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2019-10-07 13:35:00

OIL PRICE: NEAR $58 ANEW

OIL PRICE: NEAR  $58 ANEW

REUTERS - Oil prices were up on Monday, buoyed by hopes of progress in U.S.-China trade talks and supported by challenges to supply facing major exporters.

Brent crude LCOc1 rose 34 cents or 0.6% to $58.71 a barrel by 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was at $53.16, up 35 cents or 0.7%.

Both futures contracts ended last week with a more than 5% decline after dismal manufacturing data from the United States and China, with the trade row between the world's top economies undermining global economic prospects.

U.S. and Chinese officials meet in Washington on Oct. 10-11 in a fresh effort to work out a deal.

On the supply side, deadly anti-government unrest has gripped Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries.

Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note.

"Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said.

The major Buzzard oil field in the British North Sea was also shut for pipe repair work, China's CNOOC said on Friday.

Libya's National Oil Corporation (NOC) said on Sunday it would close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until Oct. 14.

But analysts said the resumption in Saudi Arabian production after the Sept. 14 attacks could undermine a price rally.

"The Saudi attacks have quickly been forgotten about and global growth is back to being the main driver of oil markets," said Craig Erlam, senior market analyst at OANDA.

"Such complacency could come back to bite oil traders as another aggressive spike will likely accompany any further escalation in the region."

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Earlier:

OIL PRICE: NEAR  $58 ANEW
2019, October, 4, 11:10:21
OIL PRICE: NEAR $58
Brent rose 12 cents, or 0.2%, to $57.83 a barrel, WTI rose 9 cents, or 0.2%, to $52.54.
OIL PRICE: NEAR  $58 ANEW
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 ANEW
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 ANEW
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 ANEW
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 ANEW
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 ANEW
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR  $58 ANEW
2019, October, 21, 13:15:00
CHINA'S LNG INVESTMENT: 11.5 MT
China’s Yantai LNG Group is aiming to start up a liquefied natural gas (LNG) import terminal by 2022 and expects government approval for it over the next few weeks
OIL PRICE: NEAR  $58 ANEW
2019, October, 21, 13:10:00
SAUDI'S INVESTMENT FOR BANGLADESH $3 BLN
Saudi Aramco and Saudi utilities developer Acwa Power have signed a memorandum of understanding (MoU) with the Bangladesh government to develop a $3bn liquefied natural gas (LNG) terminal and power plant in the South Asian country.
OIL PRICE: NEAR  $58 ANEW
2019, October, 21, 13:05:00
PETROBRAS PRODUCTION UP 16.5%
Petrobras, which has been was completing the installation of seven new floating production units, produced 2.794 million b/d of oil equivalent in the third quarter from domestic fields. Oil and gas output was up 9.5% from the second quarter.
OIL PRICE: NEAR  $58 ANEW
2019, October, 21, 13:00:00
U.S. RIGS DOWN 5 TO 851
U.S. Rig Count is down 5 rigs from last week to 851, Canada Rig Count is down 3 rigs from last week to 143,
OIL PRICE: NEAR  $58 ANEW
2019, October, 18, 12:00:00
OIL PRICE: NEAR $60
Brent fell by 21 cents, 0.4%, to $59.70 a barrel , WTI edged down by 4 cents, or 0.1%, to $53.89 per barrel.
OIL PRICE: NEAR  $58 ANEW
2019, October, 18, 11:45:00
RUSSIA'S GAS FOR HUNGARY +17%
Gazprom's supplies to the country over nine and a half months of 2019 totaled 8.9 billion cubic meters of gas, 17 per cent more than in the entire year of 2018.
OIL PRICE: NEAR  $58 ANEW
2019, October, 18, 11:40:00
RUSSIA, UAE NUCLEAR POWER
Emirates Nuclear Energy Corporation (ENEC) has renewed its 2017 Memorandum of Understanding on cooperation in the field of peaceful uses of nuclear energy with Russian state nuclear corporation Rosatom. The document was signed by Mohamed Al Hammadi, CEO of ENEC, and Alexey Likhachov, Rosatom director general, in Abu Dhabi during Russian President Vladimir Putin's official visit to the United Arab Emirates.
All Publications »