Oil prices search for momentum, though inflation looms

Another Year of Oil Cutbacks Possible as Oil Producers Eye Long Term Alliance

Crude oil prices climbed Rs 61 to Rs 4,033 per barrel in futures trade today as participants raised bets on positive global cues.

Futures in NY climbed as much as 1.7 per cent, extending last week's 4.2 per cent advance. The group is seeking to " institutionalise" their cooperation beyond the end of a supply cut deal later this year, according to the United Arab Emirates, while Barkindo said compliance to the deal stood at 133 per cent in January.

Oil headed toward its highest close in two weeks on investor optimism after Opec's secretary general said the market's journey toward equilibrium is gaining traction. "Though the market likes OPEC and its allies' show of unity, we still need to see how USA shale companies will react on higher prices and eventually offset all the efforts of OPEC and others to reduce inventories".

Google AI can scan your eyes to predict heart disease
Harlan Krumholz of Yale University who was not involved in the research believes technology could soon "turbo-charge" diagnosis. Now, they found that images of the eye can also "very accurately" predict other indicators of cardiovascular health.

No other news agency and virtually no analysts have yet come forth to discuss the implications of a chief OPEC member and its top ally admitting that a preferred way of determining crude stockpile number s is deeply flawed, and this left the field open for the ever-optimistic Emmanuel Ibe Kachikwu, oil minister for Nigeria (one of many countries attempting to boost rather than reduce production), to tell media that he is "not ruffled" by the recent oil price decline and OPEC member nations need to focus on their production costs.

The American Petroleum Institute said last Tuesday that U.S. crude inventories rose by 3.9m barrels in the week to Feb 9, to 422.4m. "Rising shale oil production will prove a headwind for the oil price for a while yet".

Elsewhere, there are more indications of inflationary pressures building in the USA economy.

7.5-magnitude quake sways buildings in Mexico City: USGS
Tremors were felt as far away as Mexico City , where many people fled buildings after hearing warning sirens. Preliminary reports tagged the quake as a 7.5, but that was later downgraded.

The US Labour Department said its Consumer Price Index increased 0.5pc in January as households paid more for gasoline, rental accommodation and healthcare, raising pressure on new Federal Reserve chief Jerome Powell to prevent a possible overheating of the economy. Saudi hinted last week that it was willing to see an undersupplied market.

Gold shed 0.3 percent to 1,342.07, while gold futures for the April contract fell by 0.8 percent to $1,344.60.

WTI was at a premium of 36 cents a barrel to the Dubai oil yesterday, compared with an average discount of about US$2 over 2017. The agreement is due to expire at the end of this year. European funds, added 7.6 tonnes, while Asian funds had net redemptions equal to 1.4 tonnes during the month. Platinum was up 0.2pc at $998.74, after earlier hitting $1,002.40.

Tony Carr: Leads Penn State to blowout over Buckeyes
The Boilermakers will be looking to break a three-game losing streak after taking an upset loss to Wisconsin Thursday night. Look for the Nittany Lions to take advantage of all the intangibles and added emotion to ride this one out in a close one.

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