Subscribe free to our newsletters via your
. Space Industry and Business News .




OIL AND GAS
Crude oil prices holding steady
by Daniel J. Graeber
New York (UPI) May 12, 2015


disclaimer: image is for illustration purposes only

Crude oil prices retreated from early gains Tuesday amid market uncertainty following delays in the release of a monthly market report from OPEC.

Oil prices pulled back from an early May rally as traders awaited reports on whether the world economy was pushing markets toward the demand side. Oil prices fell by more than half their June highs above $100 per barrel in early 2014 as crude oil continued to build up in storage as the global economy failed to gain traction.

A survey last week from Platts showed the Organization of Petroleum Exporting Countries increased production in April by 210,000 barrels per day to 30.9 million bpd. Tacit OPEC leader Saudi Arabia, which saw an increase in production, said last month it was ready to meet any growth in demand from Asian economies, notably China.

Platts reported OPEC ministers in June will consider production limits, though there are no signs the 12-member group will adjust its policies. OPEC 's November decision to keep production steady pushed crude oil prices lower even as supplies far outweighed demand.

Brent crude oil, the global benchmark price, was off less than a percent in early Tuesday trading to $65.44, but 1 percent less than at the start of May. West Texas Intermediate, the U.S. standard, was up about 34 cents to $59.62 per barrel. WTI at one point early Tuesday was up more than $1.

OPEC by the opening bell on Wall St. had yet to issue its monthly market report from May. The report is expected to be published about five hours later than usual.

In a rare statement, the group issued a strong retort to a Monday publication from The Wall Street Journal, which cited unnamed sources as saying OPEC expected crude oil prices to stay below the $100 mark through the middle of the next decade.

"Not only does the article contain numerous inaccuracies but much of the referenced material is not mentioned by any document that the OPEC secretariat is currently developing in collaboration with its member countries," it said.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Murkowski wants clarity on condensates
Washington (UPI) May 8, 2015
Federal law lacks a clear definition of condensate, a light form of oil found in shale and cleared for exports, a bill tabled by U.S. Sen. Lisa Murkowski read. Murkowski, R-Alaska, chairwoman of the Senate Energy Committee, introduced 17 separate energy measures. Among them, S. 1224 seeks to standardize the federal definition and policies regarding condensate. "Many federal agenc ... read more


OIL AND GAS
See flower cells in 3-D - no electron microscopy required

From brittle to plastic in one breath

Damaging Radiation Effects on Travelers to Mars

Northwestern scientists develop first liquid nanolaser

OIL AND GAS
German ships receiving Indra's satellite communications terminals

French-Italian military communications satellite launched

Harris wins IDIQ contract for Rifleman Radio

U.S. Special Operations Command orders MUOS-capable radios

OIL AND GAS
Successful SpaceX escape test 'bodes well for future'

ILS And Dauria announce Proton/Angara dual launch services agreement

SpaceX to test 'eject-button' for astronauts

India to launch 6 more satellites in 2015-16

OIL AND GAS
Next Generation GPS System Faces Delays, Cost Overruns

Neuronal positioning system: A GPS to navigate the brain

NASA Goddard Team Sets High Flying Record with Use of GPS

China's satellite navigation system to expand coverage globally by 2020

OIL AND GAS
France, India pledge swift conclusion to fighter jet deal

Touch sensors on bat wings guide flight

Airbus DS, Cisco partner in key business areas

Singapore requests upgrade of its F-16s

OIL AND GAS
Two-dimensional semiconductor comes clean

Defects in atomically thin semiconductor emit single photons

Researchers develop acoustically driven controls for smartphones

Printing silicon on paper, with lasers

OIL AND GAS
NASA Aids Response to Nepal Quake

Dull forest glow yields orbital tracking of photosynthesis

MOU between ISRO Department of Land Resources to beef up EO capacity

Technologies enable ambitious MMS mission

OIL AND GAS
Greenpeace says India office may close within a month

US-backed drug spraying triggers health fears in Colombia

Hungary orders clean-up of 'catastrophic' disused chemical plant

Chemical spill had 'no impact on health': Costa Rica




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.