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2017-03-31 19:05:00

OIL PRICES: NOW ABOVE $52

ЦЕНА НЕФТИ: СЕЙЧАС ВЫШЕ $52

BRENT OIL PRICE MARCH 31 2017

WTI OIL PRICE MARCH 31 2017

REUTERSOil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended.

Brent crude futures LCOc1, the international benchmark for oil, were at $52.70 per barrel at 0513 GMT, down 26 cents from their last close.

In the United States, West Texas Intermediate (WTI) crude futures CLc1 were down 18 cents at $50.17 a barrel.

Despite Friday's dips, crude prices remain some 4 percent higher than they were at the start of the three-day rally on Tuesday, and analysts said that the market was gradually tightening.

"We expect that the market is currently under-supplied and that the draws in inventory are coming," said Jason Gammel of U.S. investment bank Jefferies.

Traders said there was a growing sense that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil production giant Russia would agree to continue their production cut deal seeking to drive prices higher.

OPEC and non-OPEC producers including Russia agreed late last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year in order to rein in a global supply overhang and prop up prices.

Yet so far, alternative supplies, including from the United States where production is soaring C-OUT-T-EIA, and doubts that Russia was complying with its promised cuts, have prevented market re-balancing.

Still, over the past week, a growing consensus has emerged that the supply cut would be extended into the second half of the year - and that Russia would increasingly comply.

"The changed thoughts about Russia's role in the market reinforce...(the idea) that a deal between OPEC and Russia is in the offing," said Greg McKenna of futures brokerage AxiTrader.

Despite this, there remains doubt that the output cuts will go deep enough for the world's bloated markets to tighten soon and significantly lift prices, especially as other producers that are not part of the agreement could step in to fill the supply gap.

"There is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic," the International Energy Agency's executive director Fatih Birol said on Thursday.

"If we see the prices go up as a result of any push from the producer ...we will see more oil coming to the market, not just from the U.S.; we will also see Brazilian and Canadian oil coming to the market," he added.

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: NOW ABOVE $51 

RUSSIAN ARCTIC OIL: $70

OIL PRICES: OVER $50 ANEW 

СОТРУДНИЧЕСТВО ОПЕК И РОССИИ 

OPEC AND NON-OPEC COOPERATION 

 

 

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

Chronicle:

ЦЕНА НЕФТИ: СЕЙЧАС ВЫШЕ $52
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

ЦЕНА НЕФТИ: СЕЙЧАС ВЫШЕ $52
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ЦЕНА НЕФТИ: СЕЙЧАС ВЫШЕ $52
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

ЦЕНА НЕФТИ: СЕЙЧАС ВЫШЕ $52
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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