Recep Tayyip Erdogan and Vladimir Putin. The countries involved in the de-escalation deal could thwart these plans and encroach on the autonomous regions, Ibrahim said.
Both Labour and the Conservatives had five councillors elected, with the result for the Tories up four on five years ago. Votes will be tallied at count centres across Scotland on Friday, with results expected from around lunchtime onwards.
The draft rules come in wake of an incident involving Indian lawmaker Ravindra Gaikwad who assaulted an Air India staffer. Also, the no-fly list would be available in public domain, so that everyone is aware about unruly passengers.
An earlier leak claimed that the OnePlus 5 will feature 8 GB of RAM , which is unprecedented in the smartphone industry's history. A supposed screenshot posted on Slashleaks shows specs that include 128GB of storage alongside not 6GB of RAM , but 8GB of RAM .
Comey said he didn't publicly disclose the FBI investigation into the Clinton emails until it was closed last summer. Comey revealed today that Abedin appeared to have a "regular practice" of forwarding classified emails to Weiner.
Supplementing the Petition is a "Statement of Oversight Board In Connection with PROMESA Title III Petition" (the "Statement"). The crisis has prompted almost 450,000 Puerto Ricans to leave the island for the US mainland in the past decade.
The listing suggested that Darksiders 3 was a real thing and that an official announcement might come soon. The game's lead is a character named Fury, who is one of the Four Horsemen of the Apocalypse.
Within minutes of Vijayan telling the assembly that no apology had been tendered, Netto's affidavit was made in the apex court. The CAT was in agreement with the State Government's ruling that transferred Senkumar from the post of the state police chief.
Samsung has said preorder sales for the highly anticipated smartphone were higher than those of its earlier model, the Galaxy S7. In this Samsung support thread , various users noted that their S8 won't charge wirelessly with older wireless charging pads.
Harden, Rockets rout Spurs 125-104 to tie series
The Rockets destroyed the Spurs in Game 1 by hitting 22 3-pointers, and the home team knocked down 19 triples on Sunday night. But there was no need for alarm, as he shook off the injury and returned after the timeout to make a 3-pointer seconds later.
In latest airline video, Delta boots family from flight
As a result, they sent their oldest son on an earlier flight home and brought a auto seat with them for the toddler. Following the United incident, Southwest Airlines Co (LUV.N) said it would stop overbooking its flights.
Annotated: Trump's Executive Order On Religious Liberty
Jody Hice, R-Monroe, derided the Johnson amendment Thursday in a speech before the Oversight and Government Reform Committee. Baylor called that "sort of self-evident", rather than the kind of shift in policy his organization is advocating.
New DotA2 Battle Pass Adds Game's First Co-Op Campaign
The missions are part of a campaign called Siltbreaker , which is broken into two acts and will be released separately this year. Shedding away its hard player vs. player exterior, Dota 2 is opening up an entirely new avenue of gameplay for Dota players.
Memorial Service, March To Honor Fallen Police Officers
In Harrisburg, a ceremony was held for 23-year-old Trooper Landon Weaver, who was shot and killed in the line of duty December 30. The ceremony allows active and retired troopers to remember those before them who sacrificed their lives in the line of duty.
Bundy sharp as Orioles beat Red Sox 2-0; Pedroia hurts knee
Perhaps more impressive, he has failed to hit safely in just two of the Orioles' 17 games. "That's not how you do that, man. There's a four-game set starting May 1 between these two at Fenway Park, and the reset button should be hit before then.
The Division's free weekend starts today
If you've been wanting to try Tom Clancy's The Division before you buy, this weekend is your best chance. For more info on the free weekend, check out this news post .