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China’s Xi rallies people back to work as country continues to battle virus outbreak
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China’s Xi rallies people back to work as country continues to battle virus outbreak
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Gold Dropped on Profit-Taking and FOMC Minutes
Gold slipped as investors’ took profit and the FOMC minutes signaled that policymakers would likely continue to reduce asset purchases. While policymakers had different views about using the unemployment rate as indictor of the overall job market conditions, they would likely change to forecast guidance as the unemployment rate is approaching the 6.5% threshold. Crude oil surged as triggered by the weather-induced 10% rally in natural gas.
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Crude Oil Prices Retreat as OPEC to Maintain Production Quota Constant
Crude oil prices retreated from the rally yesterday ahead of the OPEC meeting in Vienna. Ali Naimi, Saudi oil minister said that the current supply and demand balance is in the “best environment” and oil demand growth is “great”. Upbeat comments from Saudi Arabia’s oil minister suggested that the group will likely leave the production quota unchanged at 30M bpd this month.
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Crude Oil Prices Retreat as OPEC to Maintain Production Quota Constant -
Venezuela considers OPEC crude production cut if oil prices fall further
Venezuela, which boasts the largest proven oil reserves on the planet is considering cutting it’s crude oil production if oil prices continue to tank further according to Energy Minister Rafael Ramirez in comments made yesterday ahead of Friday’s OPEC meeting in Vienna.Latest WTI Oil Price
In London, US Light crude oil futures for July 2013 delivery was trading at $93.91 a barrel, 08:50 GMT this morning in electronic trading on the NYMEX. WTI Light sweet crude dropped 54 cents to $93.61 a barrel yesterday afternoon.
OPEC Oil Production
OPEC boosted production to 30.21 million barrels a day in April from 29.93 million in March while maintaining a flat forecast for global demand.
“We have a joint production level of 30 million barrels per day… that we can maintain in order to keep prices at $100 a barrel (assuming this is for Brent). If during the discussions fears are expressed that such a level of production could affect prices, we would be open to a cut in production.” Ramirez said.
However, OPEC may leave the group’s output target unchanged at this week’s meeting in Vienna because increased demand in the next few months will help maintain the commodity’s price, a local energy analyst said.
“With summer approaching, OPEC countries will need to keep production high to meet seasonal local energy demand. Prices are subject to very limited volatility this year, and they are at a level every producer was dreaming about without hurting demand and consumers.” said Sadad al-Husseini, who founded Husseini Energy, an independent energy consultant in Dhahran, Saudi Arabia.
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Venezuela considers OPEC crude production cut if oil prices fall further -
Brent oil price rises to near $105 on renewed Middle East concerns
The price of Brent oil futures opened Tuesday’s session higher near $105 a barrel after Israeli air strikes around Damascus refocused attention on the potential for disruption to supply from the Middle East.Latest Brent Oil Price
In London, ICE Brent crude oil futures for June 2013 delivery was trading at $104.19 a barrel, 07:18 GMT this morning on the ICE Futures Exchange. Brent oil is up by nearly $7 a barrel since last Wednesday and posted its largest three day rise since August 2012. Brent crude for June settlement increased $1.27 to end the session at $105.46 a barrel, the highest closing level since 10th April.
Middle East Supply Concerns
Brent crude oil rose 1.3 percent after Syria’s state news agency said Israeli aircraft attacked a military research center on the outskirts of Damascus yesterday. The Syrian government said that Israeli air strikes against military targets around Damascus amounted to a “declaration of war” and threatened retaliation, in the latest sign that the fighting is spilling across the Syrian border and risks sparking a wider regional conflict.
“The Israeli attacks on Syrian targets are raising fears that the Syrian civil war could turn into a regional conflict,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc, New York.
In a further development, UN human rights investigators have said they have “strong suspicions” that Syrian rebel forces might have used the nerve agent sarin.
Israeli officials, who have neither asserted nor denied responsibility for the airstrikes, said Monday that their fight was not against Syrian President Bashar al-Assad or the rebels fighting his regime but against the Lebanese political and militant organisation Hezbollah.
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Brent oil price rises to near $105 on renewed Middle East concerns