2019-04-17 11:45:00
OIL PRICE: NEAR $72
REUTERS - 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.
International benchmark Brent crude oil futures rose 29 cents, or 0.4 percent, to $72.01 a barrel by 0657 GMT. Brent gained as much 0.5 percent to 72.10 a barrel, the highest since Nov. 8 and the highest this year.
U.S. West Texas Intermediate (WTI) crude futures were at $64.49 per barrel, up 44 cents, or 0.7 percent from their previous settlement.
China's refinery throughput in March rose 3.2 percent from a year earlier to 53.04 million tonnes, or 12.49 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday. The data also showed its economy in the first quarter expanded by 6.4 percent compared to a year earlier.
The steady demand growth in China is occurring as a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to limit their output by 1.2 million bpd in 2019 has curtailed global supplies.
Crude oil supply has also declined this year as the United States has imposed economic sanctions on OPEC members Venezuela and Iran.
The tightening supply and demand fundamentals have pushed WTI up more than 40 percent this year and Brent up by more than 30 percent.
In June, OPEC and its partners will decide whether to continue to curb their production, although concerns have arisen over Russia's willingness to stick with the cuts.
Gazprom Neft, the oil arm of Russian gas company Gazprom, expected the global oil deal between OPEC and its allies to end in the first half of the year, a company official said on Tuesday.
An unexpected fall in U.S. crude inventories also supported higher oil prices.
U.S. crude inventories fell by 3.1 million barrels in the week ended April 12 to 452.7 million, compared with analysts' expectations for an increase of 1.7 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday.
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Earlier:
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.
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.
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.
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.
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.
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.
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.
