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2019-04-08 12:10:00

OIL PRICE: ABOVE $70

OIL PRICE: ABOVE $70

REUTERS - Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.

International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 percent from their last close.

U.S. West Texas Intermediate (WTI) crude were up 30 cents, or 0.5 percent, at $63.39 per barrel.

Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.

To prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.

"OPEC's ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year," said Hussein Sayed, chief market strategist at futures brokerage FXTM.

"However, the latest boost was received from an escalation of fighting in Libya which is threatening further supply disruption," he added.

Strong U.S. jobs data on Friday also still supported markets on Monday.

"Oil bulls are drawing heart from the strong employment data in the U.S.," said Sukrit Vijayakar, director of energy consultancy Trifecta.

Despite the host of price drivers, there remain factors that could bring oil down later this year.

Russia is a reluctant participant in its agreement with OPEC to withhold output, and it may increase production if the deal is not extended before it expires on July 1, Energy Minister Alexander Novak said on Friday.

Russian oil output reached a national record high of 11.16 million bpd last year.

In the United States, crude production reached a global record 12.2 million bpd in late March.

U.S. crude exports have also risen, breaking through 3 million bpd for the first time earlier this year.

"With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in U.S. exports," said energy consultancy FGE in a note.

There also remain concerns about the health of the global economy, especially should China and the United States fail to resolve their trade dispute soon.

"Global demand has weakened, and existing tariffs on Chinese goods shipments to the U.S. are providing an additional drag," rating agency Moody's said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

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Earlier:

OIL PRICE: ABOVE $70
2019, April, 5, 10:55:00

OIL PRICE: NEAR $70 YET

Oil prices fell on Friday, with Brent slipping away from the $70 mark reached the previous day, pulled down by worries about progress in the U.S.-China trade talks.

OIL PRICE: ABOVE $70
2019, April, 3, 11:30:00

OIL PRICE: NEAR $70

Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories.

OIL PRICE: ABOVE $70
2019, April, 1, 11:40:00

OIL PRICE: ABOVE $68

Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.

OIL PRICE: ABOVE $70
2019, March, 29, 11:45:00

OIL PRICE: NEAR $68

Oil prices rose on Friday on the back of ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.

OIL PRICE: ABOVE $70
2019, March, 27, 12:05:00

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Oil prices were mixed on Wednesday, with Brent extending the previous session’s rise, but gains were kept in check amid growing fears over the impact of a global economic slowdown on demand.

OIL PRICE: ABOVE $70
2019, March, 25, 11:40:00

OIL PRICE: BELOW $67

Oil prices slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela.

OIL PRICE: ABOVE $70
2019, March, 22, 10:45:00

OIL PRICE: ABOVE $67 ANEW

Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.

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Tags: OIL, PRICE, BRENT, WTI

Chronicle:

OIL PRICE: ABOVE $70
2019, April, 19, 09:15:00

S.KOREA RENEWABLE ENERGY

South Korea's economy has been pushing to shed its heavy reliance on coal and nuclear power, with the latest target coming on top of a 2017 plan to increase the amount of renewables in its energy mix to 20 percent by 2030.

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2019, April, 19, 09:10:00

UAE GDP WILL UP 4.7%

The International Monetary Fund (IMF), has forecast the UAE’s nominal Gross Domestic Product (GDP) to grow 4.7 percent to AED1.673 trillion in 2019, compared to AED1.589 trillion a year ago.

OIL PRICE: ABOVE $70
2019, April, 19, 09:05:00

U.S. TRADE DEFICIT $49.4 BLN

the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January,

OIL PRICE: ABOVE $70
2019, April, 19, 09:00:00

U.S. RIGS DOWN 10 TO 1,012

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