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2018-10-03 09:10:00

OIL PRICE: NEAR $85

OIL PRICE: NEAR $85

REUTERS - Oil prices were firm on Wednesday on expectations of tighter markets once U.S. sanctions target Iran's petroleum industry from next month, although a strong dollar and rising U.S. crude supply curbed gains.

Brent crude oil futures LCOc1 were at $84.86 per barrel at 0340 GMT, up 6 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up just 1 cent at $75.24 a barrel.

Traders said global oil markets remained tense because of the looming U.S. sanctions against Iran's oil exports, which kick in from Nov. 4.

Brent and WTI earlier this week both reached levels last seen in November 2014, and the two contracts have risen by around 20 and 17 percent respectively since mid-August.

Despite this, traders said prices were held back by a strong dollar .DXY which makes oil imports more expensive for countries using other currencies domestically, as well as by climbing supply in the United States.

U.S. commercial crude inventories rose by 907,000 barrels in the week to Sept. 28 to 400.9 million, the private American Petroleum Institute (API) said on Tuesday. Refinery crude runs fell by 158,000 barrels per day (bpd), API data showed.

Official weekly government data is due from the Energy Information Administration (EIA) on Wednesday.

Traders said the rising stocks were partly due to a relentless increase in U.S. crude oil production, which has jumped by a third since mid-2016 to a record 11.1 million bpd.

"We expect U.S. crude production to exit the year at 11.3 million bpd," Barclays bank said in a note on Tuesday.

That would mean the United States challenges Russia as the world's biggest crude oil producer.

On the demand side, fuel consumption is strong, growing especially fast in Asia's emerging economies.

However, high crude prices, combined with widespread emerging market currency weakness, threaten growth.

"That oil prices are rising to elevated levels at the same time as emerging market currencies hit record lows will be a flashing signal to OPEC members that demand may be at risk of a sharp correction," said Emirates NBD bank.

-----

Earlier: 

Prices
2018, October, 1, 11:45:00

OIL PRICE: NEAR $83

REUTERS - Benchmark Brent crude oil futures LCOc1 rose to as much as $83.32 a barrel on Wednesday and were at $83.09 at 0335 GMT, still 36 cents, or 0.4 percent above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 19 cents, or 0.3 percent, at $73.44 a barrel.

 

Prices
2018, September, 28, 10:15:00

OIL PRICE: NEAR $82 YET

REUTERS - The most-active Brent crude futures contract, for December,LCOZ8 was up 15 cents, or 0.2 percent, at $81.53 per barrel at 0548 GMT. U.S West Texas Intermediate (WTI) futures CLc1 were up 19 cents, or 0.3 percent, at $72.32 per barrel. It is set to gain rose 3.6 percent this month, the biggest increase since June.

Prices
2018, September, 26, 09:50:00

OIL PRICE: NEAR $82

REUTERS - Brent crude futures were down 4 cents at $81.83 a barrel by 0342 GMT, after gaining nearly 1 percent the previous session. Brent rose on Tuesday to its highest since November 2014 at $82.55 per barrel. U.S. crude futures were down 13 cents, or 0.2 percent, at $72.15 a barrel. They rose 0.3 percent on Tuesday to close at their highest level since July 11.

 Prices
2018, September, 26, 09:15:00

IRANIAN OIL EXPORTS DOWN

REUTERS - Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

 

Prices
2018, September, 24, 15:35:00

OIL PRICE: NEAR $80

REUTERS - Benchmark Brent crude LCOc1 hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 percent, before easing to around $80.75 by 1150 GMT. U.S. light crude CLc1 was $1.25 higher at $72.03.

 

Prices
2018, September, 24, 15:30:00

BALANCED OIL MARKET

OPEC - The JMMC noted that, despite growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries of the DoC continue to seek a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and the global economy at large. The Committee also expressed its satisfaction regarding the current oil market outlook, with an overall healthy balance between supply and demand.

Prices
2018, September, 24, 15:25:00

СОТРУДНИЧЕСТВО РОССИИ И САУДОВСКОЙ АРАВИИ

МИНЭНЕРГО РОССИИ - «Благодаря нашей с Вами работе, прежде всего по линии ОПЕК+, отношения между нашими странами значительно укрепились. Видим постоянно растущую заинтересованность российских компаний в налаживании более тесных связей с саудовскими партнерами. Это особенно важно в свете той ответственной роли, которую наши страны играют на региональной и международной арене, особенно в сфере энергетики», - сказал глава энергетического ведомства. 

Tags: OIL, PRICE, BRENT, WTI,