Oil prices rise in Asia with OPEC meeting in focus
Oil prices rose in Asia Tuesday but dealers were cautious before an OPEC meeting at which the cartel is expected to maintain high output levels despite a global supply glut.
Analysts say the Organization of the Petroleum Exporting Countries is likely to focus more on maintaining market share against competitors than on slashing production to lift prices.
US benchmark West Texas Intermediate for delivery in January was up 33 cents at $41.98 and Brent crude for January was trading 23 cents higher at 44.84 a barrel at around 0600 GMT.
“Crude oil remained on the soft side as many expect OPEC to be unwaving about its production target when the group gathers this Friday,” said Bernard Aw, market strategist at IG Markets in Singapore.
“Crude prices are likely to stay sideways ahead of the OPEC meeting, where Iran is expected to announce plans to expand output.”
Iran is expected to increase its oil exports after crippling western sanctions are lifted under a deal reached with major world powers in July to curb its nuclear programme.
The sanctions have restricted Iranian oil shipments and analysts say their return to the market will further add to the crude oversupply.
Iran’s deputy foreign minister Abbas Araghchi said last week his country expects the deal to come into force in early January, when Tehran will have implemented its commitments.
Oil prices have been in retreat from levels above $100 a barrel reached in mid-2014, with the decline accelerating after OPEC’s November 2014 meeting signalled the group would keep output high.
A key measure of China’s manufacturing activity dropped to its weakest level in more than three years in November, data released Tuesday showed, further underlining weaknesses in the world’s top energy consumer.
The official Purchasing Managers Index fell to 49.6, the government statistics bureau said. It was the fourth consecutive month of decline and the lowest figure since August 2012.
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1 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
We will review and take appropriate action.