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2016-05-19 20:55:00

OIL PRICES UP TO $48

OIL PRICES UP TO $48

 

OIL PRICES 2012 - 2016

Light, sweet crude prices rose on the New York market May 16, approaching nearly $48/bbl for the day's high before settling at $47.72/bbl, up $1.15. The Brent crude front-month oil contract on the London market approached a 7-month high May 16 but dropped again in May 17 trading.

"After a strong day of trading yesterday and similar gains earlier today, there seems to be some profit-taking from investors and traders," said Commerzbank analyst Carsten Fritsch. "The situation is still very bullish." He expects lingering production disruptions worldwide could drive oil prices to $50/bbl.

On world oil markets, Libya's divided oil representatives said they agreed to allow production in western Libya to resume moving to refineries in that area, but they have yet to end a dispute blocking exports from Marsa al-Hariga.

Libya became divided after the 2011 ouster and death of Moammar Gadhafi. A peace effort supported by the United Nations resulted in a new government getting set up in Tripoli, but factions in eastern Libya have yet to recognize that government.

On May 15, Mustafa Sanallah, chairman of Tripoli-based National Oil Co., and Naji Almugrabi, the chief of an eastern oil company, signed a draft memorandum of understanding promising to end the impasse.

The MOU proposed a unification of both companies although a parliament ruling the East would need to approve any such agreement.

Energy prices

The July crude oil contract on the New York Mercantile Exchange gained $1.52 to settle at $48.42/bbl.

The NYMEX natural gas contract for June delivery fell nearly 7¢ to a rounded $2.03/MMbtu. The Henry Hub price was $1.91/MMbtu, down 4¢.

Heating oil for June delivery gained nearly 4¢ to $1.44/gal. The price for reformulated gasoline stock for oxygenates blending for June climbed 1.8¢ to a rounded $1.61/gal.

The Brent crude contract for July on London's ICE was up $1.14 to $48.97/bbl. The August contract gained $1.29 to $49.43/bbl. The June gas oil contract gained $11.50 to $430.25/tonne.

The Organization of Petroleum Exporting Countries' basket of crudes price for May 16 was $44.37/bbl, up $1.07.

ogj.com

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Earlier: 

IEA: OIL DEMAND UP 

OIL MARKET DEFICIT 

OPEC: OIL DEMAND UP 

OIL DEMAND UP 

OIL PRICES UP TO $47

 

 

Tags: OIL, GAS, PRICES

Chronicle:

OIL PRICES UP TO $48
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OIL PRICES UP TO $48
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FRENCH THERMONUCLEAR REACTOR

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OIL PRICES UP TO $48
2017, December, 11, 10:25:00

OIL PRICE: NOT ABOVE $64 YET

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.

OIL PRICES UP TO $48
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RUSSIAN GAZPROM'S NEW RECORD

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