Oil prices bounce back on eve of OPEC meeting
Oil prices bounced back in Asia Thursday but trading was cautious on signs the OPEC cartel is divided ahead of a meeting on whether to maintain or slash its high output levels.
The US benchmark West Texas Intermediate closed below $40 a barrel for the first time since late August on Wednesday after data showed an increase in US commercial stockpiles and production, adding to anxiety about a long-running supply glut.
Focus is now on the Organization of the Petroleum Exporting Countries meeting in Vienna Friday. Analysts say the 12 members appear to be divided, with Saudi Arabia and its Gulf partners at odds with others pushing for a cut in output in a bid to perk up prices.
WTI for delivery in January was up 70 cents at $40.64 and Brent crude was trading 85 cents higher at $43.34 at around 0630 GMT.
WTI fell 4.6 percent Wednesday while Brent sank 4.4 percent.
Bloomberg News said Venezuela and Ecuador — which have been badly hit by the plunge in prices — would seek production cuts during the meeting.
IHS Energy said Saudi, Kuwait, Qatar and the United Arab Emirates will have great influence on the tone of the meeting as they account for more than half of OPEC’s 31.5 million barrels per day output.
“Without the Gulf group, there can be no effective OPEC agreement,” IHS Energy said in a report ahead of Friday’s meeting.
OPEC has been pumping above its collective target of 30 million barrels per day as its influential members led by Saudi Arabia try to maintain their share of a highly competitive market.
Prices have plunged by more than half from peaks of above $100 a barrel in mid-2014 largely because of the oversupply.
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3 Comments
Sterling Homes ltd selling Plots and Acres of Land
Hebron garden estate is owned by Sterling homes Ltd and it’s
completely free from “omo-onile” and government acquisition. Land
mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
zone. There are several notable Landmarks before the estate. These include, The
Lagos Business School, Crown Estate,,…, Farapark, Sapphire Garden, Green Springs
School and Shares immediate environment with Mayfair Gardens and Beechwood
Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
#2.8m. *Easy Plan: #3m. Spread #210,000 for 10months after the initial deposit
of #900,000. Contact Yemi Amodu at Sterling Homes LTD for more information:
Plot 2, River Valley Estate, Ojodu Berger. Mobile 08136119495, 07084546154
Havilah park and garden is an estate located about 6mins
drive off the Lagos-Ibadan expressway. It’s about 25mins drive to Berger
bus-stop. The estate is fenced with a gate house, and our ultra- modern
borehole is already in place. The price of a plot is #630,000 outright, and we
still have other installment plan also. For more information and site
inspection call Yemi Amodu at Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495….
Moriah park is situated at Agbowa, Ikorodu. The estate is
facing the Lagos state housing scheme popularly called Fashola estate. It’s
fenced round with a gate house and an industrial borehole has been constructed
at the site as well. It’s selling for a promotional offer of #630,000 outright,
though we still have other installment payment option. For more information and
site inspection, call Yemi at Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495
Gibeon park is located at Gberigbe
area of Ikorodu Lagos. The estate is situated off Ijede road Gberibe close to Lagos
state model college Igbokuta, The estate is fenced and gated in a serene
environment. Its neighborhood are Egbin Power Plant, The Metro-Ferry Jetty, Wine
Factory, barachel Park and Garden and numerous estate. For Full Plot (648sqm),
PRICE: #600,000 outright. Flex
plan = #150,000 initial deposit then spread #100,000 for 6months at #750,000
total Easy
plan = #50 monthly for 17months at #850,000 total or get an instant allocation
at #750,000 (50% of total invoice, balance spread for 3months) For
Half Plot (324sqm): #350,000 outright payment
TITLE: Registered Survey and Approved Layout plan. Contact Adeyemi
Amodu at Sterling Homes Ltd for more information and site inspections while
it’s still available. Office address: STERLING HOMES
LIMITED; Plot 2, River Valley Estate, Ojodu Berger, Lagos. Mobile: 07084546154,
08136119495
Are you sure this a genue business?
Good day, this is very genuine and you can also come to our office for an inspection to all our sites. For more information you can call yemi on 07084546154, 08136119495
We will review and take appropriate action.