RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2015-10-06 19:55:00

OIL UP 4%

OIL UP 4%

Crude prices jumped about 4 percent on Tuesday after No. 1 oil consumer the United States cut output forecasts and Russia, Saudi Arabia and other big producers signaled joint action to support the market.

A weakening dollar added support for oil, aside from bets that the U.S. oil rig count could tumble again this week after last week's unexpectedly sharp decline of 26 rigs.

Brent, the global benchmark for crude, was up $2, or 4 percent, at $51.25 a barrel by 10:58 a.m. EDT (1458 GMT).

Traders also cited technical buying for Brent at above $50 a barrel as it headed for its first three-day gain in a stretch after Monday's rise of more than 2 percent and Friday's climb of nearly 1 percent.

West Texas Intermediate (WTI), the U.S. crude benchmark, rose $1.64, or 3.6 percent, at $47.90.

"We have reduced the probability of a return to the $37-38 area per nearby WTI," said Jim Ritterbusch of oil consultancy Ritterbusch & Associates in North Wabash, Chicago. "We will maintain a long standing view that price declines below this support level are virtually off of the table."

On Tuesday, the U.S. Energy Information Administration projected in its monthly forecast that the country's crude output will fall through mid-2016. The EIA also raised its 2016 world oil demand growth forecast to 100,000 barrels per day to 1.41 million bpd.

Russia's energy minister said Russia and Saudi Arabia had discussed the oil market in a meeting last week and would continue to consult each other.

"The market is possibly moving on speculation that OPEC and non-OPEC countries will find an agreement to cooperate," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.

OPEC Secretary-General Abdullah al-Badri at a conference in London that OPEC and non-OPEC members should work together to reduce the global supply glut.

"There is one problem we are facing: the overhang," Badri said, adding there were already signs of higher crude demand and of a drop in supply growth from non-OPEC members.

The former head of U.S. shale producer EOG Resources said at the same conference that U.S. oil production growth would tail off this month and start to decline early next year due to weak prices.

Iran's crude oil sales were on track to slip to the lowest in seven months as its main Asian customers were buying less than before.

The drop counters expectations that Iran's crude supplies to the global market will rise sharply once nuclear-related sanctions against the country are lifted.

reuters.com

-----

More: 

OIL PRICES: BELOW $60 

LOW OIL PRICES: $1.5 TN 

OIL PRICES UP 1% 

RUSSIAN OIL PRICES: $50 - $60 

2017: PRICES WILL RISE

 

Tags: OIL, PRICES
Chronicle:
OIL UP 4%
2022, June, 24, 11:34:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL UP 4%
2022, June, 24, 11:33:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL UP 4%
2022, June, 24, 11:30:00
RUSSIAN OIL PROTECTION
Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.
OIL UP 4%
2022, June, 24, 11:20:00
U.S. LNG EXPORTS DOWN BY 17%
Freeport LNG is one of seven LNG export facilities operating in the United States.
OIL UP 4%
2022, June, 24, 11:15:00
ЭНЕРГИЯ РУССКОЙ АРКТИКИ
Обсуждалось строительство газовозов и танкеров-челноков. В частности, 15 газовозов запланированы к постройке на судоверфи «Звезда». В планах – строительство дополнительных судов для транспортировки продукции инвесторов по Севморпути.
OIL UP 4%
2022, June, 24, 11:10:00
U.S. SMR FOR POLAND
Last Energy's SMR technology is based on a pressurised water reactor with a capacity of 20 MWe or 60 MWt.
OIL UP 4%
2022, June, 24, 11:05:00
PAKISTAN ENERGY CRISIS
This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.
All Publications »