2019-09-05 15:20:00
OIL PRICE: NEAR $61
REUTERS - Oil edged further above $60 a barrel on Thursday as hopes of progress in resolving the U.S.-China trade row boosted investor sentiment, although a report showing U.S. crude inventories rose unexpectedly weighed on prices.
Crude had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally. On Thursday, China said Beijing and Washington agreed to hold high-level trade talks in early October.
Benchmark Brent crude was up 17 cents at $60.87 a barrel by 0945 GMT, having earlier fallen to $60.25. U.S. West Texas Intermediate (WTI) crude rose 1 cent to $56.27.
Still, the American Petroleum Institute (API), an industry group, on Wednesday said U.S. crude stockpiles rose by 400,000 barrels last week, whereas analysts had expected a fall. The government's official supply report is due later on Thursday.
The prolonged U.S.-China trade dispute has been a dampener on oil prices but Brent is still up 12% this year, helped by production cuts led by the Organization of the Petroleum Exporting Countries and its allies including Russia.
Nonetheless, both OPEC and Russia boosted production in August, according to a Reuters survey and Russian energy ministry figures, weighing on prices.
Also putting downward pressure on prices has been mounting evidence of slowing economic growth worldwide, which has prompted analysts to lower forecasts for oil demand growth.
BP (BP.L) Chief Financial Officer Brian Gilvary told Reuters on Wednesday that global oil demand was expected to grow by less than 1 million barrels per day in 2019, a slowdown from previous years.
Later on Thursday, attention will focus on U.S. government weekly inventory figures from the Energy Information Administration to see if they confirm API's view on inventory changes. The EIA report is due out at 1500 GMT.
Analysts expect crude stocks fell by 2.5 million barrels in the week to Aug. 30.
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Earlier:
2019, September, 4, 18:20:00
OIL PRICE: NEAR $60
Brent was up $1.55, or 2.66%, at $59.81 a barrel, West Texas Intermediate futures CLc1 gained $1.56, or 2.66%, to $55.50 a barrel.
2019, September, 3, 13:25:00
OIL PRICE: NEAR $58
Brent was down 47 cents at $58.19 a barrel, WTI was down 65 cents, or 1.19%, at $54.45 a barrel
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.
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.
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.
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.
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%.
Chronicle:
2022, June, 28, 11:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
2022, June, 28, 11:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023
Link to the Congress website: https://bit.ly/3tXVmr7
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.