2019-06-07 12:25:00
OIL PRICE: NEAR $63
REUTERS - Oil prices jumped more than 2% on Friday, climbing further from five-month lows hit this week amid signs that OPEC and other producers may extend their output reduction deal.
Brent crude futures were up $1.35 at $63.02 a barrel by 0757 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $1.10 at $53.69 per barrel.
Both grades are heading for their strongest daily rise since late April.
Oil prices ticked up after Saudi Energy Minister Khalid al-Falih told an industry conference in St. Petersburg, Russia, that $60 a barrel was too low to encourage investment in the industry.
He added he did not want to boost Saudi production to make up for a lower oil price and that a return to the price-crash environment of 2014-15 was simply unacceptable.
A deal by OPEC+ - Organization of the Petroleum Exporting Countries (OPEC) members plus other producers including Russia - to reduce output by 1.2 million barrels per day runs out at the end of the month.
President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair oil price but that Moscow would take a joint decision with OPEC members on output at a policy meeting in coming weeks.
Falih said on Friday his country and Russia were aligned on their oil market views. Iraqi Oil Minister Thamer Ghadhban said on Friday that OPEC and its allies were most likely to extend their global oil output deal until the end of the year, RIA news agency reported.
In addition to the OPEC+ cuts, supply has also been limited by U.S. sanctions on oil exports from Iran and Venezuela.
However, demand sentiment remains weak amid fresh signs of a stalling global economy and an intensifying trade war between the United States and China.
Brent is heading for a third week of declines, down more than 2%.
On Wednesday, Brent and WTI hit their lowest marks since mid-January at $59.45 and $50.60, respectively, after U.S. crude output reached a record high and stockpiles climbed to their highest since July 2017.
U.S. oil output rose to a record 12.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration said on Wednesday.
U.S. crude oil inventories surged by 6.8 million barrels over the same week to 483.26 million barrels, their highest levels since July 2017.
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Earlier:
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%.
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%.
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.
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.
