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2017-03-21 19:05:00

OIL PRICES: OVER $52 AGAIN

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $52

BRENT OIL PRICE MARCH 21 2017 

WTI OIL PRICE MARCH 21 2017

REUTERS - Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to cut production from Jan. 1 by 1.8 million barrels per day (bpd) for six months to drain crude from record stockpiles. But inventories remain stubbornly large.

OPEC sources have indicated the group's members increasingly favor an extension but want the backing of non-OPEC oil producers, which have yet to deliver fully on existing cuts.

"Talk of the extension is supporting prices, together with the weaker dollar," said Tamas Varga, analyst at London broker PVM Oil Associates. "But any rally might run out of steam soon as the underlying sentiment is still negative."

Brent crude, the international benchmark for oil, was up 42 cents at $52.04 per barrel at 0907 GMT, rebounding from last week's three-month low of $50.25 but well below January's surge above $58 in the wake of the output cuts.

U.S. West Texas Intermediate (WTI) crude rose 38 cents to $48.60.

Further gains may now depend on Tuesday's data on U.S. inventories from the American Petroleum Institute (API) at 2030 GMT.

Last week's report by the API industry group showed a surprise fall in overall stockpiles in the week to March 10. This time analysts expect a rise back towards record highs.

Stockpiles at the Cushing, Oklahoma delivery hub for WTI may be a particular focus in the API data.

Stocks at Cushing rose in the week to March 10, helping to widen the premium for Brent over WTI. The gap now stands at around $2.70 for May delivery.

"Another increase would be generally bearish for WTI-related spreads," Varga said.

However, if supply restraints stay in place, analysts said solid global demand could gradually help rebalance the market, even with expanding U.S. production of shale oil.

"The combination of robust demand and weaker global supply leading to rebalanced markets will not be derailed by U.S. shale oil," said Jeremy Baker, senior commodity strategist at Vontobel Asset Management.

He said growth in demand for crude in 2017 was expected to rise faster than the long-term average of 1.2 million bpd.

 _BRENT OIL PRICES MARCH 2016 - MARCH 2017

_ WTI OIL PRICES MARCH 2016 - MARCH 2017 

BRENT OIL PRICES MARCH 2012 - MARCH 2017_ 

WTI OIL PRICES MARCH 2012 - MARCH 2017 _ 

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Earlier: 

OIL PRICES: OVER $52 

GLOBAL OIL RISKS

OIL PRICES: O'ER $51 

OIL PRICE WAR 

OPEC CUTS 140% 

 

Tags: OIL, PRICES, BRENT, WTI, ЦЕНА, НЕФТЬ

Chronicle:

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $52
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.

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $52
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.

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $52
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.

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $52
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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