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2019-09-03 13:25:00

OIL PRICE: NEAR $58

OIL PRICE: NEAR $58

REUTERS - Oil prices fell by 1% on Tuesday, weighed down by the protracted U.S.-China trade dispute that has dragged on the global economy as well as rising OPEC and Russian oil output.

U.S. crude CLc1 was down 65 cents, or 1.19%, at $54.45 a barrel by 0857 GMT, while Brent LCOc1 was down 47 cents at $58.19 a barrel.

The United States this week imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list, deepening the trade war that has rumbled on for more than a year.

U.S. President Donald Trump said both sides would still meet for talks later this month.

South Korea's economy turned out to have expanded less than estimated during the second quarter as exports were revised down in the face of the prolonged U.S.-China trade dispute, central bank data showed on Tuesday.

A move on Sunday by Argentina to impose capital controls also cast a spotlight on emerging market risks.

"Oil will struggle to make substantial headway topside this week with no progress on trade talks or meetings even, soft data from Asia and a possible cracking of OPEC's resolve to control production," said Jeffrey Halley, senior market analyst at OANDA.

Output from the Organization of the Petroleum Exporting Countries rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top Saudi Arabia and losses caused by U.S. sanctions on Iran.

Russian oil production  in August rose to 11.294 million barrels per day (bpd), topping the rate Moscow has pledged to cap output at under a pact with other producers and hitting its highest since March, data showed on Monday.

U.S.,RUSSIA,SAUDI ARABIA OIL PRODUCTION 2014 - 2019

Data due this week on U.S. inventory levels will be delayed by a day to Wednesday and Thursday due to the U.S. Labor Day holiday on Monday.

"What's bad for the outlook for global growth is bad for oil at the moment and only big draws in inventories can delay that drift lower," said Greg McKenna, strategist at McKenna Macro.

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Earlier:

OIL PRICE: NEAR $58
2019, September, 2, 13:20:00
OIL PRICE: NEAR $59 AGAIN
Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel, while WTI was down 2 cents at $55.083 at barrel.
OIL PRICE: NEAR $58
2019, August, 30, 11:05:00
OIL PRICE: NEAR $60 STILL
Brent was down by 23 cents, or 0.4%, at $60.85 a barrel, WTI fell 40 cents, or 0.7%, to $56.31 a barrel.
OIL PRICE: NEAR $58
2019, August, 28, 13:05:00
OIL PRICE: NEAR $60 AGAIN
Brent crude futures LCOc1 climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 70 cents, or 1.3%, to $55.63 a barrel.
OIL PRICE: NEAR $58
2019, August, 26, 15:55:00
OIL PRICE: NEAR $60 YET
Brent was up 38 cents, or 0.64%, at $59.72 a barrel, WTI was up 54 cents, or 1%, at $54.71 a barrel.
OIL PRICE: NEAR $58
2019, August, 23, 11:20:00
OIL PRICE: NEAR $60 ANEW
Brent rose 29 cents, or 0.5%, to $60.21 a barrel, WTI were at $55.53 a barrel, up 18 cents, or 0.3%.
OIL PRICE: NEAR $58
2019, August, 21, 12:35:00
OIL PRICE: ABOVE $60
Brent had gained 26 cents, or 0.43%, to $60.29 a barrel, WTI was up 3 cents, or 0.05%, at $56.16 a barrel.
OIL PRICE: NEAR $58
2019, August, 19, 11:50:00
OIL PRICE: NEAR $59 YET
Brent was up 55 cents, or about 0.9%, at $59.19 a barrel, WTI were up 57 cents, or 1%, at $55.44 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
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2021, October, 18, 12:24:00
Ключевые компании водородной индустрии России и стран СНГ уже подтвердили участие
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OIL PRICE: NEAR $58
2021, October, 18, 12:20:00
GERMANY'S RENEWABLES 239 TWH
The German transmission systems operators (TSOs) 50Hertz, Amprion, TenneT and TransnetBW anticipate the installation of 8.2 GW of renewable energy capacity in 2022 and a renewable power production increase by 5% to 239 TWh
OIL PRICE: NEAR $58
2021, October, 18, 12:15:00
POLISH NUCLEAR FOR CLIMATE
Poland, which generates 70% of its electricity from coal, has plans to build several nuclear power reactors to greatly reduce its reliance on the most carbon-intensive fossil fuel and meet climate goals,
OIL PRICE: NEAR $58
2021, October, 18, 12:10:00
DENMARK OFFSHORE WIND 3 GW
The offshore wind project at the Bornholm island may have an installed capacity of 3 GW, instead of 2 GW.
OIL PRICE: NEAR $58
2021, October, 18, 12:05:00
VIETNAM COAL POWER WILL UP
The draft Power Development Plan 8 (PDP 8) of Vietnam forecasts an installed capacity of 144 GW in 2030, with coal-fired power plants accounting for 31% of the country's installed capacity in 2030.
OIL PRICE: NEAR $58
2021, October, 18, 12:00:00
U.S. RIGS UP 10 TO 543
U.S. Rig Count is up 10 from last week to 543 , Canada Rig Count is up 1 from last week to 168.
OIL PRICE: NEAR $58
2021, October, 15, 09:40:00
OIL PRICE: ABOVE $84
Brent rose 62 cents, or 0.7%, to $84.62 a barrel. WTI rose 56 cents, or 0.7%, to $81.87 a barrel.
All Publications »