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2019-05-20 12:00:00

OIL PRICE: NEAR $73

OIL PRICE: NEAR $73

REUTERS - Oil rose to multi-week highs on Monday after OPEC indicated it would probably maintain production cuts that have helped support prices this year, while tension continued to escalate in the Middle East.

Brent crude was up by 90 cents, or 1.3%, at $73.11 a barrel by 0604 GMT, having earlier touched $73.40, the highest since April 26.

U.S. West Texas Intermediate crude was up 71 cents, or 1.1% higher, at $63.47 a barrel. The U.S. benchmark reached $63.81 earlier, the highest since May 1.

Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories "gently" but he would remain responsive to the needs of a "fragile market".

United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not the right decision.

U.S. President Donald Trump threatened Tehran on Sunday, tweeting that a conflict would be the "official end" of Iran, while Saudi Arabia said it was ready to respond with "all strength" and it was up to Iran to avoid war.

The rhetoric follows last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the U.S. embassy.

"Al-Falih and the UAE both put paid to suggestions of increasing production over the weekend and then President Trump essentially telling Iran to bring it on was a perfect short-term storm for oil prices," Greg McKenna, strategist at McKenna Macro, told Reuters by email.

OPEC, Russia and other non-member producers, an alliance known as OPEC+, agreed to cut output by 1.2 million barrels per day (bpd) from Jan. 1 for six months to prevent inventories from increasing and weakening prices.

Brent touched $75.60 on April 25, while the WTI high for 2019 is $66.60, reached on April 23. As of Monday, Brent is up more than 35 percent, while WTI has gained nearly 40 percent.

Another bullish signal was a second week of declines in U.S. drilling operations, with energy companies cutting oil rigs to the lowest since March 2018.

The rig count, an early indicator of future output, fell by 3 to 802, General Electric Co's Baker Hughes energy services unit said on Friday.

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Earlier:

OIL PRICE: NEAR $73
2019, May, 17, 08:00:00
OIL PRICE: ABOVE $72
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.
OIL PRICE: NEAR $73
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: NEAR $73
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: NEAR $73
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: NEAR $73
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: NEAR $73
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: NEAR $73
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