OIL PRICES: ABOVE $51 ANEW
REUTERS, BLOOMBERG - Oil prices edged down on Monday as a disappointing Chinese economic survey clouded the outlook for demand, although talk that OPEC-led crude output cuts could be extended continued to offer support.
NYMEX crude for June delivery CLc1 was down 12 cents at $49.21 a barrel by 0619 GMT.
London Brent crude for new front-month delivery in July LCOc1 was down 15 cents at $51.90.
A faster-than-expected slowdown of growth in China's manufacturing sector in April weighed on prices. An official survey showed on Sunday that producer price inflation cooled and policymakers' efforts to curtail financial risks in the economy weighed on demand.
"The moderation in the China PMI could see commodity prices come under some modest pressure," ANZ said in a note.
The price declines mark the third consecutive week that oil has started with a drop, with high inventories also dragging on markets that have been grappling with a global supply glut for the last few years.
Iran's oil minister said on Saturday that OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back.
The Organization of the Petroleum Exporting Countries (OPEC)meets this month to discuss oil supply policy.
If OPEC agrees to extend the cuts, then bloated global inventories could drain by the end of the year, a Reuters poll of economists and analysts showed.
Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday there was consensus with Central Asia over oil markets and production levels.
Money managers cut their net long U.S. crude futures and options positions for the first time in four weeks in the week to April 25, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
U.S. President Donald Trump on Sunday stepped up contacts with allies in Asia to secure their cooperation to pressure North Korea over its nuclear and missile programs.
Trump's calls to the two Asian leaders came after North Korea test-launched another missile that Washington and Seoul said was unsuccessful but which drew widespread international condemnation.
|June, 22, 13:40:00|
|June, 22, 13:35:00|
|June, 22, 13:30:00|
|June, 22, 13:25:00|
|June, 22, 13:20:00|
|June, 22, 13:15:00|
U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.