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Weakening economic outlook and US production surge, today, overshadowed expected supply cuts by OPEC in the international market. Brent crude futures were down by 0.4%, at $66.55 a barrel. US WTI crude futures lowered 0.2%, to $57.07 a barrel. US crude oil production has seen an almost 25% rise this year, with drillers pumping a record 11.7 million barrels per day.
Oil prices in the international market on Monday rose on the notion that Saudi Arabia will push OPEC to curb supply towards year-end. Benchmark Brent crude oil futures were up 0.8%, at $67.29 per barrel. US WTI crude futures climbed 1.3%, at $57.17 per barrel. OPEC defacto leader, Saudi Arabia will most likely push the cartel to cut the supply by 1 million to 1.4 million bpd to prevent oversupply.
Oil prices managed to climb up on Friday after losing the grip on market almost the whole week. The expectations from OPEC for supply cut supported the prices but record US production pulled it down. US WTI went up by 0.7% and was traded at $56.84 per barrel while, Brent crude rose by 0.7% and was traded at $67.10 per barrel.
Oil prices today declined, stressed by supply rise in a market where consumption is expectedly slow. Benchmark Brent crude oil futures were trading 0.3% lower at $65.90 per barrel. US WTI crude futures were at $55.95, down by 0.5% from their last close. Data released this week demonstrated economic contraction in Japan and Germany in the third quarter.
Oil market struggled to gain its ground on Wednesday after falling by 7% in the previous session. The supply has taken a hike but at the same time demand has kept the investors on edge. Brent increased by 4%, at $65.51 per barrel. WTI dropped a little and was traded at $55.54 per barrel. This has been a major decline in the crude value since the collapse in 2014.
Crude oil prices dropped in the international market today, amid expected rise in US stocks. Official data is due for release on Wednesday. President Trump’s comments added further to the slump. Brent crude futures were down by 1% from Monday, trading at $69.42 per barrel. NYMEX December light sweet crude contract lowered 1.37%, to $59.11/b.
An announcement of supply cut in December by top exporter Saudi Arabia sent oil prices for a 1% gain today. Crude suffered a 20% decline since early October and the move is most likely intended to pull through the market. Benchmark Brent crude futures rose 1.7%, and were priced at $71.37 per barrel. US WTI crude futures climbed 1.1% to $60.87 per barrel.
Oil prices held steady today as the new wave of US sanctions hit Iran’s fuel exports, though waivers allowing major buyers to import Iranian crude softened the market. Brent crude remained unchanged at $72.83 per barrel while US WTI dropped to $62.99 a barrel. Russia, US and Saudi Arabia jointly produced more than 33 million bpd for the first time in October, highest since 2010.
Oil prices in the international market edged up today, gaining on the hopes that US and China might end the tariff war. International benchmark Brent crude futures, climbed 0.2%, were priced at $73.04 per barrel. US WTI crude futures, rose by 0.1%, were traded at $63.76 a barrel. A phone call between the US and Chinese presidents raised investors’ hopes today.
Oil prices in the international market dropped today over signs of increasing supply and rising concerns of weak demand due to global economic slowdown. Benchmark Brent crude futures contract fell 0.61%, and were traded at $74.58 per barrel. US WTI crude futures dipped to $64.90 a barrel. Data releases by EIA yesterday showed a climb in crude oil inventories for a sixth straight week.
Spain’s oil and gas producer, Repsol SA informed that the increase in oil prices supported the profit growth of the company. The improved profit has helped the company to reduce its debt burden. The stock of Repsol is up by 5.2% this year. In the third quarter, the net income of the company jumped to 588 million euros ($667 million) which was 528 million euros earlier this year.
Asia’s largest oil and gas producer, PetroChina registered its highest Q3 profit since 2014. In a regulatory filing, PetroChina yesterday reported $3.02 billion in net profits, ramping up 350% from 4.69 billion yuan in 3Q2017. Revenue for the state-owned firm rose by 24.8%, owing to higher global oil and gas prices.
On Wednesday, oil prices climbed up for the first time in three days. The increased prices were weighed down by the pressure of rising supply fears amid the US-China trade war. The international market benchmark, Brent crude gained 0.7% and was traded at $76.43 a barrel. US WTI futures rose by 0.4% and was traded at $66.47 a barrel.
With the signs of increase in global supply regardless of the approaching dates of US sanctions on Iran’s crude exports, oil prices slipped further on Tuesday. The current fragile condition of global stock markets also weighed down the crude prices. Brent fell down by 0.4% and was traded at $77 a barrel while WTI was traded at $67.08 a barrel.
Oil prices held fast today amidst early jump in Asian stocks. International Benchmark Brent crude oil futures climbed 0.2%, to $77.77 a barrel. US West Texas Intermediate (WTI) crude futures rose by 0.4%, at $67.89 a barrel. Analysts however believe that sentiments remain cautious after financial markets plunged last week over concerns of slowing global growth.
Oil supermajor, ConocoPhillips yesterday reported a fourfold spike in its Q3 earnings. Conoco registered US$1.9 billion in third-quarter earnings, jumping from US$400 million in earnings for the third quarter of 2017. Profits for the oil major jumped on the back of higher oil prices, helping the Houston-based firm to achieve greater realized prices across all commodities.
Oil prices dropped today as Saudi Arabia’s OPEC governor remarked that market may become oversupplied, followed by a slump in global equities which clouded the demand outlook. Brent crude futures were down by 0.7%, traded at $76.38 a barrel. WTI crude was down by 1%, priced at $66.68 per barrel. While Brent is set for a weekly loss of over 4%, WTI is headed for a 3.5% loss this week.
On Thursday, oil prices decreased due to a slump in the global stock markets. US stocks fell hard and washed off all the gains of the year. This was the sharpest decline since 2011. Overall, the prices declined by 1%. Brent slipped by 1% and was traded at $75.42 a barrel while US West Texas Intermediate fell down by 0.9% and was traded at $66.23 a barrel.