2018-02-09 11:10:00
OIL PRICE: ABOVE $64
REUTERS, BLOOMBERG - Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies.
The falls come amid a rout in global share markets as inflation fears grip investors.
Brent futures were down 44 cents or 0.7 percent, at $64.37 a barrel by around 0700 GMT. On Thursday, Brent fell 1.1 percent to its lowest close since Dec. 20.
U.S. West Texas Intermediate (WTI) crude was down 62 cents, or 1 percent, at $60.53 a barrel, having settled down 1 percent in the previous session at its lowest close since Jan. 2.
Both contracts have fallen more than 9 percent from this year's high point in late January.
"Bets on further rising oil and metals prices, for example by hedge funds, have climbed to excessively bullish levels," said Carsten Menke, commodities research analyst at Swiss Bank Julius Baer.
"We see oil prices dropping towards and below $60 per barrel," he said.
OPEC member Iran on Thursday announced plans to increase production within the next four years by at least 700,000 barrels a day.
Meanwhile, the U.S. Energy Information Administration (EIA) this week said crude production last week rose to a record high of 10.25 million barrels per day (bpd).
At that level, U.S. production would overtake the current output in Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).
OPEC and other producers, including Russia, have cut production since January 2017 to force down global inventories, but these cuts have been offset by rising U.S. oil production.
China plans to launch its long-awaited crude oil futures contract on March 26, two sources familiar with the situation said on Friday, a move that will potentially shake up the pricing of the world's largest commodity market.
The launch next month will mark the end of a push to create Asia's first oil futures benchmark, which would give China more clout in pricing crude in the region and a share of the trillions of dollars in the oil futures trade.
-----
Earlier:
2018, February, 7, 08:25:00
OIL PRICE: ABOVE $67 YETBLOOMBERG - West Texas Intermediate for March delivery rose as much as 79 cents to $64.18 a barrel and traded at $63.88 as of 11:39 a.m. in Singapore. The contract fell 76 cents to $63.39 on Tuesday. Total volume traded was about 16 percent above the 100-day average. Brent for April settlement rose 46 cents to $67.32 a barrel on the London-based ICE Futures Europe exchange, snapping a three-day decline. The global benchmark crude traded at a premium of $3.73 to April WTI.
|
2018, February, 5, 08:00:00
OIL PRICE: ABOVE $67REUTERS - Brent was down 68 cents, or 1 percent, at $67.91 a barrel at 0344 GMT, after falling 1.5 percent on Friday. Brent’s weekly drop was 2.75 percent last week. U.S. West Texas Intermediate (WTI) crude declined 72 cents to $64.73 a barrel, after dropping 0.5 percent in the previous session. WTI fell by 1 percent during the last week.
|
2018, February, 2, 12:30:00
OIL PRICE: STILL ABOVE $69REUTERS - 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. |
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.
|
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.
|
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. |
