OIL PRICE: NOT ABOVE $64 YET

REUTERS, BLOOMBERG  - Oil prices fell on Monday as last week's rise in the U.S. rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. 

A statement by Kuwait's oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said. 

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. 

"The largest concern for investors currently remains the rise in the U.S. rig count, which could potentially jeopardize the OPEC and Russian agreement when they meet for a review in June 2018," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. 

The number of rigs drilling for new oil output in the United States rose by two in the week to Dec.8, to 751, the highest level since September, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday. 

A higher rig count points to a further rise in U.S. crude production C-OUT-T-EIA, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).

That's the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia. 

Rising U.S. output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies. 

OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018. 

Kuwait's oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier.

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Earlier:

2017, December, 8, 17:50:00 OIL PRICE: NOT ABOVE $63 AGAIN REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $56.58 a barrel at 0714 GMT, down 11 cents, or 0.2 percent from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 8 cents, or 0.1 percent, at $62.12 a barrel. Русский | English

2017, December, 6, 12:35:00 OIL PRICE: NOT ABOVE $63 REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were down 6 cents at $62.80 a barrel as of 0751 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $57.50 a barrel, down 22 cents. Русский | English

2017, December, 4, 23:20:00 OIL PRICE: NOT ABOVE $64 YET BLOOMBERG - West Texas Intermediate for January delivery was at $57.93 a barrel on the New York Mercantile Exchange at 2:02 p.m. in Seoul, down 43 cents. The contract gained 96 cents to settle at $58.36 on Friday. Total volume traded was about 21 percent below the 100-day average. Brent for February settlement dropped 36 cents to $63.37 a barrel on the London-based ICE Futures Europe exchange. Prices added $1.10, or 1.8 percent, to close at $63.73 on Friday. The global benchmark crude was at a premium of $5.43 to February WTI.

December, 2, 18:54:00 OPEC CONFIRMED OPEC - In agreeing to this decision, Member Countries confirmed their continued focus on a stable and balanced oil market, in the interests of both producers and consumers. Member Countries remain committed to being dependable and reliable suppliers of crude and products to global markets.

December, 1, 13:05:00 OIL PRICE: NOT ABOVE $64 BLOOMBERG - West Texas Intermediate for January delivery was at $57.72 a barrel on the New York Mercantile Exchange, up 32 cents, at 7:50 a.m. in London. Total volume traded was about 16 percent below the 100-day average. Prices rose 10 cents to $57.40 on Thursday, capping a 5.6 percent gain for November. Brent for February settlement climbed 43 cents to $63.06 a barrel on the London-based ICE Futures Europe exchange. The January contract expired Thursday after adding 46 cents, or 0.7 percent, to $63.57. The global benchmark crude was at a premium of $5.32 to February WTI.

December, 1, 12:50:00 OPEC & RUSSIA CUTS BLOOMBERG - OPEC and its allies outside the group agreed to maintain oil production cuts until the end of 2018, extending their campaign to wrest back control of the global market from America’s shale industry.

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).