OIL PRICE: STILL ABOVE $69
REUTERS, BLOOMBERG - Oil rose for a third day on Friday after a survey showed strong compliance with output cuts by OPEC and others including Russia, offsetting concerns about surging U.S. production.
Brent futures, the global benchmark, were up 24 cents, or 0.3 percent, at $69.89 a barrel by 0635 GMT.
U.S. West Texas Intermediate (WTI) crude was up 33 cents, or 0.5 percent, at $66.13 a barrel.
Production by the Organization of the Petroleum Exporting Countries (OPEC) rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey showed.
OPEC pumped 32.4 million barrels per day (bpd) in January, the survey found, up 100,000 bpd from December. Last month's total was revised down by 110,000 bpd to the lowest since April 2017.
Even so, adherence by producers included in the deal to curb supply rose to 138 percent from 137 percent in December, the survey found, suggesting commitment is not wavering even as oil prices hit their highest level since 2014.
"It underscores the commitment of the cartel, and their Russian partners, to keep a floor under the oil price," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
That is drawing investors' focus away from the rise in U.S. production.
U.S. crude output surpassed 10 million bpd in November for the first time since 1970, the Energy Information Administration said this week.
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Earlier:
2018, January, 31, 11:10:00
OIL PRICE: ABOVE $68 AGAINREUTERS - Brent crude futures LCOc1 for March delivery settled down 44 cents, or 0.6 percent, at $69.02 a barrel after touching a session low of $68.40. U.S. West Texas Intermediate futures CLc1 fell $1.06, or 1.6 percent, to close at $64.50 a barrel. |
2018, January, 29, 08:45:00
OIL PRICES: ABOVE $70 YETREUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $66.34 a barrel at 0144 GMT, up 20 cents, or 0.3 percent, from their last settlement. Brent crude futures LCOc1 were at $70.49 per barrel, 3 cents below their last settlement.
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2018, January, 26, 12:40:00
OIL PRICES: ABOVE $70REUTERS - Brent crude futures were at $70.22 per barrel at 0556 GMT, down 20 cents, or 0.3 percent, from their last close. Brent the previous day marked its highest since December, 2014 at $71.28. U.S. West Texas Intermediate (WTI) crude futures were at $65.38 a barrel, down 13 cents, or 0.2 percent from their previous close. WTI also touched its highest since December, 2014 in the last session at $66.66.
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2018, January, 24, 12:20:00
OIL PRICES: ABOVE $69 AGAINREUTERS - Brent crude futures were at $69.79 a barrel at 0749 GMT, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.45 a barrel, down 2 cents from their last settlement. |
2018, January, 24, 12:15:00
СОГЛАШЕНИЕ ВЫПОЛНЕНО НА 107%МИНЭНЕРГО РОССИИ - АЛЕКСАНДР НОВАК: СОГЛАШЕНИЕ ОПЕК+ ПО ИТОГАМ 2017 ГОДА ВЫПОЛНЕНО НА 107%
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2018, January, 22, 08:50:00
OIL PRICES: NOT ABOVE $69 YETREUTERS - Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 percent, from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014. U.S. West Texas Intermediate (WTI) crude futures were at $63.61 a barrel, up 24 cents, or 0.4 percent, from their last settlement. WTI climbed to $64.89 on Jan. 16, also its highest since December 2014.
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2018, January, 19, 12:45:00
OIL PRICES: ABOVE $68REUTERS - Brent crude futures were at $68.78 at 0128 GMT, down 53 cents, or 0.8 percent, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.36 a barrel, down 59 cents, or 0.9 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday. |