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2019-04-24 11:35:00

OIL PRICE: NOT ABOVE $74

OIL PRICE: NOT ABOVE  $74

REUTERS - Oil prices fell on Wednesday amid signs that global markets remain adequately supplied, despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Brent crude futures were at $74.17 per barrel at 0637 GMT, down 34 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.96 per barrel, down 34 cents, or 0.5 percent, from their previous settlement.

Crude oil prices for spot delivery rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

The spot price surge has put the Brent forward curve into steep backwardation, in which prices for later delivery are cheaper than for prompt dispatch.

U.S. sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.

With Iranian oil exports likely declining sharply from May as most countries bow to U.S. pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week.

Despite the tight spot market, analysts said global oil markets remained adequately supplied for now thanks to ample spare capacity from the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC), Russia and also the United States.

The International Energy Agency (IEA), a watchdog for oil consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels."

The biggest source of new oil supply comes from the United States, where crude oil production has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world's biggest oil producer ahead of Russia and Saudi Arabia.

In a sign of America's rising oil market clout, former OPEC member and oil exporter Indonesia has ordered its first crude cargo from the United States, formerly the top crude importer but now the world's biggest oil producer.

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Earlier:

OIL PRICE: NOT ABOVE  $74
2019, April, 22, 08:55:00
OIL PRICE: NEAR $74
Oil prices rallied by about 3 percent on Monday to their highest since late 2018 as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions.
OIL PRICE: NOT ABOVE  $74
2019, April, 19, 09:45:00
OIL PRICE: NEAR $72 YET
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.
OIL PRICE: NOT ABOVE  $74
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: NOT ABOVE  $74
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: NOT ABOVE  $74
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: NOT ABOVE  $74
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: NOT ABOVE  $74
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.
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Tags: OIL, PRICE, BRENT, WTI