Crude Oil Extends Gains as Russia Stokes Output Deal Hopes

Crude oil prices continued to push upward after Russian Energy Minister Alexander Novak said his country would be open to talks about a joint output freeze with OPEC and non-OPEC producers. The comments were made in an interview with Saudi Arabian newspaper Asharq Al-Awsat and bolster hopes of a deal to boost prices that have buoyed the WTI contract since last week.

The article first appeared on Oil-Trading.CO at http://www.oil-trading.co/crude-oil-analysis/crude-oil-extends-gains-as-russia-stokes-output-deal-hopes

On balance, the emergence of a supply-side deal seems unlikely considering the key parties to any such arrangement – Iran, Saudi Arabia and Russia – are currently on opposing sides of at least two active military conflicts (principally in Syria). Indeed, similar-sounding efforts have foundered recently. A lull in headline-grabbing news flow may offer space for skeptici
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What Will You Do When The Lights Go Out? The Inevitable Failure Of The US Grid

Delta Airlines recently experienced what it called a power outage in its home base of Atlanta, Georgia, causing all the company’s computers to go offline—all of them. This seemingly minor hiccup managed to single-handedly ground all Delta planes for six hours, stranding passengers for even longer, as Delta scrambled to reshuffle passengers after the Monday debacle.
Where Delta blamed its catastrophic systems-wide computer failure vaguely on a loss of power, Georgia Power, their power provider, placed the ball squarely in Delta’s court, saying that “other Georgia Power customers were not affected”, and that they had staff on site to assist Delta.
Whether it was a true power outage, or an outage unique to Delta is fairly insignificant. The incident was a single company without power for six measly hours, yet it wreaked much havoc. Which brings to mind (or at least it should) what happen
<a href='http://grafill.us/what-will-you-do-when-the-lights-go-out-the-inevitable-failMore What Will You Do When The Lights Go Out? The Inevitable Failure Of The US Grid

Oil prices fall on U.S. crude inventory build, record Saudi output

This article originally appeared first on Oil-Trading.Co. See the full article here.
Oil prices fell early on Thursday as a build in U.S. crude inventories and record Saudi Arabian production weighed on markets.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $41.34 per barrel at 8.32 p.m. ET, down 37 cents, or 0.9 percent, from their last settlement.
International Brent crude futures LCOc1 were at $43.72 a barrel, down 33 cents, or 0.8 percent.
Oil fell sharply after data from the U.S. Energy Information Administration <EIA/S> showed crude inventories rose 1.1 million barrels in the week ended Aug. 5. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.
“Crude oil stocks rose 1.06 million barrels to 523.6 million barrels. The unexpected rise was driven by reduced operating rates at refineries, which fell 1.1 percent to 92.2
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