2019-05-06 12:15:00
OIL PRICE: NOT ABOVE $70
REUTERS - Oil prices tumbled on Monday after U.S. President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.
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.
Brent crude oil futures fell below $70 per barrel, trading at $69.34 per barrel, down $1.51, or 2.1 percent, from their last close.
Trump said on Twitter on Sunday that he would drastically hike U.S. tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures.
"Trump's sudden hard-line on China tariffs has spooked investors, who are scrambling to reduce their risk levels in the markets," said Jasper Lawler, head of research at futures brokerage London Capital Group.
"The prospect of months of trade talks being derailed by Trump has raised concerns over future demand for oil," he added.
Trump's move triggered reports that China may cancel or at least cut short trade talks scheduled with Washington this week.
Within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd. That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.
The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, data from oil services firm Baker Hughes showed on Friday.
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Earlier:
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.
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.
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.
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,"
2019, April, 26, 11:30:00
OIL PRICE: NOT ABOVE $74 YET
Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.
2019, April, 26, 11:25:00
OIL PRICES 2019-20: $66 - $65
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020,
2019, April, 24, 11:30:00
OIL MARKET IS FINE
The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.
