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U.S. crude CLc1 settled at $46.22 a barrel, up $3.69, or 8.7 percent. Even with the day’s gains, U.S gold plated cufflinks india. crude has still lost nearly 40 percent from its October closing high at more than $76 a barrel. Brent crude LCOc1, the global benchmark, rose $4, or 8 percent, to settle at $54.47 a barrel. It earlier fell to $49.93, lowest since July 2017. Recent selling “has felt less fundamentally driven and more a function of the overall market meltdown as increased equity volatility and growing macro concerns have weighed on a number of asset classes,” wrote analysts at Tudor, Pickering & Holt..

Funds have incurred heavy losses in oil markets this year, with the average commodity trading adviser fund, or CTA, down by 7.1 percent on the year through mid-December, according to Credit Suisse data. The head of Russian oil company Rosneft (ROSN.MM), Igor Sechin, predicted an oil price of $50 to $53 in 2019, far short of the four-year high of $86 for Brent crude reached earlier this year. Still, oil’s outlook is not as weak as in 2016 when a supply glut built up, because the Organization of the Petroleum Exporting Countries this time is trying to prop up the market, Jakob said gold plated cufflinks india.

CARACAS (Reuters) – Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos de Venezuela SA, or PDVSA gold plated cufflinks india. The career military officer, who for the past year has been boss at the troubled state-owned oil company, was at no ordinary mass. The gathering, rather, was a ceremony at which he and other senior oil ministry officials asked God to boost oil output. “This place of peace and spirituality,” read a release by the Oil Ministry that was later scrubbed from its web site, “was the site of prayer by workers for the recovery of production of the industry.”..

President Nicolas Maduro turned heads in November 2017 when he named a National Guard general with no oil experience to lead PDVSA [PDVSA.UL]. Quevedo’s actions since have raised even more doubts that he and the other military brass now running the company have a viable plan to rescue it from crushing debt, an exodus of workers and withering production now at its lowest in almost seven decades gold plated cufflinks india. Aside from beseeching heaven, Quevedo in recent months has enacted a series of controversial measures that oil industry experts, PDVSA employees and contractors, and even everyday citizens say are pushing the once-profitable and respected company towards ruin..

Soldiers with AK-47s, under orders to prevent cheating on manifests, now board tankers to accompany cargo inspectors, rattling foreign captains and crews. Workers who make mistakes operating increasingly dilapidated PDVSA equipment now face the risk of arrest and charges of sabotage or corruption. Military chieftains, moonlighting in the private sector, are elbowing past other contractors for lucrative service and supply business with PDVSA. In a little-noted reversal of the Socialist government’s two-decade drive to nationalize the industry, the lack of expertise among military managers is leading PDVSA to hire outsiders to keep afloat even basic operations, like drilling and pumping oil gold plated cufflinks india. To the dismay of many familiar with Venezuela’s oil industry, some of the contracts are going to small, little-known firms with no experience in the sector..