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2018-11-05 12:25:00

OIL PRICE: NEAR $72

OIL PRICE: NEAR $72

REUTERS - Oil prices fell on Monday as U.S. sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Brent crude oil LCOc1 was down 30 cents a barrel at $72.53 by 0815 GMT. U.S. light crude CLc1 was 30 cents lower at $62.84 a barrel.

Both oil price benchmarks have lost more than 15 percent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.

Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former U.S. president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

In response, Iranian President Hassan Rouhani said in speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.

Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.

"The impact of the sanctions is going to be largely softened as a result of this allowance," said Surfeit Vijayakar, director of energy consultancy Trisect.

Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed the continue financial transactions with the Middle East country, it said.

Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the U.S. decision, but would not directly say if China had or had not been granted an exemption.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million bpd for the first time, up 10 million bpd since 2010.

In the Middle East, Abut Dhabi National Oil Co (ADNOUN) plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, ADNOUN said on Sunday, versus current output of just over 3 million bpd.

 

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Earlier: 

Prices
2018, November, 2, 12:20:00

OIL PRICE: NOT ABOVE $73

REUTERS - Front-month Brent crude futures were at $72.88 per barrel at 0737 GMT on Friday, 1 cent below their last close. They first fell on Friday on surging supplies, before rising with global markets and then dipping again on the back of the reported Iran sanctions waivers. U.S. West Texas Intermediate (WTI) crude futures were down 33 cents, or 0.5 percent, at $63.36 a barrel.

 

Prices
2018, November, 2, 12:10:00

ЦЕНА URALS: $71.55

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – октября 2018 года составила $ 71,55 за баррель.

 

 

 Prices
2018, October, 31, 13:20:00

OIL PRICE: NEAR $77 AGAIN

REUTERS - Benchmark Brent crude oil LCOc1 was up 80 cents at $76.71 a barrel by 0840 GMT. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09. U.S. light crude CLc1 was up 60 cents at $66.78. It hit a two-month low of $65.33 a barrel on Tuesday.

 

Prices
2018, October, 29, 12:55:00

OIL PRICE: NEAR $77

REUTERS - Front-month Brent crude oil futures LCOc1 were trading down 46 cents, or 0.6 percent, at $77.16 a barrel at 0745 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.19 a barrel, down 40 cents, or 0.6 percent.

Prices
2018, October, 29, 12:45:00

OPEC: CONFORMITY LEVEL 111%

OPEC - The JMMC noted that countries participating in the ‘Declaration of Cooperation’ achieved a conformity level of 111% in September 2018, which shows significant progress towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018.

Prices
2018, October, 29, 12:40:00

RUSSIA: NO REASON OIL FREESE

REUTERS - Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit.

 

Prices
2018, October, 26, 13:00:00

OIL PRICE: NOT ABOVE $77

REUTERS - Brent crude oil LCOc1 was down 70 cents at $76.19 per barrel by 0740 GMT, on course for a weekly loss of more than 4 percent. It has fallen by close to $10 in the last three weeks. U.S. crude CLc1 was 70 cents lower at $66.63, set for a 3.5 percent loss this week. 

Tags: OIL, PRICE, BRENT, WTI,