2019-12-02 14:20:00
OIL PRICE: NEAR $62
REUTERS - Oil jumped above $61 a barrel on Monday, supported by hints that OPEC and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand.
The Organization of the Petroleum Exporting Countries and allies including Russia are expected to extend output cuts this week and could increase the size of the curb by at least 400,000 barrels per day, two sources said.
Brent crude, the global benchmark, rose $1.20 to $61.69 a barrel by 0825 GMT. U.S. West Texas Intermediate (WTI) crude added $1.05 to $56.22.
The so-called OPEC+ group has coordinated output for three years to balance the market and support prices. Their current deal to cut supply by 1.2 million bpd that started in January expires at the end of March 2020.
"Any sign of discontent between the producers will send out negative signals and will put significant downward pressure on the oil price," said Tamas Varga of oil broker PVM. "We believe this is unlikely to happen."
OPEC's ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday.
On Friday, Brent and U.S. crude both fell on concerns that talks to end the trade war between the United States and China, the world's two biggest oil consumers, would be disrupted by U.S. support for protesters in Hong Kong.
Oil also rose on Monday due to an unexpected return to growth in Chinese factory activity in November as domestic demand picked up on Beijing's accelerated stimulus measures. That is supportive of the oil demand outlook.
But U.S. production keeps rising led by shale oil, filling the gaps left by OPEC, with output in September increasing to a new record of 12.46 million bpd, the U.S. government said in a monthly report on Friday.
It is not certain that OPEC+ will agree this week to deepen its curbs. Some in the group are wary of encouraging more U.S. production by measures to support prices.
"A deeper cut could boost prices, which would bring on more shale output and not help," the OPEC source said. "If WTI goes up to $60, there will be more shale."
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Earlier:
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
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.
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
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.
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
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
Chronicle:
2021, July, 9, 12:04:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.