OIL PRICE: ABOVE $52
U.S. West Texas Intermediate (WTI) futures briefly jumped over $50 per barrel on Monday and were at $49.97 per barrel at 0654 GMT, still up 25 cents, or 0.5 percent from their last close. That means that virtually the entire WTI curve has moved over $50 per barrel.
Brent crude futures were at $52.85 per barrel, up 33 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25.
The price rises put both crude benchmarks on track for a sixth consecutive session of gains.
Prices have risen around 10 percent since the last meeting of leading members by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, when the group discussed potential measures to further tighten oil markets.
"U.S. inventories are showing massive drawdowns, Saudi Arabia seems intent on playing its role as the world's swing producer (and) impending sanctions on Venezuela by the U.S. will almost certainly be oil price-supportive," said Jeffrey Halley, analyst at futures brokerage OANDA.
The United States is considering imposing sanctions on Venezuela's vital oil sector in response to Sunday's election of a constitutional super-body that Washington has denounced as a "sham" vote.
But traders said the biggest price supporter was currently a tightening U.S. oil market.
"Strong increases in the price of oil ... (were) fueled in large part by the substantial drawdowns in U.S. inventories over the past several weeks," said William O'Loughlin, analyst at Rivkin Securities.
U.S. crude inventories have fallen by 10 percent from their March peaks to 483.4 million barrels.
In production, U.S. output dipped by 0.2 percent to 9.41 million barrels per day (bpd) in the week to July 21, after rising by more than 10 percent since mid-2016.
Drilling for new U.S. production is also slowing, with just 10 rigs added in July, the fewest since May 2016.
The tighter market was also visible in the price curve, which shows backwardation in the front end.
Backwardation is a market condition in which prices for immediate delivery of a product are higher than those later on.
Brent prices for delivery in September are currently around 35 cents above those for October.
Despite the signs of a tighter market in the United States, supplies in China remain plentiful.
China's June crude inventories rose to the highest level since September 2016, marking the third month of gain, data from the official Xinhua News Agency showed.
Crude stocks rose 4 percent to 30.57 million tonnes (around 224 million barrels), while total oil products stockpiles inched up to 18.1 million tonnes.
Brent crude futures were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.2 percent, at $48.94 per barrel.
Brent crude futures LCOc1 rose 30 cents to $50.50 a barrel by 0959 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 40 cents to $48.29 a barrel.
Министерский комитет рассмотрел отчет Совместного технического комитета (СТК) и отметил, что рынок нефти уверенно делает шаги в сторону восстановления равновесия. По мнению экспертов, продолжается оздоровление мирового нефтяного рынка: за последние недели волатильность рынка снизилась, и поток инвестиций в нефтяную промышленность заметно увеличился.
В прямом эфире телеканала «Россия 24» Министр энергетики Российской Федерации Александр Новак подвел итоги 4-ого заседания Министерского комитета по мониторингу исполнения соглашения о сокращении добычи нефти стран ОПЕК и не-ОПЕК.
Brent September crude futures fell 18 cents on the day to $47.88 a barrel by 0850 GMT. The price fell 2.5 percent on Friday after a consultancy forecast a rise in OPEC production for July. NYMEX crude for September delivery fell 20 cents to $45.57 a barrel.
With prices still languishing below the $55-$60/b that some ministers have said they are targeting, some market watchers say OPEC and its non-OPEC partners have no choice but to deepen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members.
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.
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Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3 percent.
New data suggests that in 2Q17 global stocks fell by 0.5 mb/d and preliminary data for July, particularly in the United States where stocks fell by 790 kb/d, is supportive. Even so, we must not forget that they are falling from a very great height in volume terms. At the end of 2Q17, OECD commercial stocks, which are the component of the global total for which we have the most visibility, stood at 3 021 million barrels, still more than 219 mb above the five-year average although they have now fallen below 2016 levels. As an exercise, if OECD stocks fell by 0.5 mb/d until the end of 1Q18 when the current output agreements expire they would still be about 60 mb above the five-year average.
Средняя цена нефти марки Urals по итогам января - июля 2017 года составила $ 49,94 за баррель.
OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.