Crude oil futures settle lower on Friday

Crude oil futures ended lower for fourth straight day on Friday as traders feared a likely drop in energy demand and excess supply in the market. The possibility of the US relaxing sanctions on Iran too weighed on oil prices. In its latest monthly report, The Organization of the Petroleum Exporting Countries (OPEC) said global oil market will be in surplus next year. Oil demand will drop by about 60,000 barrels per day next year. 

 

However, downside remain capped on reports that signs of cooling animosities between Beijing and Washington, representing the largest economies in the world and big consumers of crude, have been a focus for oil traders because that conflict has threatened to hurting the global economy and damage demand for crude.

Benchmark crude oil futures for October declined 24 cents or 0.4 percent to settle at $54.85 a barrel on the New York Mercantile Exchange. November Brent lost 16 cents or 0.3 percent to settle at $60.22 a barrel on London's Intercontinental Exchange.

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Oil prices rise on expectations of more OPEC output cuts

Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the U.S.-China trade row could lead to a global slowdown, curbing demand for crude.

International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement.

U.S. West Texas Intermediate (WTI) futures were at $52.79 per barrel, up 25 cents, or 0.5%, from their last close.

Both contracts jumped more than 2% on Thursday to recover from January lows, buoyed by reports that Saudi Arabia, the world's biggest oil exporter, had called other producers to discuss the recent slide in crude prices.

Oil prices have still lost more than 20% from their peaks reached in April, putting them in bear territory.

Global financial markets were rocked over the past week after U.S. President Donald Trump said he would impose 10% tariffs on Chinese goods starting September and a fall in the Chinese yuan sparked fears of a currency war.

China's yuan strengthened against the dollar on Thursday, on the back of strong export growth in July.

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Brent oil firms above $70 as OPEC cuts and sanctions outweigh economic concerns

Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns about an economic slowdown.

Front-month Brent crude futures, the international benchmark for oil prices, were at $70.14 at 0218 GMT, 3 cents above the last session's close, when Brent rose 2.1%.

U.S. West Texas Intermediate (WTI) crude futures were at $59.21 per barrel, up 58 cents or 1% from their last close on Friday. WTI did not trade on Monday due to a public holiday in the United States.

Prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year.

OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy going forward.

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Oil sinks 3% as Trump again pressures OPEC to lower crude prices

Oil prices fell 3% on Friday after U.S. President Donald Trump again pressured the Organisation of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.

Traders said Trump's comments, despite lacking specifics, were enough of a catalyst to spur investors to take profits after a long bull run that had pushed prices to six-month highs.

Brent crude futures settled at $72.15 a barrel, down $2.20, or 3 percent. West Texas Intermediate crude ended at $63.30 a barrel, down $1.91, or 2.9 percent.

Brent was flat on the week after rallying for four weeks in a row. WTI saw a 1.2 percent weekly loss, breaking its six-week bull run.

Trump told reporters on Friday that he had called OPEC and told the cartel to lower crude prices, without identifying who he spoke to, or if he was speaking about previous discussions with OPEC officials.

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Indian refiners turn to OPEC, Mexico, U.S. to make up Iran oil gap

Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian oil if the U.S. enforces sanctions more harshly from next month, sources and company officials said.

All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, officials from the companies.

The state refiners have not yet placed orders for Iranian oil for May, when the current waiver expires, pending clarity from the United States.

India's Bharat Petroleum Corp (BPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have tapped Iraq to make up for Iranian oil, while Indian Oil Corp (IOC) has signed its first annual contract with U.S. suppliers and raised supplies from Mexico.

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Oil posts biggest quarterly rise since 2009 on OPEC cuts, sanctions

Oil prices rose about 1 percent on Friday, posting their biggest quarterly rise in a decade, as U.S. sanctions against Iran and Venezuela as well as OPEC-led supply cuts overshadowed concerns over a slowing global economy.

The May Brent crude oil futures contract, which expired Friday, gained 57 cents, or 0.8 percent, to settle at $68.39 a barrel, marking a first-quarter gain of 27 percent. The more-active June contract settled up 48 cents at $67.58 a barrel.

U.S. West Texas Intermediate (WTI) futures rose 84 cents, or 1.42 percent, to $60.14 a barrel, and posted a rise of 32 percent in the January-March period.

For the two benchmarks, the quarterly rise was the biggest since the second quarter of 2009, when both gained about 40 percent.

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Crude oil trading range for the day is 4041-4211

Crude oil trading range for the day is 4041-4211.

Crude oil prices remained under pressure amid growing fears over the impact of a global economic slowdown on demand.

U.S. crude stocks rose last week, while gasoline and distillate inventories fell, the Energy Information Administration said.

Russian oil production averaged 1.542 million tonnes per day on March 1-26, a source familiar with energy ministry data told.

Hedge funds and other money managers have increased bets that demand for oil will be sustained, even as the market rallied last week.

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Oil prices rise amid ongoing supply cuts, but recession fears loom

Oil rose further above $67 a barrel on Tuesday as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown.

The price of global benchmark Brent crude has risen about 25 percent in 2019, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and involuntary losses due to U.S. sanctions on Iran and Venezuela.

Brent was up 50 cents at $67.71 a barrel at 1003 GMT, not far from its 2019 high of $68.69 reached on March 21. U.S. crude added 72 cents at $59.54.

"As long as OPEC's output remains depressed and global oil demand and oil demand growth stay around the current level, money managers will likely keep investing in oil, thus supporting the price," said Tamas Varga of oil broker PVM.

Expectations of a further drop in U.S. inventories also supported prices, suggesting the OPEC-led curbs were helping to avert a buildup of excess supplies.

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OPEC, allies to maintain oil output cuts despite Trump

OPEC and its allies will stick with their agreement to cut oil supply, pushing for more adherence despite a demand by U.S. President Donald Trump that the producer group ease its efforts to boost crude prices, a Gulf OPEC source said on Tuesday.

Based on current market data, the so-called OPEC+ group is "likely to continue with the production cuts until the end of the year", the source told Reuters.

The OPEC+ alliance will meet in April to decide its output policy.

Trump, in the latest in a series of tweets about oil prices since April 2018, wrote on Monday: "Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!"

Following the tweet, oil prices registered their largest daily percentage drop this year, with Brent crude losing 3.5 percent on Monday. Brent edged up on Tuesday.

The source said OPEC+ would continue the supply-cut agreement to balance the market until "they see inventories going down from their current level" to their five-year average.

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Oil dips on rising U.S. supply, but OPEC cuts and Venezuela sanctions support

Oil prices slipped on Thursday after U.S. crude inventories rose and the country's production held at record levels, but OPEC-led supply cuts and Washington's sanctions against Venezuela supported markets.

U.S. West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 0607 GMT, down 19 cents, or 0.4 percent, from their last settlement.

International Brent crude oil futures fell 25 cents, or 0.4 percent, to $62.44 per barrel.

U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.

Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018. The United States is currently the world's largest oil producer, ahead of traditional top suppliers Russia and Saudi Arabia.

Countering the rising U.S. crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices.

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Crude hovers near multi-month lows with market in doldrums @ Commodity Mcx Live Price

Oil prices fell to their lowest since the third quarter of 2017 on Friday, heading for losses of nearly 11 percent in a week, as global oversupply kept buyers away from the market ahead of holidays over the next two weeks.

Crude has lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year. The prospect of a possible government shutdown in the United States, the world's biggest oil consumer, added to investors' worries.

Oil markets have pulled back amid concerns about oversupply, despite planned production cuts from the Organization of the Petroleum Exporting Countries.

"OPEC folks are not doing a good job of convincing the international oil community that they are going to be a strong advocate of their supply cut program," said Bob Yawger, director of futures at Mizuho in New York.

Falls were exaggerated by thin trade and risk aversion ahead of the Christmas and New Year holidays, traders said.

Brent crude fell 35 cents a barrel to $54.00 by 11:56 EDT (1656 GMT) after earlier touching $52.79 a barrel, its weakest since September 2017.

U.S. light crude oil was flat at $45.88 a barrel, after earlier touching a session low of $45.13 a barrel.

Both contracts are on track to fall 10.4 percent in the week. Since reaching multi-year highs at the beginning of October, both crude oil benchmarks have lost more than a third of their value in their steepest collapse for three years.

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Oil extends gains after OPEC-led group seals deal to cut supply

Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January.

Despite this, the outlook for next year remains muted on the back of an economic slowdown.

International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 percent, from their last close.

Prices surged on Friday after the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.

U.S. West Texas Intermediate (WTI) crude futures were at $52.63 per barrel, up 2 cents, held back as the booming U.S. oil industry is not taking part in the announced cuts.

The OPEC-led supply curbs will be made from January, measured against October 2018 output levels.

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After Trump calls, Gulf OPEC members cover most of Iran oil loss: Reuters survey

OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump.

The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016.

The survey adds to indications that OPEC output remains ample despite U.S. sanctions imposed on Iran this month. Oil prices have slid 30 percent since early October on worries a new glut may emerge. OPEC and its allies including Russia meet on Dec. 6-7 in Vienna to discuss cutting supply.

With Saudi Arabia and Russia pumping at record rates, U.S. output surging and forecasts pointing to lower demand in 2019 due to a slowing economy, some analysts are sceptical the producers will avoid generating a surplus.

"The most likely outcome of next week's OPEC meeting is a fudge," said Stephen Brennock of oil broker PVM. "Russia and Saudi Arabia will agree to curb production but by less than is needed to prevent a supply imbalance in early 2019."

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UAE says OPEC likely to agree to cut oil output at Vienna meeting

There is an initial agreement within OPEC to cut production in the coming meeting in Vienna on December 6, but the amount has not been decided yet, UAE OPEC Governor Ahmed al-Kaabi said on Tuesday.

He said that OPEC will very likely reduce production, adding that the (JMMC) technical committee at OPEC was still studying markets and will share final conclusions before Vienna's meeting, he told the Al Bayan newspaper.

He added that the UAE is committed to any OPEC decision.

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Oil prices climb amid expected OPEC cut, but markets remain wary

Oil prices rose around 1 percent on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.

Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world's two biggest economies, the United States and China.

Front-month Brent crude oil futures were at $67.29 per barrel at 0259 GMT, up 53 cents, or 0.8 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures, were up 71 cents, or 1.3 percent, at $57.17 per barrel.

"The market's bullish radar is still waiting for OPEC+ to deliver a sizeable cut number," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

The Organization of the Petroleum Exporting Countries (OPEC), de-facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

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Oil rises on expected OPEC cuts, but surging U.S. supply drags

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record U.S. production dragged.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 percent, from their last settlement.

Brent crude oil futures were up 48 cents, or 0.7 percent, at $67.10 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply, sources told Reuters this week.

However, Morgan Stanley warned a cut by the Middle East dominated producer cartel may not have the desired effect.

"The main oil price benchmarks - Brent and WTI - are both light-sweet crudes and reflect this glut," the U.S. bank said.

"OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet."

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Exclusive - Don`t mention the oil price: U.S. legal threat prompts change at OPEC

OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said.

Proposed U.S. legislation known as "NOPEC", which could open the group up to anti-trust lawsuits, has long lain dormant, with previous American presidents signalling that they would veto any move to make it law.

But U.S. President Donald Trump has been a vocal critic of the Organisation of the Petroleum Exporting Countries, blaming it for high oil prices and urging it to increase output to relieve pressure on a market hovering around four-year highs.

That has made OPEC and its unofficial leader, Saudi Arabia, nervous about what it might mean for NOPEC, or No Oil Producing and Exporting Cartels Act.

The decision to refrain from discussing a preferred oil price level -- one way the group can guide market expectations -- underlines how Trump's aggressive stance on the oil market is unsettling OPEC and testing ties between allies Riyadh and Washington.

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