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2019-06-28 12:15:00

OIL PRICE: ABOVE $65 YET

OIL PRICE: ABOVE $65 YET

REUTERS Oil prices eased on Friday as traders awaited any update on the Sino-U.S. trade war from a scheduled weekend meeting of the two countries' presidents at the G20, and eyed next week's OPEC gathering. 

Brent crude LCOc1 futures were down 35 cents, or 0.5%, at $66.20 per barrel by 0644 GMT.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 30 cents, or 0.5%, at $59.13 a barrel.

The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between U.S. President Donald Trump and Chinese President Xi Jinping on Saturday.

A trade dispute between the world's two biggest economies has weighed on oil prices, fanning fears that slowing economic growth could dent demand for the commodity.

Trump said on Wednesday a trade deal with Chinese President Xi was possible this weekend but he is prepared to impose U.S. tariffs on most remaining Chinese imports should the two countries disagree.

The Organization of Petroleum Exporting Countries (OPEC) and some non-members including Russia, known as OPEC+, will hold meetings on July 1-2 in Vienna to decide whether to extend their supply cuts.

OPEC+ members agreed to curb oil output by 1.2 million barrels per day from Jan.1.

Russian President Vladimir Putin said in an interview with the Financial Times on Thursday that the OPEC-led supply cut helped stabilise oil markets and the future of the output deal was expected to be on the agenda at the G20 summit.

Tensions between the United Sates and Iran have also been keeping markets on edge.

A week after U.S. President Donald Trump called off air strikes on Iran at the last minute, the prospect that Tehran could soon violate its nuclear commitments has created additional diplomatic urgency to find a way out of the crisis.

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Earlier:

OIL PRICE: ABOVE $65 YET
2019, June, 27, 18:40:00
OIL PRICE: ABOVE $65
Brent crude was down 11 cents at $66.38 by 1321 GMT. U.S. West Texas Intermediate crude fell 26 cents to $59.12.
OIL PRICE: ABOVE $65 YET
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.
OIL PRICE: ABOVE $65 YET
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.
OIL PRICE: ABOVE $65 YET
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.
OIL PRICE: ABOVE $65 YET
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.
OIL PRICE: ABOVE $65 YET
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.
OIL PRICE: ABOVE $65 YET
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.
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Tags: OIL, PRICE, BRENT, WTI