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2016-10-10 18:50:00

OIL PRICES: ABOVE $52 AGAIN

OIL PRICES: ABOVE $52 AGAIN

 

BRENT OIL PRICE OCT 10 2016 

 

WTI OIL PRICE OCT 10 2016

According to REUTERS, oil prices rose around one percent on Monday, approaching one-year highs, as speculators raised bets that oil prices would gain on the back of a landmark agreement among OPEC producers to rein in record output levels.

Global benchmark Brent crude futures LCOc1 reached a high of $52.57 a barrel, not far off a one-year high of $52.86 a barrel, by 1207, up 64 cents on Friday's close.

U.S. futures CLc1 also gained ground, trading at $50.32, up 51 cents.

The Organization of the Petroleum Exporting Countries (OPEC) aims to agree an output cut by the time it meets in late November. The goal is to cut production to a range of 32.50 million barrels per day (bpd) to 33.0 million bpd.

OPEC's current output PRODN-TOTAL is a record 33.6 million bpd.

The news fueled an oil price rally last week which led to speculators making a record increase in bullish positions on Brent crude prices, latest data from InterContinental Exchange (ICE) showed. 

Saudi Arabia's Energy Minister Khalid al-Falih said on Monday he was optimistic a global production deal to limit supplies could be reached at an OPEC meeting scheduled for the end of next month.

He also said he would meet Russian Energy Minister Alexander Novak in Istanbul in the coming days to discuss Russia's reaction to last month's agreement, and that a technical committee meeting between OPEC members and non-OPEC countries would take place in two weeks.

Novak, however, said Moscow preferred an output freeze over a cut.

"We in general will look at this (proposal) but I think that for us a more favorable situation would be to maintain output levels," he said, attending the World Energy Congress in Istanbul.

Analysts at ABN Amro took a more cautious view on an OPEC deal, saying previous hints by the group of output cuts have always failed to be followed up by action.

"Adding to these doubts is the realization that certain OPEC countries are demanding to be treated as exceptions," analysts said, referring to Libya and Nigeria, whose production has been affected by domestic unrest.

Iraq, OPEC's second biggest producer, had already poured cold water on expectations, saying over the weekend that it wants to raise output further in 2017.

 

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 $52

OIL PRICES: ABOVE $51

OIL PRICES: ABOVE $50

OIL PRICES: OVER $46

OIL PRICES: ABOVE $47 YET 

 

 

 

 

Tags: OIL, PRICES, BRENT, WTI,

Chronicle:

OIL PRICES: ABOVE $52 AGAIN
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

OIL PRICES: ABOVE $52 AGAIN
2017, December, 11, 09:50:00

U.S. EMPLOYMENT UP BY 228,000

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

OIL PRICES: ABOVE $52 AGAIN
2017, December, 11, 09:45:00

ДОХОДЫ РОССИИ: +204,8 МЛРД. РУБ.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.

OIL PRICES: ABOVE $52 AGAIN
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

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