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2016-11-11 19:05:00

OIL PRICES: ABOVE $45 AGAIN

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $45

 

BRENT OIL PRICE NOV 11 2016

 

WTI OIL PRICE NOV 11 2016

 

According to REUTERS, oil prices dipped on Friday as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output.

International Brent crude oil futures LCOc1 were trading at $45.77 per barrel , down 7 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading down 10 cents at $44.56 per barrel, weighed down by weakening U.S. demand.

"This week, both U.S. gasoline and diesel demand decelerated on a 4-week rolling average basis to -2.1 percent year-on-year and +0.9 percent, respectively," U.S. investment bank Jefferies said on Friday.

Traders said that an ongoing crude and refined product supply overhang that has dogged markets for over two years was dragging on markets.

"Crude oil prices fell as the focus returned to supply growth. The IEA suggested prices may continue to retreat amid relentless supply growth unless OPEC makes significant supply cuts," ANZ bank said on Friday.

The supply overhang could run into a third year in 2017 without an output cut from the Organization of the Petroleum Exporting Countries (OPEC), while escalating production from other exporters could lead to relentless supply growth, the International Energy Agency said on Thursday.

In its monthly oil market report, the group said global supply rose by 800,000 barrels per day (bpd) in October to 97.8 million bpd, led by record OPEC output and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.

In Africa, Nigeria is working out new oil and gas policies to attract more private investors and boost crude production by 500,000 bpd by 2020, state firm NNPC said on Thursday.

The IEA kept its demand growth forecast for 2016 at 1.2 million bpd and expects consumption to increase at the same pace next year, having gradually slowed from a five-year peak of 1.8 million bpd in 2015.

Beyond oversupply, a surging dollar .DXY following the initial shock of Donald Trump's U.S. presidential election win also put pressure on prices, traders said.

Because oil and refined products are traded in dollars, its import costs rise for any country using other currencies at home, potentially crimping demand.

BRENT OIL PRICES DEC 2015 - NOV 2016

 

WTI OIL PRICE DEC 2015 - NOV 2016

 

BRENT OIL PRICES DEC 2011 - NOV 2016

 

WTI OIL PRICES DEC 2011 - NOV 2016

 

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Earlier: 

OIL PRICES: ABOVE $45 

OIL PRICES: $43 - $51 

URALS: $40,72 

DEMAND WILL UP AGAIN 

BOTTOM IS GOING

 

 

Tags: OIL, PRICES, BRENT, WTI

Chronicle:

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $45
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $45
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $45
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $45
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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