2019-07-10 12:55:00
OIL PRICE: NEAR $65 AGAIN
REUTERS - Oil prices rose on Wednesday after industry data showed U.S. stockpiles fell far more than expected, alleviating concerns about oversupply, while major U.S. producers evacuated rigs in the Gulf of Mexico ahead of a brewing storm.
West Texas Intermediate (WTI) crude Clc1 had climbed 93 cents, or 1.6%, to $58.76 by 0652 GMT, having earlier risen to $58.84. Brent LCOc1 was up 70 cents, or 1.1%, at $64.86, after earlier touching $64.95.
The U.S. and global benchmarks have gained this year as the Organization of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices.
However, ongoing trade tensions have raised fears about weaker demand, and investors have been on the lookout for signs that rapidly increasing U.S. production is being consumed.
U.S. crude stockpiles fell more than forecast last week, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute (API) showed on Tuesday.
Crude inventories dropped by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analyst expectations for a decrease of 3.1 million barrels, according to the data.
Official figures from the government's Energy Information Administration (EIA) are due later on Wednesday.
U.S. oil was also supported as major producers began evacuating and shutting in production in the Gulf of Mexico as a tropical disturbance may become a storm later on Wednesday or Thursday.
Oil prices have been under pressure from concerns about global economic growth amid growing signs of harm from the U.S.-China trade war that has rumbled on over the last year. Lower economic growth typically means reduced demand for commodities such as oil.
Still, U.S. crude oil production is forecast to rise to a record of 12.36 million barrels per day (bpd) in 2019 from the high of 10.96 million bpd last year, the EIA's Short Term Energy Outlook said on Tuesday.
OPEC and allied producers led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen nearly 20% in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear program.
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Earlier:
2019, July, 9, 17:20:00
OIL PRICE: NEAR $64
Brent crude rose 15 cents to $64.26 a barrel , U.S. West Texas Intermediate crude was up 9 cents to $57.75.
2019, July, 8, 13:05:00
OIL PRICE: ABOVE $64
Brent crude futures were up 34 cents by 0908 GMT at $64.57. U.S. West Texas Intermediate (WTI) was up 18 cents at $57.69 a barrel.
2019, July, 5, 11:45:00
OIL PRICE: NEAR $63
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $0.79 at $56.55 per barrel by 0754 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures LCOc1 were down $0.23 at $63.07 per barrel. Both benchmarks were set for their biggest weekly falls in five weeks.
2019, July, 4, 16:50:00
OIL PRICE: ABOVE $63
Front-month Brent crude futures LCOc1, the international benchmark for oil prices, were down 31 cents or 0.49% at $63.51 per barrel by 1320 GMT. Brent closed up 2.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 51 cents or 0.89% at $56.83 per barrel. WTI closed up 1.9% on Wednesday.
2019, July, 3, 11:55:00
OIL PRICE: NEAR $62
Brent crude futures LCOc1 for September delivery were trading up 12 cents, or 0.2%, at $62.52 a barrel, U.S. crude futures for August CLc1 were up 16 cents, or 0.3%, at $56.41 a barrel.
2019, July, 2, 15:00:00
OIL PRICE: NEAR $65 YET
Brent crude futures LCOc1 were down 15 cents, or 0.23%, at $64.91 a barrel , U.S. crude futures for August CLc1 were down 12 cents, or 0.20%, at $58.97 a barrel
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.
