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Praxis Market Update
Nikos Siakavaras, Praxis Energy Agents S.A.
22 May 2017 11:00 GMT





Praxis Energy Agents S.A. logo. Oil was higher Monday underpinned by growing hopes for an extension of an output cut deal by major producers. U.S. crude was up 48 cents, or 0.95%, at $51.15 at 08:00 ET. Brent gained 48 cents, or 0.90%, to $54.09. OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half. Saudi Arabia's energy minister Khalid al-Falih said over the weekend he believed everyone was on board for a nine month extension of the output cuts to March of next year. OPEC and non-OPEC producers are due to meet Thursday on the possible extension. Baker Hughes Friday reported an increase of 8 to 720 in the U.S. oil rig count in the latest week. That was the highest number since April 2015, highlighting the increase in U.S. drilling activity.

Singapore: Avails are fair. Earliest supply from 28th of May onwards, and according to barge schedule.

Fujairah: Avails are fair. Earliest supply from 27th of May onwards, and according to barge schedule.

Istanbul: Avails are fair. Earliest delivery dates from 24th of May onwards, and according to barge schedule.


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Company: Praxis Energy Agents S.A.

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