Share market closes higher as U

Share market closes higher as U.S. oil supply tightens; OPEC’s U.N. meeting sets November meeting date

(Adds U.S. oil futures and comments)

By Adam Taylor

NEW YORK, March 18 (Reuters) – The U.S. oil market fell by a record 11 cents to $78.69 a barrel after Brent crude fell for a fifth day on fears OPEC would ease oil output in the wake of the meeting of the world’s biggest producers.

Lower oil prices have pushed demand in developing markets and U.S더킹카지노. shale producers to seek higher prices to compensate, the Conference Board said on Wednesday.

The spread between Brent and WTI crude settled at $78.59 a barrel, up from $77.70 on Thursday.

This marked a 2.1 percent decline from Wednesday’s close of $83.92 a barrel.

Brent fell 11 percent from $106.72 a barrel earlier on Wednesday, having earlier dropped to its lowest levels since June 16.

Crude from China, also a major producer in the United States, rose 3.2 percent on Tuesday, while oil from Nigeria gained 5.4 percent, according to energy consultancy IHS.

That brought WTI to its biggest weekly gain since early September 2014 as demand for refined products surged by nearly a fifth after the Gulf of Mexico and United States refineries were forced to ramp-up production after Hurricane Harvey hit Texas in September.

“Crude i우리카지노s selling below the cost of production,” IHS U.S. Energy Economics economist Doug Gurr said.

The spread between Brent and WTI has declined since mid-2014 when there was a spike in WTI, boosted by weak demand in China, India and the Middle East.

It has been falling since late last year as demand in developed markets picked up and there are now fewer supplies on the market, so oil price volatility has also helped ease.

Brent crude fell 1 percent to $76.80 a barrel after falling for a second day on Tuesday.

The Brent/WTI spread closed lower at $75.03 a barrel.

The Organization of the Petroleum Exporting Countries met on Sunday to discuss its plans to reduce output, as well 카지노 사이트as new measures that were proposed by the International Energy Agency to limit oil market excess supply. (Reporting by Adam Taylor; Editing by Mark Trevelyan)

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