Iconic U.S. retailer Sears files for Chapter 11 bankruptcy
Air India air hostess, 53, falls off plane at Mumbai airport, hospitalised
Patisserie Valerie saved from collapse thanks to £20m loan
UK's Cuadrilla to begin shale gas fracking after last hurdle dismissed
CEO of Cloud Software Company Anaplan on Stock's NYSE Debut
OPEC's oil output up by 12000 b/d
14 May 2018, 06:13 | Hattie Nash
Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
The deal between the Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russian Federation to cut supplies and erase a global glut has helped oil prices reach $78 a barrel, their highest level since 2014.
Oil held losses below $71 as OPEC signaled it has enough spare capacity to mitigate any impact on markets even if renewed USA sanctions on Iran curbs exports from the group's third-largest producer. The upward revision was mainly the result of firm OECD data for the first quarter of 2018.
Improving conditions for shale-derived oil and gas pushed total USA capacity past the 10m bbl/day mark in November last year, with the country expected to account for 1.5m bbl/day of the projected 1.7 m bbl/day supply growth from non-OPEC producers this year.
"Increasing crude oil prices affect the USA economy primarily through two channels: putting downward pressure on consumption by reducing households' non-energy disposable income; and increasing nonresidential fixed investment as oil-related investment activity picks up".
"In conclusion, global growth momentum seems to be well established in the short-term, and the most recent weakness, seen mainly in some OECD economies, may only be temporary".
"The oil market was underpinned in April by renewed geopolitical issues, tightening product inventories and robust global demand", OPEC said in the report.
"NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources", said the cartel.
April say Saudi Arabia and Algeria increase output, but this was partially offset by lower production in Venezuela, Gabon and Nigeria, the cartel added. WTI Crude oil slipped to $70.45 per barrel or for 0.35%, according to Reuters.
NES Classic To Re-Release June 29
In addition to featuring 30 of the best games from the system, the NES Classic is much smaller, portable, and connects via HDMI. " NES Classic Edition will return to stores on June 29!" If you weren't able to nab one the first time around-you're in luck.
Iraq PM says to impose security in Kirkuk after riots
Sadr's father, highly respected Grand Ayatollah Mohammed Sadeq al-Sadr, was murdered in 1999 for defying Saddam Hussein. Parliament must approve the government programme and each individual minister in separate absolute majority votes.
City beat Southampton to end season with 100 points
City beat Southampton 1-0 this afternoon thanks to a very late Gabriel Jesus goal , sparking wild celebrations in the away end. Southampton threatened first in the ninth minute. "All season we didn't surrender, we never gave up and tried until the end".
Brooklyn Nine-Nine saved by NBC
ABC's terrorism drama Quantico will not see a fourth season and its season 3 finale will now serve as the series ender. After its cancellations at Fox, cop comedy Brooklyn Nine-Nine has been revived at NBC for a 13-episode sixth season.