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2020-01-27 15:00:00

OIL PRICE:NEAR $59

OIL PRICE:NEAR $59

REUTERS - Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China's coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand.

Brent crude LCOc1 fell by $1.79 a barrel, or 2.95%, to $58.90 by 0903 GMT, its lowest since late October. Oil prices last fell below $60 on Nov. 1.

U.S. crude CLc1 was down by $1.63, or 3%, at $52.55.

Global stock exchanges also fell as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday that OPEC and allied global producers led by Russia can help to balance the oil markets in response to any demand changes.

He also said the Kingdom, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), was watching developments in China and that he felt confident the new virus would be contained.

Markets are being "primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite (the virus') very limited impact on global oil demand," the minister said.

Prince Abdulaziz added that the outbreak of the SARS virus in 2002-2003 did not lead to a significant reduction in oil demand.

OPEC and its allies, known as OPEC+, have been withholding supply to support oil prices for nearly three years and on Jan. 1 increased their agreed output reduction by 500,000 barrels per day (bpd) to 1.7 million bpd through March.

Prince Abdulaziz said on Friday the aim of OPEC+ was to cut seasonal inventory builds that typically occur in the first half of the year. All options would be open when OPEC+ meets in Vienna in March, he said.

Brent crude oil prices dropped by nearly 14% since a spike in tensions between the United States and Iran took prices to a closing high above $68 a barrel on Jan. 6.

The losses since are in spite of a fall in production from Libya by 75% to less than 300,000 barrels per day because of an ongoing blockade on oilfields.

"Investor fears on oil demand have risen considerably, driven by unfavorable U.S. inventories and ... concerns on impact from the coronavirus outbreak," Goldman Sachs said in a note.

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Earlier:

OIL PRICE:NEAR $59
2020, January, 24, 13:45:00
OIL PRICE:NEAR $62
Brent were up 31 cents, or 0.5%, at $62.35 a barrel, WTI were up 27 cents, or 0.5% higher at $55.86 a barrel.
OIL PRICE:NEAR $59
2020, January, 22, 12:55:00
OIL PRICE:NEAR $64
Brent was down 30 cents, or 0.5%, at $64.29 a barrel, WTI fell 33 cents, or 0.6%, to $58.05 a barrel
OIL PRICE:NEAR $59
2020, January, 20, 12:20:00
OIL PRICE: NOT ABOVE $66
Brent were up by 70 cents, or 1.11%, to $65.55, WTI was up by 56 cents, or 1%, at $59.10 a barrel, after rising to $59.73, the highest since Jan. 10.
OIL PRICE:NEAR $59
2020, January, 20, 12:05:00
OPEC'S OIL PRODUCTION DOWN 2 MBD
Recent statistics issued by the Organisation of the Petroleum Exporting Countries, OPEC, highlighted a decrease in its production by 6.3 percent or some 2 million barrels per day in 2019, compared to 2018.
OIL PRICE:NEAR $59
2020, January, 17, 11:45:00
OIL PRICE: NOT ABOVE $65
Brent were up 12 cents to $64.74, WTI were up 11 cents at $58.63 a barrel,
OIL PRICE:NEAR $59
2020, January, 15, 13:05:00
OIL PRICE: ABOVE $64
Brent was down 16 cents, or 0.3%, at $64.33 per barrel, WTI were down 15 cents, or 0.3%, at $58.08 a barrel.
OIL PRICE:NEAR $59
2020, January, 15, 12:50:00
OIL PRICES 2020-21: $65-$68
Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b in 2021, compared with an average of $64/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021, compared with an average WTI discount of about $7.35/b in 2019.
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Tags: OIL, PRICE, BRENT, WTI