2019-03-11 11:55:00
OIL PRICE: NEAR $66 YET
REUTERS - Oil prices edged up on Monday after Saudi oil minister Khalid al-Falih said an end to OPEC-led supply cuts was unlikely before June, while a report showed U.S. drilling activity fell for a third straight week.
The news took downward pressure from oil markets that had built the previous week on the back of surging U.S. crude output and an economic slowdown especially in Asia and Europe.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.26 per barrel at 0016 GMT, down 19 cents, or 0.3 percent, from their last settlement.
Brent crude futures were at $65.91 per barrel, down 17 cents, or 0.3 percent.
Saudi oil minister Khalid al-Falih told Reuters on Sunday it would be too early to change OPEC+ output policy at the group's meeting in April.
The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia - known as the OPEC+ alliance - will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26.
OPEC+ has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year in order to tighten markets and prop up prices.
Falih said the group was unlikely to change its output policy in April.
"We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward," Falih said.
Prices were also supported by a weekly report by U.S. energy services firm Baker Hughes, which showed last Friday that the amount of rigs drilling for new oil production in the United States fell by nine last week to 834.
High drilling activity last year resulted in a more than 2 million bpd rise in production, to a record 12.1 million bpd reached this February.
"This is the third straight week of decline... after a number of oil producers trimmed their spending outlooks for 2019," ANZ bank said on Monday.
The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect U.S. crude output to rise above 13 million bpd soon.
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Earlier:
2019, March, 7, 12:05:00
OIL PRICE: NEAR $66
Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.
2019, March, 6, 11:55:00
OIL PRICE: ABOVE $65
Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.
2019, March, 4, 11:20:00
OIL PRICE: NOT ABOVE $70 YET
Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.
2019, March, 1, 12:20:00
OIL PRICE: NOT ABOVE $70
Oil prices climbed on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and concerns of global economic slowdown kept a lid on further gains.
2019, March, 1, 12:15:00
OIL PRICES WILL BE $60-$70
The next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b, the CEO of Lukoil, Russia's second-largest crude producer, said Wednesday.
2019, March, 1, 12:10:00
OIL PRICES 2019-20: ABOVE $60
Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January of last year.
2019, February, 27, 09:55:00
OIL PRICE: NEAR $66 ANEW
Oil prices rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.
