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2016-02-28 20:40:00

OIL PRICE WAS UP

OIL PRICE WAS UP

Oil prices fell on Friday as investors cashed out big weekly profits after a rally driven by disruptions to crude supplies and Wall Street's gains from U.S. economic data.

Prices turned negative soon after the release of weekly U.S. oil rig data by industry firm Baker Hughes that showed a 10th weekly drop in the rig count. The data was positive to oil, but traders and investors chose to lock in profits.

"I think a good part of the selling was due to cashing out of winning positions people had established earlier in the week," said David Thompson, executive vice-president at Powerhouse, a commodities-focused broker in Washington.

Brent crude settled down 19 cents at $35.10. It hit a high of $37 earlier, a peak since Jan. 5.

U.S. crude settled down 29 cents at $32.78 a barrel, after gaining almost $1.70 earlier.

For the week, Brent was up more than 6 percent after rising for four days. U.S. crude rose 11 percent on the week, its steepest weekly rise since August.

Oil was up from the start of the week after data showing a slide in shale crude output and strong gasoline demand in the United States. Also bolstering prices was a meeting scheduled for mid-March by at least four major oil producers, including Saudi Arabia, to discuss a production freeze at January's highs.

On Friday, the market initially surged on news that pipeline outages in Iraq and Nigeria will remove more than 800,000 barrels of crude per day from global supply for at least two weeks. The disruptions should offset recent increases to supply from Iran, analysts said.

Oil was later boosted by the U.S. stockmarket as an upward revision to the country's fourth-quarter economic growth drove Wall Street's key S&P index near 2-month highs. A raft of other U.S. economic data also boosted equity prices, which have moved in tandem with oil for weeks. 

Some analysts and traders expect crude prices to continue to rise in the near-term, or at least remain volatile.

Hans Van Cleef, senior energy economist in Amsterdam for ABN Amro, said Brent's break above the $36.25 technical resistance indicated "more short covering in the coming days".

Jeffrey Grossman, dealer at New York's BRG Brokerage, expects to see U.S. crude at over $40 by March-end.

Investment bank Jefferies called current prices unsustainable, saying output declines among key non-OPEC producers will likely spark a recovery by second half 2016.

reuters.com

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More: 

TOUGH OIL TIMES  

U.S. OIL HELL  

IRAN IS A GOLD MINE  

SAUDI PRICE WAR  

ACCEPTABLE OIL PRICE: $50

 



Tags: OIL, PRICES, SAUDI, RUSSIA

Chronicle:

OIL PRICE WAS UP
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

OIL PRICE WAS UP
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

OIL PRICE WAS UP
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

OIL PRICE WAS UP
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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