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Oil prices rise higher in the International market on Friday, amidst Middle East tensions. Brent crude futures LCOc1 has jumped nearly $3 to hit a high of $69.16 a barrel which is the highest since Sept. 17. West Texas Intermediate (WTI) crude futures CLc1 climbed 2.9%, to $62.94 a barrel. China’s announcement to keep around $115 billion in funds to support the country's ailing economy also boosted oil prices.
US-China bond supported an increase in oil prices on Thursday, despite increased Middle East tensions. Brent Crude rose to $66.25 a barrel, while WTI climbed to $61.19 per barrel. Oil cartel, OPEC's prediction of crude benchmarks average out a greater value in 2020. The decrease in US crude inventories last week has also boosted price rise. OPEC and allies' decision of 500 million bpd in production cuts came into effect from Jan 1.
Oil prices rose on Thursday, climbing on the back of OPEC-led supply cut and US-China trade deal. Brent crude LCOc1 jumped 0.2%, to $67.36 a barrel. U.S. WTI CLc1 was traded 0.3% higher at $61.31 a barrel. President Trump on Tuesday said that the US and China will sign the Phase 1 agreement to end the ongoing trade dispute between the two biggest economies of the world.
Oil prices rose in the international market on Tuesday, pushed up by comments from Russian energy minister towards OPEC-led supply cut. Brent crude LCOc1 climbed to $66.44 a barrel. U.S. WTI CLc1 was traded higher at $60.53 a barrel. Russian energy minister, in an interview on Monday, said that cooperation with the Organization of the Petroleum Exporting Countries (OPEC) would continue “until the market requires it”.
Oil prices held ground in the international market on Thursday, as the market found relief in a supply-deficit forecast made by OPEC. Brent crude futures LCOc1 were 0.3% higher, at $63.61 a barrel. US WTI crude futures CLc1 fell at $58.85 a barrel. The cartel yesterday said that it now anticipates a small deficit in the oil market in the next year, indicating towards a tighter market than previously thought.
Oil prices fell on Tuesday, as concerns of slowing global demand outlook offset the OPEC-led supply cut decision. Brent futures LCOc1 were priced 0.2% lower, at $64.14 per barrel. US WTI crude futures CLc1 were down by 0.1% at $58.95 a barrel. ANZ Bank, yesterday, said, “The euphoria (on output cuts) was short lived, with an unexpected fall in exports from China highlighting the impact of the trade conflict,”.
Oil prices jumped in the international market on Friday, after OPEC approved the 50% increase in production cuts in early 2020. Brent futures LCOc1 jumped to $63.40 per barrel. US WTI futures CLc1 were priced at $58.45 a barrel. OPEC and allies have come to an agreement over more output cuts to prevent the oversupply early next year. The agreement will decrease 500,000 bpd of production.
According to the sources, OPEC and its allies were close to agreeing on one of the deepest output cuts of the decade. The group might increase the current cuts of 1.2 million barrels per day by more than 400,000 bpd. Saudi's Energy Minister has commented that he "feels good" about this week's meeting. Since 2017, OPEC+ has been curbing the output in order to balance the increasing output from US.
The international market was a bit quiet on Thursday ahead of the start of OPEC meetings later in the day. The oil prices went steady as the day progressed because of the substantial drop in the U.S. crude inventories. Brent decreased by 0.2% and was traded at $62.90 a barrel. WTI fell by 0.4% and was traded at $58.21 a barrel.
On Wednesday, oil prices buoyed ahead of the OPEC meeting. Larger than expected decline in US stockpiles also helped the market revive its growth. Brent went up by 0.6% and was traded at $61.17 a barrel. WTI increased by 0.6% and was traded at $56.41 a barrel. Amidst all the scepticism, the industry believes that OPEC with its allies might agree on deeper output cuts during the next meeting.
Oil prices jumped on Tuesday, as OPEC de facto leader, Saudi Arabia pushed the cartel to deepen a supply cut agreement. Brent crude futures rose 0.3%, to $61.11 per barrel. U.S. WTI crude was priced 0.4% higher, at $56.17 a barrel. Sources familiar with the discussions said that the cartel is aiming to increase its existing supply cut by 400,000 bpd and prolong the pact until June.
With the growth in the manufacturing activity of China, the market hopes that the fuel demand will see a significant increase in the immediate future. Owing to optimism, oil prices edged up on Monday. Brent went up by 1.2% and was traded at $61.23 a barrel. WTI increased by 1.6% and was traded at $56.03 a barrel.
Oil prices held ground in the international market on Friday, amidst quiet trade during Thanksgiving holiday in the US. Benchmark Brent crude was priced at $63.82 a barrel. WTI crude futures CLc1 rose to $58.12 a barrel. Investors are keeping a close look on the OPEC+ meeting scheduled for the next week. The cartel has until now withheld output to boost the prices.
Oil prices climbed up on the back of hopes from next OPEC meeting to curb the supply. A statement from White House mentioning that they are 'getting close' to the deal with Beijing also supported the market. WTI increased by 0.5% and was traded at $57.05 a barrel. Brent went up by 0.5% and was traded at $62.56 a barrel.
Oil prices slipped in the international market on Wednesday, as US inventory data revealed larger-than-expected build up in crude stockpiles. Benchmark Brent crude futures dropped 0.6%, to $62.60 a barrel. US WTI crude futures CLc1 slipped to 0.5%, to $56.94 per barrel. API data released yesterday showed a rise of 4.3 million barrels in the U.S. crude inventories last week.
Oil prices slipped on Monday, as investors remained cautious ahead of fresh European and U.S. economic data, despite hopes linger for some resolution to the U.S.-China trade war. Brent crude futures LCOc1 dropped to $55.94 a barrel. US WTI crude futures CLc1 for December delivery dipped to $61.42 a barrel. The European Union and the United States will be releasing manufacturing data today.
Oil prices slipped on Wednesday after API data showed a surprise build in crude stockpiles. Brent crude futures LCOc1 dropped 0.52%, to $59.39 a barrel. US WTI crude futures CLc1 for December delivery dipped 0.79%, to $54.05 per barrel. While analysts were expecting a gain of 2.2 million barrels in U.S. crude stocks, API data showed a rise of 4.5 million barrels ramping stockpiles to 437 million barrels.
Oil cartel OPEC has dropped hints on deeper supply cuts in future. International market extended gains over this news and showed optimism over talks between US and China to end trade war. Brent increased by 0.4% and was traded at $59.34 a barrel. WTI went up by 0.37% and was traded at $53.74 per barrel.