OIL PRICE: NEAR $72 AGAIN
REUTERS - Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.
Brent crude futures, a benchmark for international oil prices, were at $72.11 per barrel at 0803 GMT, up 28 cents.
U.S. West Texas Intermediate (WTI) crude futures were up 3 cents at $65.94 per barrel.
Last week, Brent declined for a third consecutive week, while WTI fell for a seventh week due to concerns about a slowdown in economic growth because of U.S.-Chinese trade tensions and weakness in many emerging economies.
China and the United States will hold trade talks this month, the two governments said late last week, in a bid to resolve an escalating tariff war that threatens to engulf all trade between the world's two largest economies.
Still, White House economic adviser Larry Kudlow warned Beijing not to underestimate President Donald Trump's resolve in what Kudlow called a "battle to eliminate tariffs and non-tariff barriers and quotas, to stop the theft of intellectual property and to stop the forced transfer of technology".
Shanghai crude futures for December delivery, China's most actively traded contract, fell 1.36 percent to 491.4 yuan per barrel.
"Disappointing industrial data out of China along with concerns over emerging market economies centered on Turkey weighed on commodities," Edward Bell of Emirates NBD bank said in a note on Sunday.
In the United States, energy companies last week kept the oil rig count unchanged at 869, according to the Baker Hughes energy services firm.
"The recent softening in benchmark prices should temper the pace of growth in U.S. exploration and production activity, and lead to slower overall output growth," Bell said.
Traders said U.S. sanctions against Iran were supporting prices. The U.S. government has introduced financial sanctions against Iran which, from November, will also target the petroleum sector of OPEC's third largest producer.
Iran told OPEC on Sunday no member country should be allowed to take over another member's share of oil exports and on Monday asked the EU to speed up efforts to save a 2015 nuclear deal between Tehran and major powers.
"We continue to believe that despite all of the political goodwill that may exist in Europe, there is no practical way that many of the sizeable European buyers of Iranian crude can be protected from U.S. sanctions," JBC Energy said in a note.
|January, 21, 11:55:00|
|January, 21, 11:50:00|
|January, 21, 11:45:00|
|January, 21, 11:40:00|
|January, 21, 11:35:00|
|January, 21, 11:30:00|
The 3rd Latin America Energy Forum will address the needs of Latin America's evolving energy sector, exploring the evolution of the region’s energy mix and the role of gas in supporting the increased use of nonconventional renewables.
U.S. EIA - EIA expects non-hydroelectric renewable energy resources such as solar and wind will be the fastest growing source of U.S. electricity generation for at least the next two years.
ENA - Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "The Abu Dhabi Fund for Development believes in the vital role the renewable energy sector plays in attaining the sustainable development goals in developing countries. This important sector stimulates economic growth, creates employment opportunities, drives innovation, supports the advancement of other key sectors, and optimises the use of natural resources – all crucial factors in improving people’s lives."
WNN - Russia and Serbia have signed an intergovernmental agreement on cooperation in nuclear energy and a joint statement on strategic partnership for the construction of a centre of nuclear science, technology and innovation.