Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  

Subscribe to our free daily newsletters

U.S. labor balances OPEC supply strains to leave oil prices even
by Daniel J. Graeber
Washington (UPI) Aug 4, 2017

OPEC production concerns were balanced by strong labor figures from the United States, the world's largest economy, leaving oil prices flat early Friday.

The U.S. Labor Department reported non-farm payrolls increased by 209,000 last month and hourly earnings in the same broad sector increased 9 cents to $26.36.

"Over the year, average hourly earnings have risen by 65 cents, or 2.5 percent," the report read. That's greater than the rate of U.S. inflation as measured in a report this week from the Organization of Economic Cooperation and Development.

Private payroll processor ADP earlier this week reported private sector employment increased from June to July by 178,000, with the services sector far outpacing manufacturing.

U.S. inflation, however, is below a target rate of 2 percent. Among other metrics gauged by the Labor Department, labor force participation, the average workweek and the number of discouraged worked, those who gave up on finding a job, remained relatively unchanged.

Demand had been a driving force in a late July rally in crude oil prices. On the supply side, a report Friday from S&P Global Platts found production strains from Iraq, Libya and Nigeria would undermine broader efforts from the Organization of Petroleum Exporting Countries to balance a market with an output ceiling.

Crude oil prices were moving in volatile territory in early Friday trading, but trended mostly lower in overnight trading. The price for Brent crude oil was down 0.08 percent at 9:15 a.m. EDT to $51.97 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.06 percent to $49.06 per barrel.

Vandana Hari, an industry analyst for Vanda Insights, said in an emailed newsletter that deeper cuts from OPEC may be necessary to drive the price of oil much higher, but that's unlikely without support from Libya and Nigeria, two OPEC members exempt from the agreement because of national security issues.

"The emphasis has turned to ensuring full discipline, something that will need a lot of effort for relatively small immediate gains," she said. "OPEC wants to achieve compliance through monitoring members' exports, which is neither easy nor fail-safe."

The price of oil will be influenced later in the day when drilling services company Baker Hughes issues data on exploration and production, which is reported as rig counts. An increase in rig counts from last week could spook traders as it would indicate the possibility for future growth in U.S. shale, where production gains have contributed to supply-side strains.

A survey from the Federal Reserve Bank of Dallas noted that Texas rig counts more than tripled from last year, but said the pace of increase might not be sustainable and could drop off in the second half of the year.

Repsol suspends oil project in disputed sea off Vietnam
Hanoi (AFP) Aug 3, 2017
Spanish oil giant Repsol said it has suspended a multi-million-dollar oil exploration project in an area of the South China Sea off Vietnam claimed by both Hanoi and Beijing, amid reports of a spike in tensions between the communist neighbours. Vietnam and China have long traded barbs over competing claims in the strategically important waterway, through which $5 trillion in trade passes ann ... read more

Related Links
All About Oil and Gas News at

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

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

New light-activated catalyst grabs CO2 to make ingredients for fuel

Algae cultivation technique could advance biofuels

Fungi that evolved to eat wood offer new biomass conversion tool

How enzymes produce hydrogen

A new picture emerges on the origins of photosynthesis in a sun-loving bacteria

World Bank tries to make Pacific solar power decisions easier

Schneider Electric India commissions 720 kWp solar plant at its manufacturing facility in Vadodara

UNIST hits new world efficiency record with perovskite solar cells

U.S. wind power momentum up 40 percent from last year

Shale-rich Oklahoma to host mega-wind farm

ABB wins $30 million order to support integration of offshore wind energy in the UK

GE's renewables not enough to boost overall revenue

Areva signs MOX fuel fabrication contract with Japan

Nuclear contaminates earnings of France's EDF

Underwater robot probes inside Fukushima reactor

Finland's TVO claims partial win in Areva nuclear dispute

Could spraying particles into marine clouds help cool the planet

Al Gore: I've given up on climate 'catastrophe' Trump

Could a geoengineering cocktail control the climate

New carbon-capturing membranes may reduce greenhouse gas emissions

BMW sticks to cautious forecast as profits shift up

Volkswagen to refit 1 million more diesel cars in Germany

Global momentum underway for electric vehicles

Los Angeles to have fully electric bus fleet by 2030

Two killed in IS-claimed attack on Iraq embassy in Kabul

Iraqis in Mosul markets both fear and hope for the future

Schoolgirls in Iraq's Mosul aim to catch up on lost years

In the ruins of Mosul, a hunt for the missing

Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking

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

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - 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. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. 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