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2018-03-23 08:40:00

OIL PRICE: ABOVE $69

OIL PRICE: ABOVE $69

REUTERS - Oil prices jumped more than 1 percent on Friday, pushed up by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market.

The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off between the United States and China. But gold XAU=, seen as a safehaven in times of economic turmoil, rallied to a two-week high on Friday.

U.S. President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, while China unveiled plans on Friday to impose tariffs on up to $3 billion of U.S. imports.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.99 a barrel at 0405 GMT, up 69 cents, or 1.1 percent, from their previous close.

Brent crude futures LCOc1 were at $69.54 per barrel, up 63 cents, or 0.9 percent. For the week, Brent was set for a gain of about 5 percent, its strongest showing since July last year, while WTI was up about 4.3 percent.

The driver for crude futures was a statement by Saudi Arabian Energy Minister Khalid al-Falih, who said on Thursday that OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories.

The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, as well as a group of non-OPEC countries led by Russia, struck an agreement in January 2017 to remove 1.8 million barrels per day (bpd) from markets to end oversupply.

The pact is set to expire at the end of this year, but Saudi Arabia seems to be pushing for an extension.

"We still have some time to go before we bring inventories down to the level we consider normal and we will identify that by mid-year when we meet in Vienna," Falih told Reuters in Washington.

"And then we will hopefully by year-end identify the mechanism by which we will work in 2019."

Although analysts said the stand-off between the United States and China could also hit oil markets, for now most said demand looked healthy.

Morgan Stanley also cited a pick-up in seasonal demand in the coming month and geopolitical risk as potential supports for oil prices,

"We are only 3-4 weeks away from peak refinery maintenance, after which crude and product demand should accelerate ... Global inventories are already at the bottom end of the five-year range. With the inventory cushion largely gone, oil prices will likely be more sensitive to geopolitical risk factors," the U.S. bank said.

"There are sufficient reasons to expect oil prices to strengthen further from here, and we stick with our (Brent) $75 per barrel call for Q3," Morgan Stanley said.

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Earlier: 

Prices
2018, March, 19, 08:19:00

OIL PRICE: NOT ABOVE $66 YET

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $62.02 a barrel at 0350 GMT, down 32 cents, or 0.5 percent, from their previous close. Brent crude futures were at $65.85 per barrel, down 36 cents, or 0.5 percent.

 

Prices
2018, March, 16, 10:40:00

OIL PRICE: NOT ABOVE $66 ANEW

REUTERS - West Texas Intermediate (WTI) oil futures for April delivery fell 3 cents, or 0.1 percent, to $61.16 a barrel at 0354 GMT, after settling up 23 cents on Thursday. WTI is set to fall 1.4 percent this week, reversing the previous week’s 1.3 percent gain. Brent crude futures trading in London fell 7 cents to $65.05 a barrel after settling up 23 cents. Brent is down 0.7 percent for the week.

Prices
2018, March, 14, 11:45:00

OIL PRICE: NOT ABOVE $65

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.

 

Prices
2018, March, 12, 08:50:00

OIL PRICE: NOT ABOVE $66

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.10 a barrel at 0407 GMT, up 6 cents, or 0.1 percent. Brent crude futures LCOc1 were at $65.58 per barrel, up 9 cents, or 0.1 percent, from their previous close.

 

Prices
2018, March, 7, 15:00:00

OIL PRICE: ABOVE $65 YET

REUTERS - Brent crude futures were at $65.37 per barrel at 0149 GMT, down 42 cents, or 0.6 percent from their previous close. U.S. West Texas Intermediate (WTI) crude futures were at $62.16 a barrel, down 44 cents, or 0.7 percent.

Prices
2018, March, 5, 11:35:00

OIL PRICE: ABOVE $64 YET

REUTERS - International benchmark Brent crude was up 44 cents, or 0.68 percent, at $64.81 a barrel by 0135 GMT. U.S. West Texas Intermediate (WTI) crude rose 41 cents, or 0.67 percent, to $61.66 per barrel.

Prices
2018, March, 4, 11:30:00

ЦЕНА URALS: $ 65,99

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – февраля 2018 года составила $ 65,99 за баррель.

 

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

Chronicle:

OIL PRICE: ABOVE $69
2018, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

OIL PRICE: ABOVE $69
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

OIL PRICE: ABOVE $69
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

OIL PRICE: ABOVE $69
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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