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2019-06-05 10:45:00

OIL PRICE: ABOVE $61

OIL PRICE: ABOVE $61

REUTERS - Oil prices resumed their slide on Wednesday, dragged down by an unexpected gain in U.S. inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.

Brent futures were down 42 cents, or 0.7%, at $61.55 a barrel by 0552 GMT. They rose 1.1% on Tuesday after a near 13 percent fall in the previous four sessions.

U.S. West Texas Intermediate (WTI) crude was down by 48 cents, or 0.9%, at $53 a barrel. The U.S. benchmark closed 0.4% higher on Tuesday.

Oil prices have fallen sharply on fears about slowing global demand, but won a respite on Tuesday after a global stock market rally on hopes of a cut in U.S. interest rates.

U.S. crude stocks rose unexpectedly last week, while gasoline and distillate inventories built more than expected, industry group the American Petroleum Institute said on Tuesday.

Crude inventories rose by 3.5 million barrels in the week to May 31 to 478 million, compared with analysts' expectations for a decrease of 849,000 barrels. 

Official numbers from the U.S. Energy Information Administration (EIA) are due out later on Wednesday.

"It was a very bearish number and if confirmed by the EIA it will hammer prices," said Stephen Innes, managing partner at SPI Asset Management in Bangkok.

The oil market has been weighed down by concerns about slowing global growth from the U.S.-Sino trade war and President Donald Trump's threats last week to place tariffs on Mexican imports.

To prevent oversupply and prop up the market, the Organization of the Petroleum Exporting Countries (OPEC), together with allies including Russia, has been withholding production since the start of the year.

The group plans to decide later this month or in early July whether to continue the supply curbs.

"The decision is always dependent on price and with oil markets trading at the lower end of the market broader range I think it's a lock, especially with the multitude of uncertainties on the macro front," Innes said.

Underlining concerns about oversupply, on Tuesday the head of oil giant Rosneft, Igor Sechin, said Russia should pump at will and he would seek compensation from the government if cuts were extended.

Russia's average daily oil output has nonetheless dropped to a three year-low after contaminated crude clogged its main export route.

Further pressuring oil prices and undermining OPEC's efforts to tighten the market has been surging U.S. output to record highs, leading to more of its crude being exported.

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Earlier:

OIL PRICE: ABOVE $61
2019, June, 4, 15:55:00
OIL PRICE: NOT ABOVE $61
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%.
OIL PRICE: ABOVE $61
2019, June, 3, 12:50:00
OIL PRICE: ABOVE $60
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%.
OIL PRICE: ABOVE $61
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 $61
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 $61
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 $61
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.
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 $61
2021, August, 4, 12:14:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
OIL PRICE: ABOVE $61
2021, August, 4, 12:13:00
ИНВЕСТИЦИОННЫЕ ПРОЕКТЫ УГОЛЬНЫХ ПРЕДПРИЯТИЙ РОССИИ
Команда Восток Капитал подготовила отчет по инвестиционным проектам угольных предприятий России, в котором представлены: Проекты по строительству новых угольных шахт и обогатительных фабрик Проекты по реконструкции существующих угольных разрезов Проекты по строительству и реконструкции морских портов и сопутствующей инфраструктуры
OIL PRICE: ABOVE $61
2021, August, 4, 12:10:00
AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN
Pro-forma market capitalisation of A$21 billion which would position the merged entity in the top-20 ASX-listed companies and the 20 largest global oil and gas companies
OIL PRICE: ABOVE $61
2021, August, 4, 12:05:00
TC ENERGY NET INCOME $982 MLN
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced net income attributable to common shares for second quarter 2021 of $982 million or $1.00 per share compared to net income of $1.3 billion or $1.36 per share for the same period in 2020.
OIL PRICE: ABOVE $61
2021, August, 4, 12:00:00
NOVATEK PROFIT RR 164.4 BLN
Profit attributable to shareholders of PAO NOVATEK increased to RR 99.3 billion (RR 33.07 per share) in the second quarter 2021 and to RR 164.4 billion (RR 54.76 per share) in the six months 2021 as compared to RR 41.6 billion and RR 10.9 billion, respectively, in the corresponding periods in 2020.
OIL PRICE: ABOVE $61
2021, August, 2, 12:45:00
OIL PRICE: BELOW $75
Brent slid by 74 cents, or 1%, to $74.67 a barrel, WTI dropped 70 cents, or 1%, to $73.25 a barrel.
OIL PRICE: ABOVE $61
2021, August, 2, 12:40:00
ЭНЕРГЕТИКА РОССИИ, ТУРЦИИ
Наиболее динамичной сферой сотрудничества России и Турции остаётся энергетическая отрасль.
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