2019-06-14 11:20:00
OIL PRICE: ABOVE $61 AGAIN
REUTERS - Brent crude on Friday extended sharp gains from the previous day following attacks on two oil tankers in the Gulf of Oman that stoked concerns of reduced crude flows of the commodity through one of the world's key shipping routes.
The attacks near Iran and the Strait of Hormuz pushed oil prices up as much as 4.5% on Thursday, putting the brakes on a slide in prices in recent weeks over concerns about global demand. U.S. crude.
It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies, amid rising tensions between the United States and Iran. Washington quickly blamed Iran for Thursday's attacks, but Tehran denied the allegation.
Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. Still, the contract is heading for a weekly fall of nearly 3%, a fourth week of decline.
U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2% in the previous session, but is on course for a weekly decline of 3.2%.
"The events in the Gulf would now appear to have taken on an overt military dimension and we are waiting to see what action the U.S. Fifth Fleet and other military resources in the region may take," said Tom O'Sullivan, founder of energy and security consultancy Mathyos Advisory.
Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, especially targeting Tehran's oil exports.
Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare.
U.S. Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks on Thursday.
The U.S. military later released a video that it said showed Iran's Revolutionary Guard removing an unexploded mine from the side of a Japanese-owned oil tanker.
In a statement on Thursday evening, the Iranian mission to the United Nations said Tehran "categorically rejects the U.S. unfounded claim with regard to 13 June oil tanker incidents and condemns it in the strongest possible terms".
Qatar called for an international investigation into the attacks and a de-escalation of tensions in the region.
On the demand side, OPEC on Thursday cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019.
The producer group and its allies are due to meet in the coming weeks to decide whether to maintain supply curbs. Some members are worried about a steep slide in prices, despite demands from U.S. President Donald Trump for action to lower the cost of oil.
World oil demand will rise by 1.14 million barrels per day (bpd) this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report published on Thursday.
"Throughout the first half of this year, ongoing global trade tensions have escalated," OPEC said in the report. "Significant downside risks from escalating trade disputes spilling over to global demand growth remain."
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Earlier:
2019, June, 13, 16:50:00
OIL PRICE: NOT ABOVE $63 ANEW
Brent crude futures were up $1.91, or 3.18%, at $61.88 a barrel by 1039 GMT, having risen as much as 4.45% to $62.64. U.S. West Texas Intermediate crude futures were up $1.42, or 2.78%, at $52.56 a barrel. WTI earlier rose as much as 3.85% to $53.11.
2019, June, 11, 10:35:00
OIL PRICE: NOT ABOVE $63
Front-month Brent crude futures were at $62.56 at 0707 GMT, up 27 cents, or 0.4%, from Monday’s close. U.S. West Texas Intermediate (WTI) crude futures were at $53.75 per barrel, 49 cents, or 0.9%, above their last settlement.
2019, June, 7, 12:25:00
OIL PRICE: NEAR $63
Brent crude futures were up $1.35 at $63.02 a barrel by 0757 GMT. WTI crude futures were up $1.10 at $53.69 per barrel.
2019, June, 7, 12:20:00
РОССИЯ И САУДОВСКАЯ АРАВИЯ - КЛЮЧЕВЫЕ ПАРТНЕРЫ
В ходе встречи главы энергетических ведомств России и Саудовской Аравии обсудили текущее сотрудничество стран в рамках договоренностей ОПЕК+, а также повестку предстоящего заседания Совместной межправительственной Российско-Саудовская комиссии по торгово-экономическому и научно-техническому сотрудничеству, намеченной к проведению 10 июня в Москве.
2019, June, 6, 15:40:00
OIL PRICE: ABOVE $61 YET
Brent crude futures were at $60.50 at 0108 GMT. That was 13 cents, or 0.2%, below last session’s close. WTI crude futures were at $51.62 per barrel, 6 cents, or 0.1%, below their last settlement.
2019, June, 5, 10:45:00
OIL PRICE: ABOVE $61
Brent futures were down 42 cents, or 0.7%, at $61.55 a barrel by 0552 GMT. U.S. West Texas Intermediate (WTI) crude was down by 48 cents, or 0.9%, at $53 a barrel.
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%.
