OIL PRICE: ABOVE $75 AGAIN

REUTERS -  Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains show no signs of slowing.

Brent crude futures LCOc1 stood at $75.35 a barrel at 0913 GMT, down $1.09 from the previous close and after touching a three-week low of $74.49 earlier in the session.

U.S. West Texas Intermediate (WTI) crude futures were at $66.69, down $1.19, after hitting a six-week low of $65.80.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia began withholding 1.8 million barrels per day (bpd) of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel.

Prices have soared since the start of the cuts last year, with Brent breaking through $80 this month, triggering concerns that high prices could crimp economic growth and stoke inflation.

"The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth," Chetan Ahya, chief economist at U.S. bank Morgan Stanley, wrote in a weekend note.

To address potential supply shortfalls Saudi Arabia, de-facto leader of producer cartel OPEC, and top producer Russia have been in talks about easing the cuts and raising oil production by 1 million bpd.

"Given that our crude balance is short some 825,000 bpd over [the second half of the year], a gradual increase of about 1 million bpd would probably limit stock draws to quite some extent," Vienna-based consultancy JBC Energy said.

Meanwhile, surging U.S. crude production showed no sign of abating as drillers continue to expand their search for new oilfields to exploit.

U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig count to 859, its highest since 2015, in a strong indication that American crude production will continue to rise.

U.S. crude output  has already surged by more than 27 percent in the past two years, to 10.73 million bpd, ever closer to Russia's 11 million bpd.

-----

Earlier: 

2018, May, 25, 10:55:00 OIL PRICE: ABOVE $78 REUTERS - Brent crude futures LCOc1 were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May. U.S. West Texas Intermediate (WTI) crude futures were at $70.60 a barrel, down 11 cents from their last settlement.

2018, May, 25, 10:50:00 ПЕРСПЕКТИВЫ СДЕЛКИ ОПЕК+ МИНЭНЕРГО РОССИИ - Министр отметил, что в ходе предстоящей встречи с коллегой из Саудовской Аравии Халидом аль-Фалихом планируется обсудить текущую ситуацию на рынке нефти и дальнейшие действия в рамках сделки ОПЕК+. «Возможность смягчения ограничений по сделке имеется, но должна основываться на тщательном анализе ситуации. По большому счету, мы занимаем достаточно гибкую позицию», – сказал Александр Новак. Русский | English

2018, May, 23, 10:50:00 OIL PRICE: ABOVE $79 ANEW REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.

2018, May, 23, 10:45:00 HARD OIL MARKET FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.

2018, May, 23, 10:30:00 RUSSIA'S OIL BENEFIT BLOOMBERG - Oil has touched a level above $80 a barrel for the first time since November 2014. OPEC’s inventory target for output cuts has been met.

2018, May, 21, 11:10:00 OIL PRICE: ABOVE $79 YET REUTERS - Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 43 cents, or 0.6 percent, from their last settlement.

2018, May, 21, 11:05:00 ADEQUATE OIL SUPPLIES REUTERS - Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.