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2019-10-04 11:10:00

OIL PRICE: NEAR $58

OIL PRICE: NEAR  $58

REUTERS - Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks.

Brent crude oil futures LCOc1 rose 12 cents, or 0.2%, to $57.83 a barrel by 0703 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 9 cents, or 0.2%, to $52.54.

For the week, Brent was down 6.6%, marking its largest weekly loss since December. WTI was down 6% for the week, its biggest decline since July.

Brent crude oil futures LCOc1 rose 12 cents, or 0.2%, to $57.83 a barrel by 0703 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 9 cents, or 0.2%, to $52.54.

"Continued falls in drilling activity has seen monthly growth in U.S. shale oil output fall, from 150 thousand barrels per day (kbpd) to only 50 kbpd," said ANZ Bank on Friday.

"This is likely to linger well into 2020."

-----


Earlier:

OIL PRICE: NEAR  $58
2019, October, 2, 12:25:00
OIL PRICE: ABOVE $58
Brent crude rose 47 cents, or 0.8%, to $59.36 a barrel, West Texas Intermediate crude was at $54.29 a barrel, up 67 cents or 1.3%.
OIL PRICE: NEAR  $58
2019, September, 30, 15:20:00
OIL PRICE: NEAR $61 AGAIN
Brent were down 52 cents or 0.84% at $61.39 a barrel, WTI were 35 cents or 0.63% lower at $55.56 a barrel.
OIL PRICE: NEAR  $58
2019, September, 27, 13:45:00
OIL PRICE: ABOVE $62 YET
Brent fell 6 cents to $62.68 a barrel, WTI rose 18 cents to $56.59 a barrel
OIL PRICE: NEAR  $58
2019, September, 26, 14:00:00
OIL PRICE: ABOVE $61
Brent were at $62.55 a barrel, WTI gained 13 cents, or 0.23%, to $56.62 a barrel.
OIL PRICE: NEAR  $58
2019, September, 25, 15:15:00
OIL PRICE: NEAR $61
Brent were down $1.05 cents at $62.05 a barrel, WTI dropped to $56.47 a barrel, down 82 cents.
OIL PRICE: NEAR  $58
2019, September, 24, 18:15:00
OIL PRICE: ABOVE $62
Brent dropped 58 cents to $64.19 a barrel, WTI were at $58.15, down 49 cents.
OIL PRICE: NEAR  $58
2019, September, 23, 14:30:00
OIL PRICE: NEAR $63
Brent crude fell 30 cents to $63.98 a barrel, WTI was down 38 cents to $57.71.
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Tags: OIL, PRICE, BRENT, WTI
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