Markets

Oil min. to attend OPEC, non-OPEC meeting

Research firm CRISIL on Tuesday expected a 5-8% rise in petrol prices and 6-8% in that of diesel over the next 3-4 months after last Wednesday's decision by the Organization of Petroleum Exporting Countries (Opec) to cut crude oil production by 1.2 million barrels per day (mpbd).

USA benchmark West Texas Intermediate crude oil prices edged up 29 cents, or 0.58 percent to $50.06 a barrel.

OPEC, responsible for about 40 percent of global oil supply, shook up world crude markets on November 30 when it pledged to cut production by 1.2 million barrels a day to eliminate a persistent glut.

The price for Brent crude oil fell 2.3 percent to open trading in NY at $53.65 per barrel.

Take Christmas into the garden this year
It was many years later when the Christmas tree would make its appearance in Europe as part of Christian celebrations. We line them up on windowsills, on top of book shelves, in bowls in the hall - they're the best scent diffuser ever.

OPEC last week agreed to slash production by 1.2 million bpd in the first half of 2017, that bolstered crude futures despite doubts over whether the amount was enough. OPEC will accept natural output declines as part of the 600,000-barrel-a day reduction agreed with non-members, rather than insist they intentionally cut, according to three officials familiar with the matter.

"Under these circumstances, it's hard to imagine how OPEC will convince non-OPEC producers to cut production when they meet at the end of the week", said Weinberg and the team.

Nigeria's Oil Minister, Emmanuel Ibe Kachikwu, said on Wednesday OPEC's deal to cut production will go ahead even if Russian Federation becomes the only non-OPEC country to commit to reduce output at a meeting this weekend.

The deal is also good news for dairy and tillage farmers as a sustained lift in oil prices is traditionally mirrored by stronger grain and dairy commodity markets.

Israel rejects Paris summit, open to talk with Palestinians
It also proposed an worldwide conference to further talks by the end of the year. A similar meeting was held in Paris in June.

"Further effective cooperation between oil producers seems unlikely in our view, as OPEC and Russian Federation have already agreed on policy, reducing the leverage they have with other countries in our view", he said in a note. "If effectively implemented, we expect the global oil market will return to balance in Q1 2017".

Crude prices boomed by nearly 9% to $49.20 per barrel as investors cheered the long-awaited deal.

Data on Tuesday showed that OPEC's oil output hit another record high in November, rising to 34.19 million bpd from 33.82 million bpd in October.

Last week, crude oil prices reached their highest level since July 2015.

Tata commits to future for thousands of steel jobs
Officials from Community, Unite and the GMB will discuss proposals with representatives from Tata plants across the country. Tata Steel is close to a deal with unions which will keep the Port Talbot plant in South Wales open until at least 2020.

A Wall Street Journal survey of major banks predicts that Brent crude oil prices will average $56 per barrel in 2017 and that United States crude oil prices will average $54 per barrel in 2017.



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