OIL PRICE: ABOVE $63 ANEW

BLOOMBERG  -  Oil slipped from the highest close in more than two years after U.S. drillers expanded operations while OPEC and Russia prepare to discuss longer supply curbs. 

Futures slid 0.8 percent in New York after rising 1.6 percent Friday to the highest since June 2015. OPEC and Russia, a partner in the oil-cuts deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to people involved in the discussions. In the U.S., drillers targeting crude added nine rigs last week, Baker Hughes data show. 

Oil has advanced about 24 percent since the start of September on speculation the Organization of Petroleum Exporting Countries and its allies will prolong output reductions to drain a global glut. Russia had been hesitating over agreeing to extend cuts at the Nov. 30 OPEC meeting in Vienna because the current deal doesn't expire until the end of March. 

The "market has placed all chips on the long side, betting on an extension of OPEC and non-OPEC production cuts," said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. "As such, the market is rigged for disappointment, with a possible short-term sell-off" if OPEC disappoints. 

West Texas Intermediate for January delivery was at $58.51 a barrel on the New York Mercantile Exchange, down 44 cents, at 10:22 a.m. London time. Total volume traded was about 24 percent above the 100-day average. Prices gained 93 cents to $58.95 on Friday, capping a 4.2 percent weekly advance. 

Brent for January settlement fell 21 cents to $63.65 a barrel on the London-based ICE Futures Europe exchange, after rising 1.8 percent last week. The global benchmark crude traded at a premium of $5.11 to WTI. 

OPEC and Russia are still hammering out crucial details for an extension, the people involved in the conversations said last week. Russia wants the deal to include new language that would link the size of the curbs to the health of the oil market, they said.

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Earlier:

November, 24, 09:45:00 OIL PRICE: ABOVE $63 TOO BLOOMBERG - WTI for January delivery was at $58.43 a barrel on the New York Mercantile Exchange at 1:25 p.m. in Singapore, up 41 cents. The contract added $1.19 to $58.02 on Wednesday. There was no settlement Thursday because of the Thanksgiving holiday in the U.S. and all transactions will be booked Friday. Brent for January settlement lost 14 cents, or 0.2 percent, to $63.41 a barrel on the London-based ICE Futures Europe exchange. Prices rose 23 cents to $63.55 on Thursday. The global benchmark crude traded at a premium of $4.98 to WTI.

November, 24, 09:20:00 OPEC WILL REDUCE REUTERS - The Organization of the Petroleum Exporting Countries, non-member Russia and nine other producers agreed to curb oil output by about 1.8 million barrels per day until March 2018. They are expected to extend the deal at a Nov. 30 meeting in Vienna.

November, 22, 11:35:00 OIL PRICE: ABOVE $63 AGAIN BLOOMBERG - West Texas Intermediate for January delivery gained as much as 97 cents to $57.80 a barrel on the New York Mercantile Exchange and was at $57.72 at 1 p.m. in Hong Kong. The contract added 41 cents to $56.83 on Tuesday. Brent for January settlement added 44 cents, or 0.7 percent, to $63.01 a barrel on the London-based ICE Futures Europe exchange after climbing 0.6 percent on Tuesday. The global benchmark traded at a premium of $5.31 to WTI.

November, 20, 09:35:00 OIL PRICE: ABOVE $62 YET REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

November, 20, 09:25:00 ЦЕНА URALS: $59,62182 Средняя цена на нефть Urals за период мониторинга с 15 октября по 14 ноября 2017 года составила $59,62182 за баррель, или $435,2 за тонну.

November, 1, 13:40:00 OIL PRICE: ABOVE $61 Brent crude futures LCOc1 were up 59 cents at $61.53 per barrel at 0905 GMT, having hit a session peak of $61.70 earlier, the highest since July 2015. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 a barrel, up 74 cents. Русский | English

October, 11, 12:50:00 OIL PRICES 2020: $50 - $60 Based on a “lower-for-longer” base-case scenario, global oil prices will remain in the $50-60/bbl range until late 2020, due to increasing supply that breaks even at $50/bbl, according to to the most recent global oil supply and demand outlook from McKinsey Energy Insights (MEI).