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2018-03-21 12:50:00

OIL PRICE: NOT ABOVE $68

OIL PRICE: NOT ABOVE $68

REUTERS Oil prices edged up on Wednesday, lifted by tensions in the Middle East and healthy demand, although rising U.S. output continued to weigh on markets. 

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close.

Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.

Saudi Arabia's Crown Prince Mohammed bin Salman on Tuesday arrived in Washington for a state visit, raising speculation the United States could reimpose sanctions on Iran, following renewed criticism of the 2015 nuclear deal.

"The presence of the Saudi Crown Prince...in Washington and his clear agenda to ramp up pressure on Iran, has for me, been the key driver...of oil, which rose strongly," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Analysts also pointed to the nomination of Mike Pompeo as new U.S. Secretary of State as a risk to oil markets, given he fiercely opposed the 2015 pact as a member of Congress.

"The nomination of Mike Pompeo for U.S. Secretary of State...raises the likelihood of oil trade disruptions," U.S. bank Citi said in a note.

Should the United States reimpose sanctions against Iran, energy consultancy FGE said that would likely result in a 250,000 to 500,000 barrels per day (bpd) drop in its exports by year-end.

Analysts also pointed to healthy economic growth and a weak dollar as oil price drivers.

In a sign of healthy demand, U.S. crude stocks fell by 2.7 million barrels in the week ended March 16 to 425.3 million, the American Petroleum Institute said on Tuesday.

Official U.S. production and inventory data will be released by the Energy Information Administration (EIA) later on Wednesday.

"The global economy is humming, and robust demand solidly underpins commodity prices," said Norbert Ruecker, head of macro and commodity Research at Swiss bank Julius Baer.

Despite this, he said seasonally low demand at the end of the northern hemisphere winter season meant he had "a rather cautious near-term outlook on commodities."

Looming over oil markets has been surging U.S. crude production C-OUT-T-EIA, which has risen by more than a fifth since mid-2016, to 10.38 million bpd, overtaking top exporter Saudi Arabia and putting the United States within reach of Russia's 11 million bpd.

"U.S. shale will continue to weigh on prices," Singapore-based Phillip Futures said in a note.

Still, some U.S. producers are holding back expansion in order to prevent a price crash.

"Larger players are holding back capital expenditures in an attempt to avoid past mistakes," said consultancy FGE.

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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: NOT ABOVE $68
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.

OIL PRICE: NOT ABOVE $68
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.

OIL PRICE: NOT ABOVE $68
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.

OIL PRICE: NOT ABOVE $68
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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