RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-12-04 12:40:00

OIL PRICE: ABOVE $61

OIL PRICE: ABOVE $61

REUTERS - Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices.

Brent crude LCOc1 futures were up 44 cents, or 0.7%, at $61.26 a barrel by 0706 GMT.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were up by 38 cents, or 0.7%, at $56.48. 

The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - are preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group's second-biggest producer. 

Thamer Ghadhban, the oil minister of Iraq, told reporters on Tuesday in Vienna that "a deeper cut is being preferred by a number of key members". 

There is still some scepticism in the market over whether OPEC will cut output further, although it is accepted that the grouping is keen to support prices, with many analysts expecting an extension of existing cuts.

"Amid (the) trade war uncertainty, OPEC will be even more determined to maintain a floor on oil prices and will work to deliver precisely that outcome," said Stephen Innes, chief Asia market strategist at AxiTrader.

OPEC members meet on Thursday and then on Friday the OPEC+ group meets. OPEC+ has been curbing supply since 2017 and is expected to keep the cuts in place to balance out record production in the United States.

Crude oil inventories in the U.S. fell by more than expected last week, according to the industry group American Petroleum Institute (API). Stockpiles of crude oil fell by 3.7 million barrels, more than double expectations of a decline of 1.7 million barrels.

Gasoline and distillate stocks increased, however, and the market will be looking for confirmation of the crude draw when official figures come out from the U.S. Department of Energy's Energy Information Administration later on Wednesday.

Keeping a lid on prices are the dwindling prospects of a trade deal between the United States and China. The trade dispute between the world's two biggest economies has weakened the global economy and held back oil demand growth.

U.S. President Donald Trump said on Tuesday an agreement to end the trade dispute may have to be delayed until after the American presidential election in November 2020.

"Both contracts should remain supported at these levels despite the (U.S.-China) trade concerns as the market looks to the start of the OPEC+ meeting tomorrow," said Jeffrey Halley, senior market analyst at OANDA.

Prices are likely to fall next year as oil supplies keep rising, outweighing any pick up in growth, Fitch Solutions said. It predicted Brent crude will drop to an average of $62 a barrels in 2020 and $58 in 2021, from a $64 average this year.

----- 


Earlier:

OIL PRICE: ABOVE $61
2019, December, 2, 14:20:00
OIL PRICE: NEAR $62
Brent rose $1.20 to $61.69 a barrel, WTI crude added $1.05 to $56.22.
OIL PRICE: ABOVE $61
2019, November, 29, 15:50:00
OIL PRICE: NOT ABOVE $64 AGAIN
Brent were down 29 cents at $63.58 a barrel, WTI were flat at $58.11
OIL PRICE: ABOVE $61
2019, November, 27, 12:20:00
OIL PRICE: NOT ABOVE $65
Brent dropped 9 cents, or 0.14%, to $64.18 a barrel, WTI fell 12 cents, or 0.21%, to $58.29 per barrel.
OIL PRICE: ABOVE $61
2019, November, 25, 13:25:00
OIL PRICE: NOT ABOVE $64 ANEW
Brent were at $63.73, up 34 cents, WTI rose 26 cents, or 0.45% to $58.03 a barrel
OIL PRICE: ABOVE $61
2019, November, 22, 12:25:00
OIL PRICE: NOT ABOVE $64
Brent dropped 34 cents, or 0.53%, to $63.63 a barrel, WTI fell 31 cents, also down 0.53%, to $58.27 per barrel.
OIL PRICE: ABOVE $61
2019, November, 20, 12:10:00
OIL PRICE: ABOVE $60
Brent were at $60.71 a barrel, WTI erased early gains to be down 6 cents, or 0.1%, at $55.15 a barrel
OIL PRICE: ABOVE $61
2019, November, 18, 13:30:00
OIL PRICE: ABOVE $63
Brent were up 11 cents, or 0.2%, to $63.41 a barrel, WTI were 21 cents, or 0.4%, higher at $57.93 a barrel
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $61
2022, July, 6, 10:59:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: ABOVE $61
2022, July, 6, 10:58:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL PRICE: ABOVE $61
2022, July, 6, 10:55:00
S.KOREAN NUCLEAR POLICY
"it is imperative that new energy policy goals and directions are set so as to better accomplish carbon neutral government projects and the expansion of nuclear power."
OIL PRICE: ABOVE $61
2022, July, 6, 10:50:00
RUSSIAN NUCLEAR FOR ARMENIA
The joint working group was chaired by Armenia’s Deputy Minister of Territorial Administration and Infrastructures, Hakob Vardanyan. The Russian delegation was headed by Viktor Kolesnikov, project manager and Advisor to the President of Rusatom Energy Projects.
OIL PRICE: ABOVE $61
2022, July, 6, 10:45:00
IRANIAN NPP 360 MW
At the moment, the only functioning nuclear power plant in Iran is the first stage of the Bushehr NPP, built with Russian assistance.
OIL PRICE: ABOVE $61
2022, July, 5, 12:35:00
OIL PRICE: BRENT NEAR $113, WTI ABOVE $109
Brent fell by 60 cents, or 0.5%, to $112.89 a barrel, WTI climbed $1.13, or 1.1%, to $109.58 a barrel.
OIL PRICE: ABOVE $61
2022, July, 5, 12:30:00
RUSSIA, INDIA: RELIABLE PARTNERS
Many of our companies, including energy companies, are operating in Indonesia. There is interest in developing the national nuclear power industry.
All Publications »