2019-05-02 17:15:00
OIL PRICE: NOT ABOVE $72
REUTERS - Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in inventories.
Brent crude oil futures were at $71.47 per barrel at 1037 GMT, 71 cents below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year.
U.S. West Texas Intermediate crude futures were down 76 cents at $62.84 per barrel.
U.S. crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 million barrels as production hit a record high of 12.3 million barrels per day (bpd), government data showed.
Meanwhile, Poland's energy ministry said it decided to release mandatory oil reserves following the suspension of contaminated oil deliveries from Russia in April, to secure regular output at local refineries.
Oil prices, though, are still supported by the political crisis in Venezuela, stricter U.S. sanctions against Iran that allow no more exemptions from May, and as the Organization of the Petroleum Exporting Countries continues to withhold supply.
Oman's energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC's goal to extend the production cuts, which started in January, when the group and its allies next meet in June.
Despite the desire of many OPEC members to continue supply cuts, the group may eventually be forced into action to meet demand in a market that has seen prices rise more than 30 percent this year.
Russia has sent signals about potentially increasing output. In April, however, the country's oil output fell to 11.23 million bpd from 11.3 million bpd in March, still above OPEC quotas.
"Warnings about fragile economic growth, rising U.S. production and exports and the U.S. president's low pain threshold for high oil prices coupled with his bullying tactics. Will (OPEC's concerted effort) continue?" PVM's Tamas Varga said.
Fitch Solutions analysts also warned, beyond Venezuela, of risks to supply from Libya, where a civil war threatens to cut oilfields off from markets.
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Earlier:
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.
2019, April, 24, 11:25:00
OIL PRICE: OPEC + IRAN
OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.
2019, April, 24, 11:20:00
OIL PRICE: OPEC + RUSSIA
the risk of oil prices heading well above $70/b to the oil market and the global economy, while also saying that if prices were too low it would hit investment in the industry and key oil producing countries.
