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2019-06-06 15:40:00

OIL PRICE: ABOVE $61 YET

OIL PRICE: ABOVE $61 YET

REUTERS - Oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising U.S. supply and stalling demand amid an economic slowdown.

Front-month Brent crude futures, the international benchmark for oil prices, were at $60.50 at 0108 GMT. That was 13 cents, or 0.2%, below last session's close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.62 per barrel, 6 cents, or 0.1%, below their last settlement.

Brent and WTI on Wednesday hit their lowest levels since January, at $59.45 and $50.60 per barrel respectively, amid a surge in U.S. crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.

U.S. crude oil production rose to a record 12.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018.

Amid surging output, U.S. commercial crude oil inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017.

The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as some non-affiliated producers including Russia, known as OPEC+, have been withholding oil supply since the start of the year to prop up the market.

With supply ample despite the OPEC-led cuts, much will depend on demand.

Global economic growth took a dip late last year but started to recover in early 2019, but analysts now warn that growth is threatened again.

-----


Earlier:

OIL PRICE: ABOVE $61 YET
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.
OIL PRICE: ABOVE $61 YET
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 YET
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 YET
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 YET
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 YET
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.
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