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2016-10-07 18:45:00

OIL PRICES: ABOVE $52

OIL PRICES: ABOVE $52

 

 

 

BRENT OIL PRICE OCT 07 2016

 

WTI OIL PRICE OCT 07 2016

According to REUTERSBrent crude futures fell on Friday after briefly nearing their 2016 high, as financial market confidence in the rally came up against a physical excess of crude. 

Brent LCOc1 traded at $52.11 at 1000 GMT, 40 cents down, after touching $52.84 earlier, two cents below the 2016 high.

U.S. oil futures traded as high as $50.74 a barrel, a three and a half month high, before falling by 30 cents to $50.14 a barrel. On Thursday they settled at $50.44 per barrel - the first settlement above $50 since June 23.

The rally had come despite a strengthening dollar, which makes oil more expensive for holders of other currencies, and increases to physical oil supply coming from Libya, Nigeria and Russia.

Some of the support came from Hurricane Matthew in the U.S. Gulf, which could disrupt U.S. oil imports and lead to fuel shortages.

But the overall strength came from speculation that a deal struck last week by Organization of the Petroleum Exporting Countries (OPEC) members to curtail production would finally stem a two-year overhang. OPEC leaders were also expected to meet with officials from oil producing behemoth Russia next week.

But analysts said the agreement's support was fragile, given the overhang of physical crude oil.

"This isn't really sustainable," Hamza Khan, head of commodities strategy with ING, said of the rally, adding that fears the hurricane could impact U.S. oil stocks were one of the only fundamental factors supporting the market. "It all could be over by next week."

Both front-month contracts above $50 per barrel and each forward curve in contango, in which contracts for future delivery are more expensive than those for immediate sale, the entire crude futures complex has moved back over $50 per barrel.

Some warned this could ultimately hurt OPEC member nations by giving a boost to other producers.

"Many U.S. shale oil producers have now hedged their production, which is likely to put the brakes on the price rise," anaylsts at Commerzbank said in a note. "In other words, OPEC is shooting itself in the foot in the medium to long term."

Top exporter Saudi Arabia cut its benchmark crude prices to Asia this week, while Libya exported the first oil tanker from the port of Zuetina since 2015, adding to global supplies.

BRENT OIL PRICES NOV 2015 - OCT 2016

 

WTI OIL PRICES NOV 2015 - OCT 2016

 

BRENT OIL PRICES NOV 2011 - OCT 2016

 

WTI  OIL PRICES NOV 2011 - OCT 2016

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Earlier: 

OIL PRICES: ABOVE $51

OIL PRICES: ABOVE $50

OIL PRICES: OVER $46

OIL PRICES: ABOVE $47 YET 

ЛИВИЯ ГОТОВА 

 

 

 

 

Tags: OIL, PRICES, BRENT, WTI,

Chronicle:

OIL PRICES: ABOVE $52
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL PRICES: ABOVE $52
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL PRICES: ABOVE $52
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL PRICES: ABOVE $52
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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