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2017-07-21 09:20:00

OIL PRICE: ABOVE $49 AGAIN

OIL PRICE: ABOVE $49 AGAIN

BRENT OIL PRICE JULY  21 2017

WTI OIL PRICE JULY  21 2017

REUTERSBLOOMBERG, OILPRICE -  Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, with Brent sitting below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session.

International benchmark Brent crude futures were at $49.28 per barrel 0501 GMT, down 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $46.89 per barrel, down 3 cents.

During the previous trading session both benchmarks rose to their highest levels since early June in choppy trading, having been pushed higher by data showing U.S. crude and fuel inventories fell sharply last week.

"The impact of strong drawdown in inventories announced earlier this week was still lingering in the market," ANZ bank said.

Ric Spooner, chief market analyst at CMC Markets in Sydney, said the decline in inventories could continue in the near term, although overall stock levels this year would likely be higher than in 2016.

U.S. oil stocks, at roughly 490 million barrels, remain well above the five-year average, while U.S. production has increased almost 12 percent since mid-2016 to 9.4 million bpd.

An abundance of global crude supplies has put pressure on oil prices and key members of the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet non-members in St. Petersburg, Russia, on Monday to discuss market conditions and whether more action is needed to support prices.

"The consensus view in the market is there won't be any change," said Spooner.

OPEC, together with some non-members like Russia, has pledged to reduce the global glut by cutting production by 1.8 million barrels per day (bpd) between January this year and March 2018.

U.S. investment bank Jefferies also said that "actions from the next OPEC/non-OPEC working committee meeting seem unlikely," although it added that "if OPEC is to achieve its objective of bringing OECD inventories back to normal levels it will need to take further steps."

Traders have been watching reports that the world's top crude producer, Saudi Arabia, is working to draw down bloated stocks particularly as other OPEC members, including Iraq and Libya - which are both exempt from cutting - are raising output.

BRENT OIL PRICES JULY 2016 -  JULY 2017

WTI OIL PRICES JULY 2016 -  JULY 2017

BRENT OIL PRICES JULY 2012 -  JULY 2017

WTI OIL PRICES JULY 2012 -  JULY 2017

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Earlier: 

OIL PRICES: ABOVE $49 ANEW 

ЦЕНА URALS: $ 45,65955 

OIL PRICES: ABOVE $49 

OIL PRICES: ABOVE $48 ANEW 

СТАБИЛИЗАЦИЯ РЫНКА 

EIA OIL PRICES FORECASTS: $51 - $52 

BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION 

 

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

Chronicle:

OIL PRICE: ABOVE $49 AGAIN
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.

OIL PRICE: ABOVE $49 AGAIN
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.

OIL PRICE: ABOVE $49 AGAIN
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.

OIL PRICE: ABOVE $49 AGAIN
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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