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2019-05-17 08:00:00

OIL PRICE: ABOVE $72

OIL PRICE: ABOVE $72

PLATTS - Crude oil futures were higher during mid-morning trade in Asia Friday amid ongoing supply-side uncertainties and geopolitical tensions, with market participants also looking out for headlines emerging from the OPEC/non-OPEC meeting scheduled over the weekend.

At 11 am Singapore time (0300 GMT), July ICE Brent crude futures were up 35 cents/b (0.48%) from Thursday's settle to $72.97/b, while the NYMEX June light sweet crude contract gained 41 cents/b (0.65%) at $63.28/b.

US President Donald Trump's administration has increased pressure on Iran this month by ending sanctions waivers to its oil buyers.

Total CEO Patrick Pouyanne Thursday, however, downplayed the risks of rising tension between the US and Iran as well as this week's apparent attacks on Middle East oil infrastructure, weighing the boost in crude prices against added operational risks.

"It could add some risks on some of our activity, at the same time it pushes the price of oil up," Pouyanne said at an Atlantic Council event in Washington. "Globally speaking for Total, it's not so bad. Maybe it's bad for some consumers. But I suspect these tensions are just pushing the price up and up and up. So we'll see."

Crude prices this week reacted sharply following apparent sabotage attacks on oil tankers in the Persian Gulf and drone attacks on two pumping stations along Saudi Aramco's East-West pipeline.

The attacks were followed by news Wednesday that the US State Department announced it was removing non-essential staff from Iraq, following weeks of statements by US officials that Iran-backed agents were threatening US assets in the country. Iraqi and international oil sector officials have said there have been no withdrawals by oil companies operating in Iraq, despite reports by local media.

Meanwhile, market participants would be looking ahead for price cues from the OPEC/non-OPEC monitoring committee meeting scheduled to be held at Jeddah this weekend, analysts said.

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Earlier:

OIL PRICE: ABOVE $72
2019, May, 15, 12:10:00
OIL PRICE: NEAR $71
Brent crude futures were at $71.06 a barrel at 0646 GMT, down 18 cents, or 0.3%, from their last close. Brent ended 1.4% higher on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session.
OIL PRICE: ABOVE $72
2019, May, 13, 13:10:00
OIL PRICE: ABOVE $71
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.
OIL PRICE: ABOVE $72
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 $72
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 $72
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 $72
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 $72
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.
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Tags: OIL, PRICE, BRENT, WTI