Markets

Asia report: Markets higher as traders focus on Fed, oil

Asia report: Markets higher as traders focus on Fed, oil”

Mike Rothman, head of integrated oil research at Cornerstone Analytics, is also convinced prices will ultimately move higher despite supply coming from the U.S., Libya and Iraq.

Well then - it looks as though OPEC, Russia and other major oil producers have agreed this week that they are going to hold their collective brush power for another nine months.

"Chinese demand in addition to USA production (including Trump's export policy, ) is probably more critical to oil price formation so is likely keeping oil range-bound, even if the possible range is wide", said S&P Dow Jones Indices in a recent note.

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday agreed to extend until March 2018 an oil output cut agreement put in place for six months effective from 1 January and will expire in June, Iranian media reported.

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Jose Mourinho is set to give a flurry of youth prospects a run in into the first-team in front of a packed Old Trafford as Manchester United host Crystal Palace .

Kazakhstan joined the current OPEC and non-OPEC pact last November, pledging to keep its output at around 1.7 barrels per day (bpd).

OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March on Thursday, after the output cuts agreed in November last year failed to rein in the glut in supply, which has pressured oil prices for almost three years.

Oil prices dropped more than 4 percent on the news Thursday as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018, it said. "We even considered options for higher cuts", he said during the Vienna meeting.

"The negative oil reaction to a 9-month OPEC production cut extension is a prime example of "buy the rumour, sell the fact".

North Korea Claims New Missile Landed Within 7 Meters of Target
Following Pyongyang's latest missile launch Japanese Prime Minister Shinzo Abe vowed to take action against the state with the help of the United States.

Clawing back some of Thursday's losses, global benchmark Brent futures LCOc1 were up 28 cents at $51.74 a barrel at 0837 GMT.

Goldman Sachs warned the biggest risk to oil markets was what would happen next year, at the end of the OPEC-led production cut.

Britain's Barclays bank said the price falls were a result of expectations ahead the meeting for longer or deeper production cuts.

Oil's earlier price decline, which started in 2014, forced Russian Federation and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria.

North Korea missile test latest
The test is also an immediate challenge to South Korea's new president , Moon Jae-in, who expressed a desire to reach out to the North.

OPEC ministers were forced by Texas shale oil producers on Thursday to extend a supply cut into 2018, a regulator from the US state said.



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