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2018-04-06 18:35:00

OIL PRICE: NOT ABOVE $69

OIL PRICE: NOT ABOVE $69

REUTERS - Oil prices fell on Friday after U.S. President Donald Trump's threat of new tariffs on China reignited fears of a trade war between the world's two biggest economies.

Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on an extra $100 billion of imports from China, escalating tensions with Beijing.

"There is a risk for oil prices that China uses the bazooka option it has on U.S. crude oil exports. China is the main importer (after Canada) of U.S. crude oil, to the tune of about 400,000 barrels per day," Petromatrix said.

"If China was to impose counter tariffs on U.S. crude, it would become quickly very heavy for the U.S. supply and demand picture, resulting in U.S. crude oil price pressure that would have a negative impact on global oil prices."

Brent crude LCOc1 for June delivery briefly traded flat at 1322 GMT at $68.33 per barrel after falling as much as 66 cents earlier.

U.S. West Texas Intermediate crude for May delivery CLc1 erased some of its previous losses, but was still down 15 cents at $63.39 a barrel.

Both are headed for their biggest weekly fall since early March.

Giving some support to prices, the Energy Information Administration (EIA) reported a 4.6-million-barrel draw in U.S. crude inventories last week, compared with analysts' expectations for an increase of 246,000 barrels. 

But bearish sentiment lingered.

"Any meaningful change to the perception regarding future trade issues will most likely trump the potential effects of short-term variations to oil fundamentals," JBC said.

Meanwhile, Asian oil traders were struggling to understand how Saudi Arabia derived its official selling prices for May after it unexpectedly raised the price for its flagship Arab Light crude sold to Asian refiners.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers including Russia are committed to cutting output by around 1.8 million barrels per day through the end of 2018 in a bid to clear a global overhang and support prices.

Russia said its cooperation with OPEC might become an indefinite arrangement.

OPEC and its allies should keep the cuts to ensure healthy price levels as a way to boost investment in the industry and avoid a supply and price shock in the long run, Qatar's energy minister said.

Shanghai crude futures ISCc1 trading will resume on Monday after public holidays in China.

-----

Earlier: 

Prices
2018, April, 4, 09:45:00

OIL PRICE: NOT ABOVE $68

REUTERS - Oil prices slipped with Brent crude futures off 13 cents to $67.99 a barrel, while U.S. crude fell 11 cents to $63.40 a barrel.

 

Prices
2018, April, 4, 09:30:00

85% GLOBAL OIL DEAL

BLOOMBERG - The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

 

Prices
2018, April, 4, 09:25:00

RUSSIA EXECUTES THE AGREEMENT

PLATTS - Russia is planning to fully comply with its commitment to cut oil output under the OPEC/non-OPEC deal this month, Russian energy minister Alexander Novak said Tuesday, the Prime news agency reported.

Prices
2018, April, 2, 09:40:00

OIL PRICE: NOT ABOVE $70 YET

REUTERS - U.S. WTI crude futures CLc1 were at $65.21 barrel at 0122 GMT, up 27 cents, or 0.4 percent, from their previous settlement. Brent crude futures LCOc1 were fetching $69.71 per barrel, up 37 cents, or 0.55 percent.

 

 

Prices
2018, April, 2, 09:25:00

LONG-TERM OPEC COOPERATION

SHANA - Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018. Cooperation on the part of a politically influential oil producer like Russia would add to the weight and influence of OPEC in global energy markets, both politically and in terms of decision-making.

 

Prices
2018, March, 30, 12:05:00

OIL PRICE: ABOVE $70 AGAIN

BLOOMBERG - West Texas Intermediate for May delivery gained 56 cents to settle at $64.94 a barrel on the New York Mercantile Exchange, with prices posting a third-straight quarterly gain, the longest streak since 2011. Brent for May settlement, which expires Thursday, added 74 cents to end the session at $70.27 a barrel on the London-based ICE Futures Europe exchange. The more-active June contract rose 58 cents to settle at $69.34. The global benchmark traded at a $5.33 premium to WTI. The European bourse, along with Nymex, will be closed for the Good Friday holiday.

 

Prices
2018, March, 28, 11:30:00

OIL PRICE: NOT ABOVE $70

REUTERS - 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. 

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