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2019-07-12 08:30:00

OIL PRICE: NEAR $67

OIL PRICE: NEAR $67

BLOOMBERG - Oil headed for its biggest weekly gain in three weeks as simmering Middle East tensions, shrinking U.S. crude inventories and a storm in the Gulf of Mexico all conspired to threaten the supply outlook.

Futures rose 0.6% in New York Friday and are up more than 5% for the week. Tropical Storm Barry, which could hit the Louisiana coast on Saturday, has already curbed about half of the energy output in the Gulf. Iran's attempt to block the passage of a British tanker in the Persian Gulf ratcheted up tension in the oil-rich region, while American crude stockpiles have fallen to the lowest level in almost three months.

While there are risks to supply in the short term, further out the picture looks different. The Organization of Petroleum Exporting Countries warned Thursday of a glut in 2020 as U.S. shale production surges. The demand outlook is also shaky. Although the world's two largest economies have called a trade war truce and resumed talks, President Donald Trump complained China hasn't met a pledge to buy more American farm goods.

"Concerns over a slowdown in global crude demand will continue to weigh on prices despite supply risks stemming from the Middle East tensions and the U.S. storm," said Jun Inoue, a senior economist at Mizuho Research Institute Ltd. in Tokyo. This will become more apparent when the "short-lived" impact from Tropical Storm Barry passes, he said.

West Texas Intermediate crude for August delivery gained 33 cents to $60.53 a barrel on the New York Mercantile Exchange as of 12:32 p.m. in Singapore. The contract closed down 0.4% Thursday and is up 5.2% for the week.

Brent for September settlement rose 38 cents, or 0.6%, to $66.90 a barrel on the ICE Futures Europe Exchange. Prices are up 4.2% this week. The global benchmark crude traded at a $6.32 premium to WTI for the same month.

Tropical Storm Barry, which was about 90 miles (145 kilometers) south of the Mississippi River's mouth as of 8 p.m. New York time., may drop as much as 25 inches of rain in some places, according to an advisory from the U.S. National Hurricane Center. Gulf of Mexico operators have shut-in 1.01 million barrels a day of oil production because of the storm, the Bureau of Safety and Environmental Enforcement said in a notice.

The U.K. government said the British Navy intervened to stop Iran from blocking a BP Plc oil tanker, which was trying to pass through the Strait of Hormuz -- the world's most important oil choke-point. While Iran's Revolutionary Guard Corps denied trying to impede the British tanker, the incident follows the seizure of a tanker carrying Iranian oil by Britain, which prompted Iran to vow retaliation.

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Earlier:

OIL PRICE: NEAR $67
2019, July, 10, 12:55:00
OIL PRICE: NEAR $65 AGAIN
WTI had climbed 93 cents, or 1.6%, to $58.76, having earlier risen to $58.84. Brent was up 70 cents, or 1.1%, at $64.86, after earlier touching $64.95.
OIL PRICE: NEAR $67
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.
OIL PRICE: NEAR $67
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.
OIL PRICE: NEAR $67
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.
OIL PRICE: NEAR $67
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.
OIL PRICE: NEAR $67
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.
OIL PRICE: NEAR $67
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.
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Tags: OIL, PRICE, BRENT, WTI