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2019-04-19 09:45:00

OIL PRICE: NEAR $72 YET

OIL PRICE: NEAR $72 YET

REUTERS - Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices.

Brent crude futures settled at $71.97 a barrel, up 35 cents from their last close and near Wednesday's five-month high of $72.27. Brent saw a weekly gain of 0.6 percent, marking the fourth consecutive weekly rise for the international benchmark.

In post-settlement trade, the contract added 4 cents to $72.01 a barrel.

U.S. West Texas Intermediate (WTI) crude futures settled at $64.00 a barrel, up 24.00 cents. U.S. futures gained just under 0.2 percent for the week, their seventh weekly gain in a row.

Many financial markets will be closed on Friday for public holidays.

Saudi Arabia's crude oil exports fell by 277,000 barrels to just under 7 million bpd in February from the month before, according to data from the Joint Organizations Data Initiative (JODI).

U.S. crude, gasoline and distillate inventories dropped this week, with crude posting an unexpected drawdown, the first in four weeks, the Energy Information Administration (EIA) data showed on Wednesday.

U.S. energy companies this week cut the number of oil drilling rigs for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.

The U.S. rig count, an early indicator of future output, fell by eight in the week ending April 18, General Electric Co's Baker Hughes energy services firm said in its weekly report, which was released a day early because of the Good Friday holiday.

Oil has been driven up this year by an agreement reached by the Organization of the Petroleum Exporting Countries and its allies, including Russia, to limit their oil output by 1.2 million bpd.

Global supply has been tightened further by U.S. sanctions on OPEC members Venezuela and Iran.

Iran's crude exports have fallen in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a reduction in buyer interest ahead of expected further pressure from Washington.

Strong U.S. retail sales data and earnings from industrial companies put global slowdown fears, sparked by underwhelming manufacturing surveys from Asia and Europe, on the back burner.

Thursday's oil rally was kept in check, however, by a rise in the U.S. dollar, which makes crude more expensive for global buyers.

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Earlier:

OIL PRICE: NEAR $72 YET
2019, April, 17, 11:45:00
OIL PRICE: NEAR $72
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.
OIL PRICE: NEAR $72 YET
2019, April, 15, 12:20:00
OIL PRICE: ABOVE $71
Oil prices nudged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply.
OIL PRICE: NEAR $72 YET
2019, April, 12, 12:00:00
OIL PRICE: NEAR $71
Oil prices edged up on Friday, lifted by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.
OIL PRICE: NEAR $72 YET
2019, April, 10, 11:40:00
OIL PRICE: ABOVE $70 ANEW
Oil prices edged back towards five-month highs on Wednesday, supported by ongoing supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela.
OIL PRICE: NEAR $72 YET
2019, April, 8, 12:10:00
OIL PRICE: ABOVE $70
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.
OIL PRICE: NEAR $72 YET
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: NEAR $72 YET
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.
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Tags: OIL, PRICE, BRENT, WTI