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2019-02-08 12:15:00

OIL PRICE: ABOVE $61

OIL PRICE: ABOVE $61

REUTERS - Oil markets fell on Friday, pulled down by worries over a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support.

U.S. West Texas Intermediate (WTI) crude futures stood at $52.17 per barrel by 0755 GMT, down 47 cents, or 0.9 percent, from their last settlement.

International Brent crude oil futures were down by 48 cents, or 0.8 percent, at $61.15 per barrel.

Weighing on financial markets, including crude oil futures, were concerns that trade disputes between the United States and China would remain unresolved, denting global economic growth prospects.

U.S. President Donald Trump said on Thursday that he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to strike a trade deal.

If there is no agreement between the world's two biggest economies, Trump has threatened to increase U.S. tariffs on Chinese imports. Another round of talks is scheduled for next week in Beijing.

"Crude prices returned to the lows of the week as slower growth prospects...could signal a return (of reasons) for inventories to rise," said Edward Moya, market analyst at futures brokerage OANDA.

On Thursday, the European Commission sharply cut its forecasts for euro zone economic growth due to global trade tensions and an array of domestic challenges.

The Commission said euro zone growth this year would slow to 1.3 percent from 1.9 percent in 2018, before rebounding in 2020 to 1.6 percent.

Despite this, traders said crude prices were prevented from falling much further by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), adopted late last year with the aim of tightening the market and propping up prices.

As part of the cuts, OPEC-kingpin Saudi Arabia cut its output in January by about 400,000 barrels per day (bpd) to 10.24 million bpd, according to OPEC sources.

That puts Saudi crude oil production almost 1.7 million bpd below that of the United States, which has been churning out around 11.9 million bpd in late 2018 and early 2019 - up by more than 2 million bpd from a year earlier.

"The OPEC+ meeting in April looms large, and we expect that if the group remains committed to their production targets oil prices have further upside," said U.S. investment bank Jefferies on Friday in a note.

Another risk to supply comes from Venezuela after the implementation of U.S. sanctions against the OPEC member's petroleum industry in late January. Analysts expect this move to knock out 300,000-500,000 bpd of exports.

For the time being, though, the sanctions impact on international oil markets was limited.

"The (Venezuela) disruption overall seems manageable both for the U.S. and the global market," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "The oil market sits on a comfortable cushion of supply."

 

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Earlier: 

Prices
2019, February, 4, 10:20:00

OIL PRICE: NOT ABOVE $63

REUTERS - International Brent crude oil futures were at $62.76 per barrel at 0507 GMT on Monday, 1 cent above their last close. Brent rose by more than 3 percent in the previous session to their highest close since Nov. 21. U.S. West Texas Intermediate (WTI) futures were at $55.20 per barrel, down 6 cents from their last settlement. WTI settled 2.73 percent higher in the last session at its highest close since Nov. 19.

 
Prices
2019, February, 4, 10:15:00

ЦЕНА URALS: $59,85

МИНФИН РОССИИ - Средняя цена на нефть марки Urals в январе 2019 года сложилась в размере $ 59,85 за баррель, что в 0,9 раза ниже, чем в январе 2018 года ($68,46 за баррель).

 
Prices
2019, February, 4, 10:10:00

RUSSIA'S OIL DOWN TO 11.38 MBD

REUTERS - Russian oil output declined to 11.38 million barrels per day (bpd) in January, or by around 35,000 bpd from the October 2018 level,

 
Prices
2019, February, 1, 11:45:00

OIL PRICE: NEAR $61 YET

REUTERS - International Brent crude oil futures were at $61.06 per barrel at 0755 GMT, 22 cents, or 0.4 percent, above their last close. U.S. West Texas Intermediate (WTI) futures were at $53.86 per barrel, up 7 cents from their last settlement.

 
Prices
2019, February, 1, 11:35:00

OIL MARKET IS CALM

PLATTS- Russian energy minister Alexander Novak said Wednesday that he does not currently see a need to take any extra measures or call for an extra meeting by the OPEC/non-OPEC group over the crisis in Venezuela. "We haven't discussed the situation with [Saudi energy] minister Falih, or other ministers," Novak told reporters. "The markets are currently calm ... and the volatility is insignificant. So there is no need for the extra meeting of OPEC+, at least the Russian side thinks so."

 
Prices
2019, February, 1, 11:05:00

SAUDIS OIL WILL DOWN

BLOOMBERG - Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said.

 
Prices
2019, January, 30, 11:40:00

OIL PRICE: ABOVE $61

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $53.43 per barrel at 0644 GMT, up 12 cents, or 0.2 percent, above their last settlement. International Brent crude oil futures rose 21 cents, or 0.3 percent, to $61.53 per barrel. 

Tags: OIL, PRICE, BRENT, WTI,
OIL PRICE: ABOVE $61 February, 18, 12:30:00

OIL PRICE: ABOVE $66

OIL PRICE: ABOVE $61 February, 18, 12:25:00

OIL DEMAND GROWTH 1.4 MBD

OIL PRICE: ABOVE $61 February, 18, 12:20:00

BRENT OIL: UNDERVALUED

OIL PRICE: ABOVE $61 February, 18, 12:15:00

U.S. OIL PRODUCTION 11.9 MBD AGAIN

OIL PRICE: ABOVE $61 February, 18, 12:10:00

BENEFIT FOR RUSSIA

OIL PRICE: ABOVE $61 February, 18, 12:05:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

All Publications »

Chronicle:

OIL PRICE: ABOVE $61
2019, February, 18, 12:00:00

БЫСТРАЯ СИЛА СИБИРИ

ГАЗПРОМ - Как отметил по итогам переговоров Алексей Миллер, «строительство газопровода „Сила Сибири“ идет с опережением графика, „Газпром“ начнет поставки газа в Китай раньше намеченного срока — уже с 1 декабря 2019 года».

OIL PRICE: ABOVE $61
2019, February, 18, 11:55:00

U.S. TIGHT OIL PRODUCTION 7 MBD

U.S. EIA - In December 2018, U.S. shale and tight plays produced about 65 billion cubic feet per day (Bcf/d) of natural gas (70% of total U.S. dry gas production) and about 7 million barrels per day (b/d) of crude oil (60% of total U.S. oil production). A decade ago, in December 2008, shale gas and tight oil accounted for 16% of total U.S. gas production and about 12% of U.S. total crude oil production.

OIL PRICE: ABOVE $61
2019, February, 18, 11:50:00

U.S. SHALE NEED INVESTMENT

REUTERS - On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

OIL PRICE: ABOVE $61
2019, February, 18, 11:45:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.6%

U.S. FRB - Industrial production decreased 0.6 percent in January after rising 0.1 percent in December.

All Publications »