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2019-06-03 12:50:00

OIL PRICE: ABOVE $60

OIL PRICE: ABOVE $60

REUTERS - Oil prices plunged by more than 1.5% to below $61 a barrel on Monday, extending last week's heavy losses as deepening U.S. trade wars fanned fears of a global economic slowdown.

Saudi Arabia, the de-facto leader of OPEC, sought to stem the price slide with assurances that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus.

Front-month Brent crude futures were at $60.96 at 0844 GMT, down $1.03 or 1.7% below Friday's close. Prices had dropped by more than 3% on Friday, with May recording the biggest monthly loss in six months.

U.S. West Texas Intermediate (WTI) crude futures were at $52.98 per barrel, down 52 cents, or 1%.

Global markets have reeled in recent weeks over concerns that the global economy could stall amid rising trade tensions between the United States and China, the world's two largest economies and biggest energy consumers.

SUPPLY ASSURANCES

Brent crude oil prices have dropped almost 20% from their 2018 peak as global supplies tightened due to output curbs by the Organization of the Petroleum Exporting Countries and Russia, as well as a drop in Iranian exports due to U.S. sanctions and Venezuelan production.

Saudi Arabia, the world's top exporter, pumped 9.65 million barrels of oil per day (bpd), cutting deeper than its production target under a global pact to reduce oil supply, a Saudi oil industry source said on Monday.

The Saudi output target under the OPEC-led pact is 10.3 million bpd.

U.S. drillers this week increased the number of oil rigs operating for the first time in four weeks. Weekly production last stood at a record 12.3 million bpd.

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Earlier:

OIL PRICE: ABOVE $60
2019, May, 31, 12:35:00
OIL PRICE: NEAR $65
Front-month Brent crude futureswere at $65.72 at 0844 GMT, down $1.15 from last session’s close. WTI crude futures were at $55.85 per barrel, down 74 cents from their last settlement.
OIL PRICE: ABOVE $60
2019, May, 30, 18:25:00
OIL PRICE: NEAR $69 YET
Brent crude futures were at $69.03 per barrel at 1325 GMT, down 42 cents, or 0.6%, from their last close. WTI crude futures were up 23 cents, or 0.4%, at $59.04 a barrel, supported by expectations of a fall in U.S. crude inventories.
OIL PRICE: ABOVE $60
2019, May, 29, 11:20:00
OIL PRICE: ABOVE $69 YET
Front-month Brent crude futures were at $69.53 a barrel at 0641 GMT, down 58 cents, or 0.8%, from last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $58.46 per barrel, down 70 cents, or 1.2%, from their last settlement.
OIL PRICE: ABOVE $60
2019, May, 27, 11:55:00
OIL PRICE: ABOVE $68
Spot Brent crude futures were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close. WTI crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement.
OIL PRICE: ABOVE $60
2019, May, 27, 11:40:00
OILFIELD SERVICES RATING DOWN
"Oilfield services companies will no longer be able to generate the high operating margins they did in 2014," Carin Dehne-Kiley, an analyst at S&P, wrote Friday in a report to investors. "The oilfield services industry has fundamentally changed due to permanent efficiency and productivity gains realized by E&P companies as well as investor sentiment calling for E&P companies to live within cash flow and limit production growth."
OIL PRICE: ABOVE $60
2019, May, 24, 10:25:00
OIL PRICE: NEAR $67
Brent crude futures were at $68.48 per barrel at 0654 GMT, up 72 cents, or 1.1%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions. U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 1.1%, at $58.57 per barrel.
СОТРУДНИЧЕСТВО ОПЕК+ РОССИЯ
2019, May, 23, 12:25:00
СОТРУДНИЧЕСТВО ОПЕК+ РОССИЯ
“Российские компании согласны с тем, что необходимо продолжать сотрудничество. Взаимодействие направлено как на восстановление баланса на рынке, так и на поддержание справедливой, стабильной стоимости углеводородов, - отметил Александр Новак. - Россия готова оперативно реагировать на запросы рынка, мы можем увеличить производство из-за дефицита рынка. В качестве примера гибкости напомню, что мы вслед за ростом спроса прошлым летом увеличили производство и сократили его к концу года, когда на рынке был избыток».
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $60
2021, September, 17, 11:47:00
ENERGY TRANSITION TO CARBON NEUTRALITY AS A FACTOR OF UNPRECEDENTED ACCELERATION OF GLOBAL WARMING
The article reveals the reasons for the unprecedented acceleration of global warming, which was reported by the IPCC in the report "Climate Change 2021", offers proposals for their elimination, as well as for eliminating their consequences.
OIL PRICE: ABOVE $60
2021, September, 17, 11:45:00
NO NUCLEAR FOR SPAIN
Under Spain's nuclear phase-out policy, its nuclear fleet is scheduled to shut down by 2035.
OIL PRICE: ABOVE $60
2021, September, 17, 11:40:00
WIND ENERGY FOE CHILE 980 MW
The US$700m project, which is expected to generate 2 TWh/year, will include 140 turbines with a maximum power of 7 MW.
OIL PRICE: ABOVE $60
2021, September, 17, 11:35:00
U.S. OIL INVENTORIES DOWN BY 6.4 MB TO 417.4 MB
U.S. commercial crude oil inventories decreased by 6.4 million barrels from the previous week to 417.4 million barrels.
OIL PRICE: ABOVE $60
2021, September, 16, 14:00:00
OIL PRICE: ABOVE $75
Brent was up 11 cents, or 0.2%, to $75.57 a barrel, WTI was up 11 cents, or 0.2%, to $75.57 a barrel.
OIL PRICE: ABOVE $60
2021, September, 16, 13:50:00
EUROPEAN CLIMATE ADAPTATION
Adaptation measures include flood prevention measures and renovating buildings to make them more resilient to extreme temperature. The changes required vary across the continent, but recent events have shown that climate change poses a threat to Europe’s cities.
OIL PRICE: ABOVE $60
2021, September, 16, 13:45:00
GAS IS A KEY
Despite adaptations of new fuels and technologies to help achieve the net-zero goal, natural gas will continue to play a vital function for the foreseeable future.
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