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2019-08-08 11:25:00

OIL PRICE: BELOW $58

OIL PRICE: BELOW $58

REUTERS - Oil futures jumped more than $1 a barrel on Thursday, recovering half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts.

Brent crude had rebounded to $57.81 a barrel, up $1.58, or 2.81%, from its last close by 0634 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.61, or 3.15%, to $52.70 a barrel.

Both contracts fell to their lowest since January on Wednesday after a surprise build in U.S. crude inventories added to worries that the China-U.S. trade war could further dampen demand growth this year.

Analysts said that crude prices were moving higher on Thursday on the expectation that Saudi Arabia, the world's biggest oil exporter, and other producers in the Organization of the Petroleum Exporting Countries (OPEC) may take action to support the market by reducing supply.

"The threshold is $60 a barrel and if you go below that for a significant period of time, I would expect supplies to be taken off the market in order to support prices up," said Virendra Chauhan, an oil analyst at Energy Aspects in Singapore.

Bloomberg in a report on Wednesday cited a Saudi official saying that the country is in talks with other producers to take action to halt the oil price slide.

"Trade war rhetoric will continue to guide markets, but the comments from Saudi Arabia could lead to unprecedented action to stabilize prices," said Alfonso Esparza, a Toronto-based senior market analyst at Oanda.

"It is hard to imagine what that would look like given how hard it was to get the OPEC+ to agree to the production limit agreement, but given the potential free fall from crude if the trade war continues, no option is off the table," he said, referring to OPEC+, a group including OPEC and non-OPEC producers such as Russia.

Esparza added that a weaker U.S. dollar has also lent support to the oil price rebound.

The dollar index, which measures the greenback against six other major currencies, has declined 1% since July 31, the day before the United States escalated its trade dispute with China by vowing to impose more tariffs, setting in motion retaliatory steps by China.

Crude oil imports to China, the world's largest importer, in July rose 14% from a year earlier as its new refineries ramp up purchases. However, fuel exports continued to climb as supply outstripped demand in the world's second-largest oil consumer.

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Earlier:

OIL PRICE: BELOW $58
2019, August, 7, 12:25:00
OIL PRICE: BELOW $59
Brent crude futures LCOc1 were down 11 cents, or nearly 2%, at 0823 GMT to set a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April. U.S. West Texas Intermediate (WTI) crude futures CLc1 were flat at $53.63.
OIL PRICE: BELOW $58
2019, August, 6, 12:45:00
OIL PRICE: NEAR $60
International benchmark Brent futures LCOc1 were up 28 cents at $60.09 a barrel by 0910 GMT, having dipped earlier in the session to their lowest since Jan. 14 at $59.07. West Texas Intermediate crude CLc1 futures rose 38 cents to $55.07 per barrel.
OIL PRICE: BELOW $58
2019, August, 5, 13:45:00
OIL PRICE: NEAR $61
Brent crude futures LCOc1 were down 71 cents, or 1.15%, to $61.18 per barrel by 0840 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were also down 71 cents, or 1.28%, to $54.95 a barrel.
OIL PRICE: BELOW $58
2019, August, 2, 12:05:00
OIL PRICE: BELOW $62
Brent futures rose $1.21, or 2%, to $61.71 a barrel by 0657 GMT, while WTI futures gained 87 cents, or 1.6%, to $54.82 a barrel.
OIL PRICE: BELOW $58
2019, August, 1, 12:15:00
OIL PRICE: BELOW $65
Brent crude futures, LCOc1 the international benchmark, fell 68 cents, or 1%, to $64.37 a barrel by 0709 GMT, having fallen more than $1 earlier in the session. U.S. West Texas Intermediate (WTI) CLc1 crude was down 72 cents, or 1.2%, at $57.86 a barrel, also having dropped more than a $1 earlier.
OIL PRICE: BELOW $58
2019, July, 31, 14:00:00
OIL PRICE: NEAR $65
Brent crude futures LCOc1, the international benchmark for oil prices, were up 40 cents, or 0.6%, at $65.12 a barrel by 0842 GMT. U.S. West Texas Intermediate crude CLc1 gained 20 cents, or 0.3%, to $58.25 a barrel.
OIL PRICE: BELOW $58
2019, July, 30, 12:25:00
OIL PRICE: NEAR $64 ANEW
Brent crude LCOc1 rose 46 cents, or 0.7%, to $64.17 a barrel by 0651 GMT, after gaining 0.4% the previous session. U.S. crude CLc1 was up 41 cents or 0.7%, at $57.28 a barrel, having risen 1.2% on Monday.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: BELOW $58
2019, August, 19, 11:20:00
CHINA'S GREEN INVESTMENT $1 BLN
Chinese financial institutions provided at least $1 billion in “green” financing to coal-related projects in the first half of this year, a review of financial data showed, with fossil fuels still playing a major role in Beijing’s energy strategy.
OIL PRICE: BELOW $58
2019, August, 19, 11:15:00
U.S. RIGS UP 1 TO 935
U.S. Rig Count is up 1 rig from last week to 935, with oil rigs up 6 to 770, gas rigs down 4 to 165, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 2 rigs from last week to 142, with oil rigs up 7 to 101 and gas rigs down 5 to 41.
OIL PRICE: BELOW $58
2019, August, 16, 10:50:00
OIL PRICE: NEAR $59
Brent was up 52 cents, or 0.9%, at $58.75 a barrel , U.S. crude was up 65 cents, or 1.2%, at $55.12 a barrel
OIL PRICE: BELOW $58
2019, August, 16, 10:35:00
U.S., RUSSIA SANCTIONS AGAIN
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OIL PRICE: BELOW $58
2019, August, 16, 10:30:00
ZOHR GAS OUTPUT UP TO 11.3 BCM
In H1 2019, the production on the Zohr field amounted to 11.3 bcm of gas, which is 3.6 times more than in the same period last year.
OIL PRICE: BELOW $58
2019, August, 16, 10:25:00
U.S. GAS PRODUCTION UP
U.S. natural gas production continued to increase in August despite relatively low natural gas spot prices
OIL PRICE: BELOW $58
2019, August, 16, 10:20:00
U.S. OIL INVENTORIES 440.5 BBL
At 440.5 million bbl, US crude oil inventories are 3% above the 5-year average for this time of year
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