Oil halted gains near US$57 a barrel as US drillers expanded the crude rig count to a three-month high, potentially countering efforts by OPEC and its allies to drain a global glut.
Futures were little changed in New York after climbing 2.5 percent in the previous two sessions.
Drillers boosted the rig count by two to 751 for a third weekly advance, according to Baker Hughes data on Friday last week.
OPEC-led output curbs might end earlier than scheduled if the market rebalances by June, Kuwaiti Minister of Oil Issam al-Almarzooq said on Sunday.
Oil is heading for a second yearly gain as OPEC and its allies — including Russia — extend supply cuts through the end of next year.
Shale explorers have signaled they are gearing up for a drilling surge next year as hedging rose for an eighth week to a record.
“We think the oil price will be stronger next year looking at demand and compliance by OPEC to output cuts,” said David Lennox, a commodity analyst at Fat Prophets in Sydney. “How strong will be dependent how much extra oil we see coming from the US, that’s really the wild card for the market.”
West Texas Intermediate (WTI) for January delivery was at US$57.32 a barrel on the New York Mercantile Exchange, down US$0.4, at 7:50am in London after falling as much as 0.6 percent earlier.
Total volume traded was about 11 percent below the 100-day average.
Prices on Friday last week rose US$0.67 to US$57.36, trimming the weekly loss to 1.7 percent.
Brent for February settlement fell US$0.1 to US$63.39 a barrel on the London-based ICE Futures Europe exchange after sliding 0.5 percent last week. The global benchmark traded at a premium of US$5.99 to February WTI.
Russia is keen to end output cuts as early as possible, al-Almarzooq told Bloomberg in Kuwait City.
OPEC will study an exit strategy from the global accord at its next meeting in June, he told reporters later, adding that oil prices should remain near current levels next year.
While oil product inventories are rising, the small buildup will be offset by a decline in crude stockpiles, United Arab Emirates Minister of Energy Suhail al-Mazrouei said at a conference in Kuwait.
Just a few years ago, the millennial generation — generally defined as those born from the early 1980s through the mid-1990s — was synonymous with youthful rebellion. However, now, as the millennials ease into early middle age, they are finding their path out of their parents’ basement to be a lot harder than it was for earlier generations. The fundamental problem is that millennials are not building wealth. The wealth of the median US household headed by someone 35 or younger has actually shrunk in inflation-adjusted terms since the mid-2000s, even as the wealth of older Americans has continued to grow. An
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range