US oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crude inventories, stoked buying.
Federal Reserve Bank insists oil must exceed $60 for a boost in US drilling.
Raiders to pursue Jon Gruden for coaching job
Chances are that, at some point over the weekend, Gruden spoke directly with Raiders owner Mark Davis. "I'm here to help people". In that sense, he'd be a good fit with Derek Carr , who has regressed in 2017.
Dubai and Oman crude oil prices are respectively $61.84 and $61.90 per barrel, indicating an upswing of 63 and 57 cents.
WTI has recovered to more than $60 a barrel of late.
A Reuters monthly poll showed analysts expect Brent crude to stay close to $60 in 2018.
Alert Cab launches again New Year's Eve
Volunteers with the Davidson County Sheriff's Office will be offering up free sober rides on New Year's Eve again this year. Fritcke suggests, if you plan on riding the bus or light rail downtown, get off at the Central and Van Buren station.
Countering those cutbacks, United States oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation.
In worldwide markets, Brent crude oil futures also rose, supported by ongoing supply cuts by top producers OPEC and Russian Federation as well as strong demand from China.
Based on total expected quotas, China's imports-which at around 8.5 million bpd are already the world's biggest-are expected to hit another record in 2018 as new refining capacity is brought on stream and Beijing allows more independent refiners to import crude.
Cold snap continues in southern Ontario
That's because extreme cold is indeed measured differently for differently geographic areas, said Kimbell. He said he had to go back to 1993 to find a similar cold spell between Christmas and January 1.
There are also expectations in the market that OPEC's next meeting on November 30 will agree to extend cuts beyond the current expiry date in March 2018. While gains were driven by glut-shrinking output cuts by the Organization of Petroleum Exporting Countries and its allies including Russian Federation, geopolitical tensions in the Middle East as well as pipeline disruptions from the North Sea to Canada and Libya have also helped. China-bound exports averaged 180,000 barrels a day from January to September, about 14 times the year-earlier level. Meanwhile, Brent is set to continue rising amid a weekslong shutdown of a key pipeline network in the North Sea, according to S&P Global Platts.