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Page added on February 10, 2018

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Oil slips to biggest weekly loss in 2 years amid market turmoil

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Oil prices slid more than 3 percent on Friday as US futures fell below $60 a barrel for the first time since December on renewed concerns about rising crude supplies.

Oil prices slid more than 3 percent on Friday as US futures fell below $60 a barrel for the first time since December on renewed concerns about rising crude supplies. US and Brent crude futures have slid more than 11 percent from this year’s peak in late January. Brent fell nearly 9 percent for the week while U.S. crude dropped 10 percent, the steepest weekly declines since January 2016. Futures posted a sixth straight day of losses, wiping away the year’s gains in a string of high-volume trading sessions, pressured by stronger-than-expected supply figures and a surprising ramp-up of the North Sea Forties Pipeline, which shut earlier in the week.

Turmoil on Wall Street also pressured crude. During the trading session, the S&P 500 stock index fell to its lowest level since October 5. The S&P recovered to end the day higher, which helped oil bounce off session lows. US West Texas Intermediate (WTI) crude settled down $1.95, or 3.2 percent, to $59.20, the lowest settlement since Dec. 22. The session low for U.S. crude was $58.07. More than 845,000 contracts changed hands in another above-average day for trading volumes.

Brent futures fell $2.02 a barrel, or 3.1 percent, to $62.79 a barrel, its lowest settlement since Decenber 13. “It’s never just one factor that slams the market like this. It’s several factors,” said Jim Ritterbusch, president of Ritterbusch & Associates.

Oil services company Baker Hughes said total US onshore rigs rose by 26 to 791, highest since January 2017. Drillers have added rigs as oil prices rallied through mid-January.

The market has been pressured by the weak stock market. Also, oil is inversely correlated with the dollar, which has strengthened as equities markets slid.

Crude volumes in the North Sea Forties pipeline continued to ramp up faster than expected following a restart, a trade source told Reuters.

The news that the line will reach full rates over the weekend intensified oversupply worries, said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut.

“The idea that it is back up and running normally, combined with the data that show U.S. production is rising, contributes to the overall idea that US production could offset cuts by OPEC,” said McGillian.

Investors were already worried that rising U.S. crude production will overwhelm efforts by OPEC and other producing nations to cut supply. US output rose to 10.25 million bpd in the most recent weekly figures, which if confirmed would represent a record. The Baker Hughes figures should mean still more supply in coming months.

On Thursday, OPEC member Iran announced plans to boost production within the next four years by at least 700,000 barrels a day.

“We think that surging supply and slowing demand growth will tip the market back into a surplus this year,” analysts at Capital Economics said in a note.

Financial Express



37 Comments on "Oil slips to biggest weekly loss in 2 years amid market turmoil"

  1. MrBill44 on Sat, 10th Feb 2018 9:20 am 

    Seems there are so many gimmicks effecting US markets. Some more gambling than investing, like “Seeks to triple the daily inverse of the VIX (Fear Index) on a rolling basis”. You can’t make this sh*t up.

  2. Boat on Sat, 10th Feb 2018 10:32 am 

    MrBill,

    Explain how to take the gambling out of investing.

  3. Boat on Sat, 10th Feb 2018 10:35 am 

    They mention slowing demand. This must be like shortonoil’s short on demand. When demand gos up or is robust…..call it slow to slowing. Lol

  4. MythBuster on Sat, 10th Feb 2018 10:44 am 

    Investing in the stock market and gambling are nearly synonymous these days. It didn’t used to be that way. Prior to 2008 and active FED intervention/manipulation of the stock markets, investing in a standard 60/40 type model was considered to be pretty much a “sure thing” over the long term. Now, any money that you put into the stock market has about zero chance of making you any money in the long term — but you could win big if you time the market just right — the gambling aspect.

  5. MrBill44 on Sat, 10th Feb 2018 10:53 am 

    Boat, I suppose it is all a gamble, just a matterof degree.

  6. Cloggie on Sat, 10th Feb 2018 1:38 pm 

    Millimind is surprisingly silent in this thread.

  7. MASTERMIND on Sat, 10th Feb 2018 1:46 pm 

    There are two possibilities, in my opinion, when the age of oil ends.
    https://imgur.com/a/6dEDt

    1.) Collapse, chaos and death of our species
    .
    2.) Controlled depopulation (afterwards: iron boot stamping on a human face — in perpetuity. Aka feudalism improved by modern technology.

  8. MASTERMIND on Sat, 10th Feb 2018 1:48 pm 

    The oil age may come to an end for a shortage of oil -Saudi saying

  9. MASTERMIND on Sat, 10th Feb 2018 2:01 pm 

    Clogg you ready for spring?

    https://imgur.com/a/9JLhJ

    I can’t wait to bend over that Taylor Swift!

  10. MASTERMIND on Sat, 10th Feb 2018 2:04 pm 

    ‘It is frankly scary’: World financial system as stretched as before 2008

    https://www.stuff.co.nz/business/world/100831022/it-is-frankly-scary-world-financial-system-as-stretched-as-before-2008-crash

  11. Cloggie on Sat, 10th Feb 2018 2:27 pm 

    “Collapse, chaos and death of our species”

    Death will come to America alright, a la Yugoslavia, Iraq, Syria and Donbass. Multiethnic thingy. Or as Buchanan says: one big Kosovo. And Eurasia will jump into the resulting void.

    https://deepresource.wordpress.com/2015/01/02/america-australias-dangerous-ally/

    https://www.amazon.com/End-American-Era-Geopolitics-Twenty-first/dp/0375726594/ref=sr_1_2

  12. Davy on Sat, 10th Feb 2018 3:06 pm 

    Please, neder, there should be a board rule against you and billy using the same redundant links. How many times have you posted that?

  13. MASTERMIND on Sat, 10th Feb 2018 3:08 pm 

    Clogg

    Buchanan may be right for all the wrong reasons. He says its because we abandoned religion and the family..etc….He is an ignorant blowhard!

  14. Duncan Idaho on Sat, 10th Feb 2018 3:45 pm 

    “Seems there are so many gimmicks effecting US markets.”
    Just late stage capitalism—
    World wide his time. So long 7.6 billion rapacious apes.

  15. Cloggie on Sat, 10th Feb 2018 3:57 pm 

    “Please, neder, there should be a board rule against you and billy using the same redundant links. How many times have you posted that?”

    Not nearly as much as millimind posted his obsolete 2010 peer-reviewed BS.

    These links clearly hit a nerve.

  16. MASTERMIND on Sat, 10th Feb 2018 4:11 pm 

    Clogg

    what 2010 peer reviewed? Do you think only science papers written in the last few years are relevant? Hubbert wrote his original paper 14 years ahead of its conclusion. Darwins book is over 150 years old and still holds true today now more than ever!

  17. Cloggie on Sat, 10th Feb 2018 4:17 pm 

    https://cleantechnica.com/2018/02/08/new-jacobson-study-draws-road-map-100-renewable-energy/

    “New Mark Z. Jacobson Study Draws A Roadmap To 100% Renewable Energy”

    (In Europe this is already government policy)

  18. Davy on Sat, 10th Feb 2018 4:31 pm 

    Neder, 100% is fantasy. Saying it is government policy doesn’t make it any less fantasy. I am not saying some of this fantasy may not become reality but crowing about it doesn’t change the facts.

  19. MASTERMIND on Sat, 10th Feb 2018 4:46 pm 

    Clogg

    Jacobson’s 100 percent paper got throughly debunked and destroyed this year by 29 scholars! And your source is laughable!

  20. Davy on Sat, 10th Feb 2018 5:47 pm 

    Neder, I thought the US was a horrible place to be. That is all I hear out of you and billy.

    “Why the US draws in Europe’s expats”
    https://tinyurl.com/ycgnxwem

    “Almost a quarter of the European respondents ranked the US among their top three countries of choice to relocate for work, although it was marginally less popular than in previous years – a drop of 5% from 2012. Globally, the US still ranked first, although the proportion of people voting it to the top spot slipped to 30% from 34%.”

    “Whatever someone may think of US politics, it remains number one around the world because of its booming economy,” says Andrew Bailey, human capital services partner at BDO in London. “It is still seen as a land of opportunity.”

    “Banu Senyurt, a German graduate who is completing an MBA in New York, agrees. “There are many more job opportunities in the US than in Germany,” she says. “You can achieve your goals faster. In Germany the length of time you are at a company counts for more than your personal skills when it comes to promotions.”

    “The US is attractive because of its size and its economic strength. Many parts of the US are familiar from television and films. Many of the IT companies and brands that are household names, and exercise increasing influence on our lives, come from the US. It has a particular appeal as a location for research and development,” he says.”

  21. Harquebus on Sat, 10th Feb 2018 5:57 pm 

    “There is obviously a natural tendency in Western societies, among policy makers and also in civil society, to wish that the transition to renewables can be done, that it can be done quickly, and that it can be done relatively painlessly”
    “Hence a favorable disposition towards scientists coming up with seemingly robust models showing that a clear and quick pathway towards 100% renewable energy exists, and proposing a roadmap to get there. This is somehow reassuring, and this is actually what a lot of us want to hear and to believe.”
    http://www.resilience.org/stories/2017-06-27/100-renewables-a-few-remarks-about-the-jacobsonclack-controversy/

    https://www.technologyreview.com/the-download/609308/a-renewable-energy-champion-is-suing-his-scientific-critics/

    http://energyskeptic.com/2017/big-fight-21-top-scientists-show-why-jacobson-and-delucchis-renewable-scheme-is-a-delusional-fantasy/

  22. Boat on Sat, 10th Feb 2018 6:31 pm 

    Using my googling abilities I have determined that globally renewables are growing 1/2% PER year. That’s using 2016 data. When 2017 numbers are in……Solar as component doubled in capacity in one year. 2018 I project growth to be 1% PER year.

  23. Anonymouse1 on Sat, 10th Feb 2018 9:04 pm 

    ROFL…retard.

  24. Cloggie on Sat, 10th Feb 2018 11:17 pm 

    “Using my googling abilities I have determined that globally renewables are growing 1/2% PER year. That’s using 2016 data. When 2017 numbers are in.”

    Average annual growth rate new installation wind energy in Europe 2000-2013: 10%

    https://en.wikipedia.org/wiki/Wind_power_in_the_European_Union

    Offshore wind grew with 25% in the EU in 2017:

    https://windeurope.org/newsroom/press-releases/offshore-wind-europe-grew-25-2017/

    Steady as it goes.

    (“Recht zo die gaat”, old Dutch maritime saying)

  25. MASTERMIND on Sat, 10th Feb 2018 11:21 pm 

    Clogg

    The only growing offshore our your jobs and factories like that BMW plant that moved to America because of the super high prices that renewable s created!

  26. MASTERMIND on Sat, 10th Feb 2018 11:28 pm 

    Clogg

    Anti-fascist protesters rally in flashpoint Italian town
    http://www.france24.com/en/20180210-anti-fascist-protesters-rally-flashpoint-italian-town?ref=tw_i

  27. Cloggie on Sat, 10th Feb 2018 11:48 pm 

    “Anti-fascist protesters rally in flashpoint Italian town”

    Your “anti-fascist protestors” are mostly black.lol

    They are protesting an Italian version of Breivik, who randomly shot 6 invaders, after a young girl was raped. Saw interviews with white Italians yesterday on the news and the majority was not a “anti-fascist protestor” but deeply resented the influx of unwanted rapefugees. Multi-ethnic societies don’t work, period.

    Berlusconi has already announced he will deport 600,000 invaders. That’s how you win elections in the West these days.

    The US may be gone, but Italy still is surprisingly white:

    https://youtu.be/JozAmXo2bDE

    We want to keep it that way. There is a reason Davy has announced he will flee to Italy when the US will descend into chaos and millimind hopes he can finally rape Nazi queeny Taylor Swift.

    Don’t get your hopes too high, millimind. We in Europe got rid of the Soviets and can now integrate 100% white Eastern Europe and soon even 90% white Russia into Eurosphere. That’s 640 million. That leaves one more entity that needs to be “liberated” and partly integrated in Eurosphere as well. Your kosher marxist rulers are not as invincible as they like to think they are.

  28. Cloggie on Sun, 11th Feb 2018 12:09 am 

    “The only growing offshore our your jobs and factories like that BMW plant that moved to America because of the super high prices that renewable s created!”

    I have already explained to you that high energy prices in Europe are the result of taxation, not renewable energy. I have also shown to you that efficient Europeans need far less energy to make a million bucks than Americans, Chinese and Russians:

    https://deepresource.wordpress.com/2014/10/04/energy-efficiency-country-ranking/

    So dream on, Europe is booming. Housing prices in Holland are going through the roof, I gained $100,000 over the last few years:

    https://www.elsevierweekblad.nl/economie/achtergrond/2017/12/572415-572415/

    2018 will be another boom year for Germany:

    https://www.welt.de/wirtschaft/bilanz/article172017409/Wirtschaftswachstum-2018-wird-fuer-Deutschland-ein-weiteres-Boomjahr.html

  29. Davy on Sun, 11th Feb 2018 4:23 am 

    “We want to keep it that way. There is a reason Davy has announced he will flee to Italy when the US will descend into chaos”

    Too bad you don’t have a wife and an option. If you were not such a selfish asswipe maybe you could have a wife and an option. I may just want to retire there with my wife. It is a beautiful place. Who knows what is ahead but I have an option and you don’t nedernazi.

  30. Davy on Sun, 11th Feb 2018 4:38 am 

    “less energy to make a million bucks than Americans, Chinese and Russians:”
    Neder, you and billyT talk alike. This is BS nedernazi. Using energy to make money is not directly related to country energy intensity. You are full of these inconsistencies and like billyT they are in the end lies.

    “So dream on, Europe is booming. Housing prices in Holland are going through the roof, I gained $100,000 over the last few years”
    A housing bubble is not a sign of a “good” booming. It is a sign of a dangerous bubble.

    “Die Wirtschaft in Deutschland ist im Jahr 2017 um 2,3 Prozent gewachsen.”
    Wow, that is some boom. If one were to remove the ECB bond buying I wonder where that mediocre number would be?

  31. Cloggie on Sun, 11th Feb 2018 4:59 am 

    Too bad you don’t have a wife and an option.

    You know nothing about my private life.

    I may just want to retire there with my wife. It is a beautiful place. Who knows what is ahead but I have an option and you don’t nedernazi.

    Haha, Davy wants to portray his future white flight to Italy as an an act of tourism (“beautiful country and stuff”).lol Just like all these upper class Russians fled from Russia/USSR.

    With my Dutch passport I can settle anywhere in Schengen country, including Northern-Italy and I temporarily lived in several European countries.

    I will remain in Holland though, is an identitarian thingy, something a natural born cosmopolitan/commie like you can only dream about.

    You don’t have a country, you never will.

    You will even loose what you have as you shouted “racism”/”nazi” a little too often, destroying your own right to have a country for yourself, which is per definition based on ethnic/religious exclusivity.

    You think you will fit in, in Italy? Spoiler: you won’t. You will fit in nowhere in Europe. Perhaps you can say you are a Canadian.lol

    https://www.pyeongchang2018.com/en/game-time/results/OWG2018/en/general/medal-standings.htm

  32. Davy on Sun, 11th Feb 2018 5:11 am 

    “You know nothing about my private life.”
    You know nothing of my private life

    “Haha, Davy wants to portray his future white flight to Italy as an an act of tourism (“beautiful country and stuff”)”
    I love my farm, nedernazi. I have a good life here. Who knows how life may be in 10-20 years. I may want to live in my wife’s nice home in the mountains once I am too old to do much. It is a place to flee too also if needed because again, who knows. My place is also a place for my wife’s brother to flee if Europe comes apart which is increasingly likely the way things are going there.

    “I will remain in Holland though, is an identitarian thingy, something a natural born cosmopolitan/commie like you can only dream about.”
    I would be caught dead in an overpopulated place like your little dutchy. It is places like Holland that will face the worst of a collapsing future mainly because of its carrying capacity breach which in Holland’s case is both population and complexity. IOW, you are screwed one day neder.

    “You will even loose what you have as you shouted “racism”/”nazi” a little too often, destroying your own right to have a country for yourself, which is per definition based on ethnic/religious exclusivity.”
    White supremacy racist rubbish from a closet Nazi.

    “You think you will fit in, in Italy? Spoiler: you won’t. You will fit in nowhere in Europe.”
    I know more about Europe than you about America that is for sure. I have connection you don’t. I think the spoiler is you are full of fantasy and revisions, IOW lies.

  33. MASTERMIND on Sun, 11th Feb 2018 9:11 am 

    I will never flee America I want to go down with my people!

  34. Cloggie on Sun, 11th Feb 2018 9:13 am 

    “I will never flee America I want to go down with my people!”

    I thought you wanted to conquer Siberia, together with supertard.

    Promisses, promisses, promisses.

  35. Cloggie on Sun, 11th Feb 2018 9:24 am 

    “IOW, you are screwed one day neder.”

    Holland, Holland, now let me see… Isn’t that country that has an agricultural export in the same order as that of the US? Isn’t that that country that has an “energy province” aka the North Sea that can generate all the energy the country will ever need and then some for export.

    The only thing that really worries me is third world immigration, but the end of that seems to be in sight, with the mood turning in Europe. But we will be stuck with one million mostly muslims on 13 million Dutch as a reminder of the ‘blessings’ of the lasting influence of the US empire.

  36. Duncan Idaho on Sun, 11th Feb 2018 11:38 am 

    “My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel”

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