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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.
In a major shock to OPEC, one of its smallest members, Ecuador yesterday said that it will leave the oil cartel effective from Jan. 1, citing fiscal problems. Ecuador is looking to boost crude production to extract more income and has broken the output quota fixed by the cartel on multiple occasions. The South American country struggling with tight liquidity due to a wide fiscal deficit and immense foreign debt.
Oil prices jumped in the international market today, as global oil production fell in the third quarter. Brent crude futures LCOc2 climbed 0.7% to $59.69 a barrel. US West Texas Intermediate crude CLc1 rose 0.7%, to $54.46 a barrel. A Reuters survey showed a fall of 750,000 bpd in OPEC’s September output to 28.9 million bpd. Production at the United States and Russia also dipped in July and September, respectively.
Oil prices continued its journey uphill over the hope that OPEC might extend the production cuts. Brent increased by 0.7% and was traded at $63.01 a barrel. WTI went up by 0.8% and was traded at $58.31 a barrel. OPEC and OPEC+ countries will have a meeting this week in Abu Dhabi. And the market “is stirring up hopes for additional supply cuts”.
Oil prices rose in the international market on Monday, buoyed up by comments from a Saudi official implying no change in Saudi Arabia’s OPEC policy under the new energy minister for the country. International benchmark Brent LCOc1 was priced at $61.61 a barrel. U.S. West Texas Intermediate climbed 0.3%, to $56.72 a barrel. Prince Abdulaziz bin Salman took charge as the energy minister for Saudi Arabia on Sunday.
The ongoing US-China trade has affected the international market. On Tuesday, the market had mixed response with not so strong South Korean data adding to the concern. Further OPEC's output increased for the first time after the announcement of supply cut by the cartel. WTI was down by 0.4% and was traded at $54.89 a barrel. Brent, on the other hand went up, at $58.71 a barrel.
OPEC's secretary-general, Mohammed Barkindo, has referred to the climate change campaigners as "perhaps the greatest threat to our industry going forward". Barkindo was seemingly referring to the ongoing school strikes inspired by Swedish teenager Greta Thunberg's "Fridays for Future" movement. Barkindo continued to say, "Civil society is being misled to believe oil is the cause of climate change".
OPEC and its allies have extended the supply cuts which resulted in an oil price increase on Wednesday. Brent jumped by 0.6% and was traded at $62.76 a barrel. WTI went up by 0.5% and was traded at $56.54 a barrel. The investors are worried as signs of global economic slowdown loom larger. This could eventually hit the oil demand growth.
Oil prices declined on Tuesday after a substantial recovery in the previous session. The weak global data led to future demand concerns of the commodity. Brent went down by 0.2% and was traded at $64.91 a barrel. WTI slipped by 0.4% and was traded at $58.84 a barrel. Meanwhile, OPEC's decision to extend the supply cuts continues to support the market.
Oil prices jumped on Monday over looming extended supply cut decision gained support from Saudi Arabia, Russia and Iraq. Brent crude futures were traded 1.7% higher, at $65.86 a barrel. US WTI jumped by 1.9% to $59.57 a barrel. OPEC and its allies will meet on Monday to discuss the extension of oil supply cuts. Top producers from the cartel were seen endorsing supply cut extension yesterday.
US crude stocks declined more than expected which helped the market rise over 1% on Thursday. Further, OPEC and other producers have finally decided on a date to discuss supply cuts which also supported the market. Brent increased by 1.3% and was traded at $62.64 a barrel. WTI went up by 1.5% and was traded at $54.55 a barrel.
Oil prices held fast on Thursday after the nearly catastrophic 4% drop on Wednesday, with a consistent rise in the US crude inventories and a weaker oil market. Benchmark Brent crude futures plunged to $59.97, before settling to $60.09/barrel, a gain of 0.2%. US WTI crude futures were priced 0.2% higher, at $51.26/barrel, recovering from $51.14. EIA data showed that US crude inventories gained 2.2 million barrels last week.
Oil prices fell in the international market on Wednesday, as U.S. crude inventories gained amidst a weaker oil demand outlook. Brent crude futures dipped 1.4%, to $61.42 a barrel. US WTI crude futures fell 1.6%, to $52.41 per barrel. API data released yesterday showed a jump of 4.9 million barrels in the US crude inventories last week. Oil prices were also under pressure from the ongoing US-China trade war.
Oil prices remained stable in the international market on Tuesday, as the market remained hopeful that continued OPEC-led supply cut will check the price drop. Benchmark Brent crude futures were traded 0.1% higher, at $62.36 per barrel. US WTI crude futures were priced 0.3% higher, at $53.42 per barrel. Russia yesterday indicated that it might support prolongation of supply cuts, alerting that oil prices might fall to $30 per barrel.
The decision of keeping oil supplies tight by Saudi Arabia and the withdrawal of tariff threat by the US against Mexico led to the increase in oil prices on Monday. Brent went up by 0.5% and was traded at $63.61 per barrel. WTI increased by 0.6% and was traded at $54.32 per barrel. However, the market is still skeptical of the growth due to the looming trade war between the US and China.
Oil prices extended further decline on Wednesday due to unexpected gain in US inventories. The prices were also dragged down because of the questions thrown at OPEC on supply cut by Russian state oil producer Rosneft. Brent went down by 0.7% and was traded at $61.55 a barrel. WTI decreased by 0.9% and was traded at $53 a barrel.
Sino-US trade war has brought the crude market under pressure. The oil prices were dragged down on Monday due to the concerns of economic slowdown. WTI decreased by 0.4% and was traded at $58.42 per barrel. Brent increased a little and was traded at $68.73 per barrel. The market is hopeful for the OPEC-led supply cuts to provide the support.
Oil prices climbed today on the back of OPEC-led supply cut and tensions in the Middle East. Brent crude futures gained 1.1%, to $68.50 per barrel. US WTI crude futures, on the other hand, were priced 1.1% higher than their last close, at $58.54 per barrel. However, oil prices couldn’t recover from the huge decline earlier this week, keeping crude futures on track for biggest weekly losses in 2019.