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2016-08-03 18:55:00

OIL PRICE: $42.07

OIL PRICE: $42.07

 

OIL PRICES JUL 2016 - AUG 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

REUTERS wrote, oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar.

But prices could struggle to make much headway, analysts said, as sentiment remains bearish. A supply glut that has weighed on prices could increase if oil exports actually restart from ports in Libya that have been closed since 2014.

Brent crude LCOc1 was up 27 cents a barrel at $42.07 at 0957 GMT (0557 EDT). It reached $41.51 on Tuesday, the lowest since April 18. U.S. crude CLc1 added 28 cents to $39.79.

"The sentiment is still quite negative and depressed on oil prices," said Eugen Weinberg, analyst at Commerzbank.

"There are factors which should be supportive, but at the moment I think there is no single (piece of) news which would convince the bears that the decline is over."

The U.S. dollar stayed close to a six-week low against a basket of currencies, lending oil some support. Weakness in the dollar makes dollar-denominated commodities cheaper for other currency holders.

Also supportive was Tuesday's American Petroleum Institute report on U.S. inventories, which showed a 1.34 million-barrel drop in crude stocks, although the decline was about in line with analyst expectations. 

Oil rallied from a 12-year low near $27 in January to a 2016 high of almost $53 in June, supported by an initiative from OPEC and outside producers including Russia to freeze output and by hopes that the supply glut would ease.

But the output deal fell apart and since June, signs that the glut is proving more resilient as well as concern about slowing economies in Asia - the driver of oil demand growth - and Europe have weighed.

"Risks for oil remain skewed to the downside in 2H16," analysts at Morgan Stanley said a report. "Supply disruptions and risk appetite were supportive April-June, but fundamental headwinds are growing, which outnumber any recent positives."

Not all share that view. Standard Chartered bank said there was "no fundamental justification for recent oil-price falls" and "the global oil market has rebalanced, and U.S. crude supply and inventories are expected to fall."

The U.S. government's report on oil inventories is due for release at 1430 GMT. Analysts in a Reuters poll expected declines in both crude and refined product stocks.

-----

Earlier: 

PRICES: PROGRESS WILL BE SLOW 

OIL PRICES UP TO $42,34 

SAUDI'S PRICE DOWN 

URALS: $38.68 

WBG: OIL PRICES $53 - $60

 

 

 

Tags: OIL, PRICES, BRENT, WTI

Chronicle:

OIL PRICE: $42.07
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

OIL PRICE: $42.07
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

OIL PRICE: $42.07
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

OIL PRICE: $42.07
2018, January, 17, 23:50:00

ЦЕНА НЕФТИ: ПОКА НИЖЕ $70

РЕЙТЕР - К 9.30 МСК фьючерсы на маркерный сорт Brent опустились на 0,01 процента до $69,14 за баррель. В понедельник котировки североморской смеси поднялись до трёхлетнего пика на уровне $70,37 за баррель. Фьючерсные контракты на американскую лёгкую нефть WTI к этому времени торговались у отметки $63,72 за баррель, на 0,02 процента ниже предыдущего закрытия.

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