2019-06-27 18:40:00
OIL PRICE: ABOVE $65
REUTERS - Oil fell to around $66 a barrel on Thursday, weighed down by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite prospects for continued OPEC curbs.
U.S. President Donald Trump said on Wednesday a trade deal with Chinese President Xi Jinping was possible this weekend but he is prepared to impose U.S. tariffs on most remaining Chinese imports if the two countries don't agree.
Brent crude, the global benchmark, was down 11 cents at $66.38 by 1321 GMT. U.S. West Texas Intermediate crude fell 26 cents to $59.12.
Oil jumped by more than 2% on Wednesday after the latest U.S. petroleum supply report showed a larger-than-expected drop in crude stocks. Inventories fell 12.8 million barrels, which was more than the 2.5 million barrel fall analysts had expected.
Nonetheless, supply remains sufficient in the world's biggest oil consumer.
Traders said uncertainty over a trade breakthrough at the G20 - which could translate into a stronger oil demand outlook - and doubts about continued output cuts by OPEC and its allies were crimping follow-through buying.
After the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries and allies including Russia meet on Monday and Tuesday to discuss an extension of production cuts to support prices.
Iraq's oil minister said in London OPEC was expected to roll over the deal and discuss deepening the curbs. Iraq is the second country after Algeria to mention the idea of a bigger reduction.
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Earlier:
2019, June, 26, 14:10:00
OIL PRICE: NEAR $65
Front-month Brent crude futures were up 84 cents at $65.89 per barrel by 0948 GMT. WTI crude futures were at $58.91 per barrel, up $1.08 from their last settlement.
2019, June, 25, 13:10:00
OIL PRICE: NEAR $64 ANEW
Brent crude futures were down 12 cents at $64.74, U.S. crude futures were up 3 cents at $57.93 a barrel.
2019, June, 25, 13:00:00
US, IRAN SANCTIONS ANEW
the United States had never targeted an Iranian head of state before and that was a sign Trump was getting personal.
2019, June, 25, 12:55:00
US CAN CLOSE HORMUZ
U.S. President Donald Trump said on Monday that other countries, including China and Japan, should protect their own oil tankers in the Middle East.
2019, June, 25, 12:50:00
U.S. FINANCIAL RISKS UP
In addition, a number of medium-term risks are growing. The financial system appears healthy but vulnerabilities in leveraged corporates and, potentially, in the nonbank system are elevated by historical standards. An abrupt reversal of the recent supportive financial market conditions or a deepening of ongoing trade disputes represent material risks to the U.S. economy, with concomitant negative outward spillovers. The U.S. public debt-to-GDP ratio is on an unsustainable path and is expected to continue rising throughout the medium-term, as aging related spending rises.
2019, June, 24, 12:30:00
OIL PRICE: NEAR $65 YET
Brent crude futures rose 0.7% to $65.66 per barrel, near Friday’s three-week high of $65.76, while U.S. crude futures were up 1.1% at $58.07, standing at its highest in over three weeks.
2019, June, 24, 12:20:00
RUSSIA WILL HELP IRAN
Iran and Russia already have a deal whereby Iran sells 100,000 b/d of crude oil to Russia and receives 50% of the value in cash and 50% in equipment.
