Brent crude was at $56.01 per barrel, up by 0.04%; while U.S. West Texas Intermediate remained unchanged at 53.33 per barrel.Crude oil prices closed lower in futures market on Friday. Some analysts see a looming “tug of war” between OPEC and the U.S. In addition, USA oil rig count increased for the sixth straight week to the highest level in more than fourteen months. MWC 2017: HMD Global relaunches Nokia 3310 at Euro 49
While the Nokia 5 is said to be priced at €199 (Rs 14,000 approx), Nokia 3 will come handy at just €149 (Rs 11,000 approx). Now the 3310 is making a nostalgic return in the form of a more modern variant, thanks to Nokia-branded phone maker HMD. TOKYO-US oil prices fell on Friday after official data released showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations.Oil’s resilience in the face of a sustained rise in US inventories reflects expectations for future global economic growth and crude demand as well as relatively high compliance by members of the Organization of the Petroleum Exporting Countries with output reductions, he said. Compared with a year earlier, the number of rigs is up by 202.USA crude production at 9 million barrels a day last week was the highest level since early April 2016, according to the EIA data. Israel warns Hamas against any escalation of rocket fire from Gaza
The Israeli Air Force retaliated for rocket fire from Gaza with strikes targeting five Hamas positions in the coastal strip. Israeli Occupation Forces (IOF) on Monday afternoon have fired rockets towards several areas of the Gaza strip. Last week, OPEC’s secretary-general said compliance was strong so far and word of tighter policies from Iraq, one of the group’s leading producers, sent crude oil prices higher in early Monday trading. After a two-year oil bust, US crude production has increased since late last year.Members of the Organization of Petroleum Exporting Countries agreed in November to sideline about what was expected in global demand so that total member state production would be at 32.5 million barrels per day in January “in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward”. An increase in the active rig count has kept prices capped. Another 4.1 million barrels have been drawn down from storage tankers offshore Singapore, and additional 1.2 million barrels have been sold out of tankers anchored off Indonesia, according to Reuters data.”Most market participants realise that the good news from Opec seems to be priced in; therefore, and because of the shale comeback [in the US], we reduced our forecast”, said LBBW oil analyst Frank Klumpp. Makes It Official … Get Your Wall Bids Ready!
Department of Homeland Security guidance released on February 21 called for adding 5,000 border patrol agents and 10,000 Immigration and Customs Enforcement officers.