2019-05-29 11:20:00
OIL PRICE: ABOVE $69 YET
REUTERS - Oil prices fell by around 1% on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.
Front-month Brent crude futures, the international benchmark for oil prices, were at $69.53 a barrel at 0641 GMT, down 58 cents, or 0.8%, from last session's close.
U.S. West Texas Intermediate (WTI) crude futures were at $58.46 per barrel, down 70 cents, or 1.2%, from their last settlement.
Despite the economic concerns, global oil demand is so far holding up well, likely averaging over 100 million barrels per day (bpd) this year for the first time, according to data from the U.S. Energy Information Administration (EIA).
But analysts are concerned that tightening credit amid the economic slowdown will hamper trading in commodities.
Despite these concerns dragging on oil markets, crude prices remain relatively tight.
Adding to this are ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year to prop up the market.
OPEC and some allies including Russia are due to meet in late June or early July to discuss output policy going forward.
Russian First Deputy Prime Minister Anton Siluanov said on Wednesday that the country would consider a possible extension of its oil output reduction agreement.
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Earlier:
2019, May, 27, 11:55:00
OIL PRICE: ABOVE $68
Spot Brent crude futures were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close. WTI crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement.
2019, May, 27, 11:40:00
OILFIELD SERVICES RATING DOWN
"Oilfield services companies will no longer be able to generate the high operating margins they did in 2014," Carin Dehne-Kiley, an analyst at S&P, wrote Friday in a report to investors. "The oilfield services industry has fundamentally changed due to permanent efficiency and productivity gains realized by E&P companies as well as investor sentiment calling for E&P companies to live within cash flow and limit production growth."
2019, May, 24, 10:25:00
OIL PRICE: NEAR $67
Brent crude futures were at $68.48 per barrel at 0654 GMT, up 72 cents, or 1.1%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions. U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 1.1%, at $58.57 per barrel.
2019, May, 24, 10:20:00
OPEC+ COMPLIANCE 168%
Although compliance to the cuts had a slow start, OPEC's JMMC noted in a press release following their meeting in Jeddah, Saudi Arabia, that compliance had hit a record high of 168% in April 2019. Average conformity reached 120% since January 2019.
2019, May, 23, 12:35:00
OIL PRICE: ABOVE $70 YET
Brent crude futures were at $70.36 per barrel, down 63 cents, or 0.9%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down by 51 cents, or 0.8%, at $60.91 per barrel.
2019, May, 23, 12:25:00
СОТРУДНИЧЕСТВО ОПЕК+ РОССИЯ
“Российские компании согласны с тем, что необходимо продолжать сотрудничество. Взаимодействие направлено как на восстановление баланса на рынке, так и на поддержание справедливой, стабильной стоимости углеводородов, - отметил Александр Новак. - Россия готова оперативно реагировать на запросы рынка, мы можем увеличить производство из-за дефицита рынка. В качестве примера гибкости напомню, что мы вслед за ростом спроса прошлым летом увеличили производство и сократили его к концу года, когда на рынке был избыток».
2019, May, 22, 11:00:00
OIL PRICE: NEAR $72 AGAIN
Brent crude futures were down 39 cents, or 0.5 percent, at $71.79 at barrel. WTI crude futures for July delivery were down 59 cents, or 0.9 percent, at $62.54.
