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2018-03-28 11:30:00

OIL PRICE: NOT ABOVE $70

OIL PRICE: NOT ABOVE $70

REUTERS - Oil prices fell on Wednesday, with Brent dropping back below $70 per barrel and U.S. West Texas Intermediate dipping below $65, pulled down by a report of increasing U.S. crude inventories that surprised many traders.

U.S. WTI crude futures CLc1 were at $64.72 a barrel by 0700 GMT, down 53 cents, or 0.8 percent, from their previous settlement.

Brent crude futures LCOc1 were at $69.69 per barrel, down 42 cents, or 0.6 percent.

Traders said the falls came after the American Petroleum Institute (API) late on Tuesday reported a surprise 5.3 million barrels rise in crude stocks in the week to March 23, to 430.6 million barrels.

"Crude futures are trading lower in response to a surprise build in API data," said Sukrit Vijayakar, director of energy consultancy Trifecta, in a note.

Official U.S. inventory data will be published by the Energy Information Administration (EIA) late on Wednesday.

Robert Carnell, chief economist and head of research at Dutch bank ING in Asia told the Reuters Global Markets Forum on Wednesday that "more supply coming from the U.S." would also likely weigh on oil prices.

U.S. oil production has already jumped by almost a quarter since mid-2016, to 10.4 million barrels per day (bpd), taking it past top exporter Saudi Arabia and within reach of the biggest producer, Russia, which pumps around 11 million bpd.

Wednesday's price falls came despite Saudi Arabia saying it was working with Russia on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years.

Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering greatly extending a short-term alliance on oil curbs that began in January 2017 after a crash in crude prices, with a partnership to manage supplies potentially growing "to a 10-to-20-year agreement."

VOLATILE SHANGHAI CRUDE

In Asia, Shanghai crude oil futures posted high volumes and volatile trade on their third day of trading.

Spot Shanghai crude futures ISCc1 were down 3.75 percent on Wednesday, to 410.4 yuan ($65.37) per barrel by 0700 GMT.

In dollar-terms, that puts Chinese crude prices significantly below Brent and only slightly above U.S. WTI.

Since Shanghai crude oil futures were launched on March 26, it would have been profitable to buy the spread between Brent and Shanghai crudes, which has risen from $1.60 per barrel on Monday to $4.60 on Wednesday, while shorting the Shanghai premium over WTI, which has narrowed from $3.10 a barrel on Monday to just 30 cents on Wednesday.

Greg McKenna, chief market strategist at futures brokerage AxiTrader, said he hoped Shanghai crude "gets a lot of traction and we end up with three established global benchmarks", but he cautioned that "the first couple of days have been volatile".

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Earlier: 

Prices
2018, March, 26, 08:10:00

OIL PRICE: ABOVE $70

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $65.51 a barrel at 0255 GMT, down 37 cents, or 0.6 percent, from their previous close. Brent crude futures were at $70.24 per barrel, down 21 cents, or 0.3 percent.

 

Prices
2018, March, 26, 08:00:00

NEW OPEC RECORD: 138%

OPEC - Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138%, according to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC).

 

Prices
2018, March, 26, 07:55:00

$70: INSUFFICIENT FOR INVESTMENTS

BLOOMBERG - Oil’s recovery to almost $70 a barrel hasn’t been sufficient to stimulate the return of enough investment in the sector, according to Saudi Arabia’s energy minister.

 

Prices
2018, March, 23, 08:40:00

OIL PRICE: ABOVE $69

REUTERS - 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.

 

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.

 

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