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2019-05-13 13:10:00

OIL PRICE: ABOVE $71

OIL PRICE: ABOVE $71

REUTERS - Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-U.S. trade talks.

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT.

U.S. West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a "sabotage attack" off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies.

Saudi Arabia and the UAE are the largest and third-largest producers, respectively, in the Organization of the Petroleum Exporting Countries (OPEC), according to the latest survey by Reuters.

Markets have been supported by Washington's bid to cut Iran's oil exports to zero and reduce exports from Venezuela, where infrastructure problems have also cut output.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and world powers last year.

Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June.

But the trade friction between Washington and China, which intensified last week will keep a lid on prices.

The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed.

The US-China trade war is set to intensify, which will limit gains in prices.

The trade turmoil has prompted hedge funds to cut their bullish wagers on U.S. crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months, U.S. government data showed on Friday.

Separately, in an early indicator of future output, U.S. energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down 805.

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Earlier:

OIL PRICE: ABOVE $71
2019, May, 8, 12:05:00
OIL PRICE: NOT ABOVE $70 YET
Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close. U.S. West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 percent, above their last settlement.
OIL PRICE: ABOVE $71
2019, May, 8, 11:50:00
OIL PRICES 2019-20: $70 - $67
Brent spot prices will average $70/b in 2019 and $67/b in 2020, compared with an average of $71/b in 2018.
OIL PRICE: ABOVE $71
2019, May, 6, 12:15:00
OIL PRICE: NOT ABOVE $70
Brent crude oil futures trading at $69.34 per barrel, down $1.51, or 2.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $60.57 per barrel at 0646 GMT on Monday, down $1.37 per barrel, or 2.2 percent, from their last settlement.
OIL PRICE: ABOVE $71
2019, May, 2, 17:15:00
OIL PRICE: NOT ABOVE $72
Brent crude oil futures were at $71.47 per barrel, U.S. West Texas Intermediate crude futures were down 76 cents at $62.84 per barrel.
OIL PRICE: ABOVE $71
2019, May, 2, 17:10:00
НЕФТЬ РОССИИ: МЕНЬШЕ НА 229 ТБС
В рамках ОПЕК+ Россия к концу апреля вышла на уровень сокращения добычи нефти в 229 тбс без учета СРП и 223 тбс с учетом СРП. Об этом рассказал Министр энергетики Российской Федерации Александр Новак.
OIL PRICE: ABOVE $71
2019, April, 29, 12:00:00
OIL PRICE: ABOVE $71 ANEW
Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.
OIL PRICE: ABOVE $71
2019, April, 29, 11:30:00
OIL PRICE: WILL BE $100
"Not extending the oil waivers of some countries is another side of the US measures against Iran. But if Iran's oil is fully sanctioned, oil price will go higher than $100 per barrel,"
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Tags: OIL, PRICE, BRENT, WTI