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2016-07-26 18:30:00

OIL PRICES UP TO $44.93

OIL PRICES UP TO $44.93

 

OIL PRICES JULY 2016

 

OIL

 

According to REUTERS, oil prices rebounded from over three-month lows on Tuesday, lifted by a drop in the dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls.

International Brent crude oil futures LCOc1 were trading at $44.93 per barrel at 0501 GMT, up 21 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $43.23, up 10 cents per barrel.

Brent hit its lowest level since May the previous day, while WTI hit its lowest level since April.

Traders said the higher prices were partly a correction after the previous day's sharp falls, and also reflected a more than 1 percent fall in the dollar against the Japanese yen JPY= on Tuesday.

As oil is traded in dollars, a drop in its value makes fuel imports cheaper for countries using other currencies, potentially spurring demand.

Despite the slightly higher oil prices, analysts said the overall mood in oil markets had turned bearish.

"Ongoing fears of oversupply are encouraging hedge funds to liquidate their recent record bullish position; at the same time, we are also seeing a corresponding increase in speculative short positions," said Matt Smith of U.S.-based ClipperData in a note.

Hedge funds selling crude futures and options to close out these bullish positions has put downward pressure on oil prices in recent weeks.

Now, the liquidation of old long positions, which profit from rising prices, is being replaced by the establishment of short positions, which make money out of lower prices, as fund managers try to capitalize on the downward cycle in prices.

Hedge funds and other money managers cut their net long position in Brent and WTI futures and options by 31 million barrels to 453 million in the week ending on July 19.

The money managers short positions in WTI rose to 141,237 contracts in the week to July 19, up from 53,377 contract for the week to May 31.

During the same period, short positions in ICE Brent held by money managers climbed to 78,351 contracts from 33,111.

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Earlier: 

OIL PRICES DOWN TO $44.75 

OIL PRICES UP TO $44.94 

OIL PRICES DOWN TO $44.65 

OIL PRICES DOWN TO $45.24 

OIL PRICES UP TO $45.95

 

 

 

Tags: OIL, GAS, PRICES,

Chronicle:

OIL PRICES UP TO $44.93
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

OIL PRICES UP TO $44.93
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

OIL PRICES UP TO $44.93
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

OIL PRICES UP TO $44.93
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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