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2017-07-21 09:20:00

OIL PRICE: ABOVE $49 AGAIN

OIL PRICE: ABOVE $49 AGAIN

BRENT OIL PRICE JULY  21 2017

WTI OIL PRICE JULY  21 2017

REUTERSBLOOMBERG, OILPRICE -  Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, with Brent sitting below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session.

International benchmark Brent crude futures were at $49.28 per barrel 0501 GMT, down 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $46.89 per barrel, down 3 cents.

During the previous trading session both benchmarks rose to their highest levels since early June in choppy trading, having been pushed higher by data showing U.S. crude and fuel inventories fell sharply last week.

"The impact of strong drawdown in inventories announced earlier this week was still lingering in the market," ANZ bank said.

Ric Spooner, chief market analyst at CMC Markets in Sydney, said the decline in inventories could continue in the near term, although overall stock levels this year would likely be higher than in 2016.

U.S. oil stocks, at roughly 490 million barrels, remain well above the five-year average, while U.S. production has increased almost 12 percent since mid-2016 to 9.4 million bpd.

An abundance of global crude supplies has put pressure on oil prices and key members of the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet non-members in St. Petersburg, Russia, on Monday to discuss market conditions and whether more action is needed to support prices.

"The consensus view in the market is there won't be any change," said Spooner.

OPEC, together with some non-members like Russia, has pledged to reduce the global glut by cutting production by 1.8 million barrels per day (bpd) between January this year and March 2018.

U.S. investment bank Jefferies also said that "actions from the next OPEC/non-OPEC working committee meeting seem unlikely," although it added that "if OPEC is to achieve its objective of bringing OECD inventories back to normal levels it will need to take further steps."

Traders have been watching reports that the world's top crude producer, Saudi Arabia, is working to draw down bloated stocks particularly as other OPEC members, including Iraq and Libya - which are both exempt from cutting - are raising output.

BRENT OIL PRICES JULY 2016 -  JULY 2017

WTI OIL PRICES JULY 2016 -  JULY 2017

BRENT OIL PRICES JULY 2012 -  JULY 2017

WTI OIL PRICES JULY 2012 -  JULY 2017

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Earlier: 

OIL PRICES: ABOVE $49 ANEW 

ЦЕНА URALS: $ 45,65955 

OIL PRICES: ABOVE $49 

OIL PRICES: ABOVE $48 ANEW 

СТАБИЛИЗАЦИЯ РЫНКА 

EIA OIL PRICES FORECASTS: $51 - $52 

BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION 

 

Tags: OIL, PRICE, НЕФТЬ, ЦЕНА, BRENT, WTI
OIL PRICE: ABOVE $49 AGAIN September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

OIL PRICE: ABOVE $49 AGAIN September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

OIL PRICE: ABOVE $49 AGAIN September, 21, 10:45:00

UNEXPECTED OIL PRICES

OIL PRICE: ABOVE $49 AGAIN September, 21, 10:40:00

OIL MARKET UNCERTAINTY

OIL PRICE: ABOVE $49 AGAIN September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

OIL PRICE: ABOVE $49 AGAIN September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

OIL PRICE: ABOVE $49 AGAIN
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

OIL PRICE: ABOVE $49 AGAIN
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

OIL PRICE: ABOVE $49 AGAIN
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

OIL PRICE: ABOVE $49 AGAIN
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »