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2018-05-07 08:50:00

OIL PRICE: ABOVE $75

OIL PRICE: ABOVE $75

REUTERS - U.S. oil prices rose above $70 a barrel on Monday for the first time since November 2014 while Brent crude prices climbed to fresh highs, as a deepening economic crisis in Venezuela threatened the country's already tumbling oil supplies.

The concerns added to worries over a looming decision on whether the United States will walk away from a deal with Iran and instead re-imposes sanctions on Tehran, keeping international oil markets on edge.

Brent crude oil futures were at $75.71 per barrel, up 84 cents, or 1.12 percent from their last close at 0416 GMT after climbing to $75.89 a barrel earlier in the session, its highest since November 2014.

U.S. West Texas Intermediate (WTI) crude futures rose 0.95 percent to trade at $70.39 per barrel, up 66 cents from their last settlement.

Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.

Shannon Rivkin, investment director of Australia's Rivkin Securities, said that oil prices had been driven up due to "growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration."

U.S. oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA's declining oil production and exports.

Venezuela's oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry.

Beyond Venezuela's woes Greg McKenna, chief market strategist at futures brokerage AxiTrader, said "the big story this week is going to be about oil and the Iran Nuclear deal." Most market participants expect Trump to withdraw from the pact, he said.

Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran's nuclear program.

Expressing doubts over Iran's sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran's oil exports.

Some traders, however, are becoming cautious about ever higher oil prices.

Hedge funds cut their net long U.S. crude futures and options positions in the week to May 1 by 11,825 contracts to 444,060, according to the U.S. Commodity Futures Trading Commission.

Looming over markets is surging U.S. output, which has soared by more than a quarter in the last two years, to 10.62 million bpd.

U.S. output will likely rise further this year, towards or past Russia's 11 million bpd, as its energy firms keep drilling for more.

U.S. energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.

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Earlier: 

Prices
2018, May, 4, 15:40:00

OIL PRICE: NOT ABOVE $74 YET

REUTERS - Brent crude oil futures LCOc1 were up 31 cents at $73.44 a barrel by 0900 GMT, after falling nearly 3 percent on Tuesday to its lowest in two weeks. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents to $67.75 per barrel.

Prices
2018, May, 4, 15:30:00

SAUDIS NEED $88

BLOOMBERG - The IMF bolstered its estimate for the oil price the kingdom needs to balance the national budget this year to $88 a barrel, 26 percent more than an assessment made in October.

 

Prices
2018, May, 2, 13:35:00

OIL PRICE: NOT ABOVE $74 ANEW

REUTERS - Brent crude oil futures LCOc1 were up 31 cents at $73.44 a barrel by 0900 GMT, after falling nearly 3 percent on Tuesday to its lowest in two weeks. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents to $67.75 per barrel.

 

Prices
2018, April, 30, 10:25:00

OIL PRICE: ABOVE $74 ANEW

REUTERS - Brent crude futures LCOc1, the international benchmark, had dipped 50 cents, or 0.7 percent, to $74.14 a barrel by 0633 GMT. Prices climbed as high as $75.47 last week, levels not seen since November, 2014. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.82 a barrel, down 28 cents, or about 0.4 percent, from their last settlement.

 

Prices
2018, April, 27, 11:20:00

OIL PRICE: ABOVE $74 YET

REUTERS - Global benchmark Brent crude futures LCOc1 were down 27 cents, or 0.4 percent, at $74.47 a barrel by 0644 GMT, after rising 1 percent on Thursday. U.S. West Texas Intermediate (WTI) crude CLc1 fell 19 cents, or 0.3 percent, to $68 a barrel. The contract gained 0.2 percent the previous session.

Prices
2018, April, 27, 11:15:00

БАЛАНС МИРОВОГО РЫНКА

МИНЭНЕРГО РОССИИ - Александр Новак, говоря о перспективах соглашения о балансировке рынка, отметил, что участники рассматривают несколько вариантов дальнейшего сотрудничества. «Главная задача – не создать условия для дисбаланса на рынке», - заключил Министр.

Prices
2018, April, 27, 10:50:00

NEW CHINA'S OIL

EIA - As Asia-Pacific oil demand continues to grow, some market participants believe the region needs an oil price benchmark based on local supply and demand conditions. Last month marked the beginning of trading for the new Shanghai crude oil futures contract in China. For the Shanghai contract to become an accepted regional benchmark, it will have to attract a wide variety of market participants, and its usage for price discovery must be established.

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