Thursday 23 March 2017

Ringgit Malaysia. Crude Oil. R.O.C.K in The U.S.A

Is the 1985 hit single from John Cougar Mellencamp from the multi platinum Scarecrow album.

O.P.E.C despite keeping to its production cut promises , sees oil prices crashing again, as the Sheikh's looks to have been burned by shale oil.

This is bad news for Ringgit Malaysia, a net exporter of petroleum.  For shale oil, it's indeed R.O.C.K in the USA, as the oil has found a new KING.

CNBC has the low down on what is hurting oil prices. Read Below :

Oil prices dipped on Thursday, struggling to recover from four-month lows due to investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.

Brent crude futures, the international benchmark for oil, fell 11 cents to $50.53 per barrel by 2:25 p.m. ET (1835 GMT). It held above Wednesday's slide to $49.71, its lowest level since Nov. 30 when OPEC announced plans to cut output. 

U.S. West Texas Intermediate (WTI) crude futures settled Thursday's session 34 cents lower at $47.70 a barrel, after threatening to fall below $47 on Wednesday.

Brent remains well below this year's high above $58, hit shortly after Jan. 1 when the deal between the Organization of the Petroleum Exporting Countries and non-OPEC states to curb supplies by 1.8 million barrels per day (bpd) came into effect.

OPEC has broadly met its commitments to reduce output, but non-OPEC producers have yet to fully deliver on pledged cuts and U.S. shale oil producers have been pumping more oil after crude prices recovered from last year's drop below $30.