By Colin Packham and Koustav Samanta SYDNEY/SINGAPORE, Jan 24 (Reuters): Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories. International Brent crude oil futures were at $60.89 a barrel at 0352 GMT, down 25 cents, or 0.4 percent, from their last settlement, having closed down 0.6 percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement. "Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor's minds," ANZ Bank said. The prospects of future oil demand are getting clouded by the global growth worries, analysts said. "With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil," said Hue … [Read more...] about Oil prices fall on worries fuel demand to stall amid slowing global growth
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source Raheb Homavandi/Reuters Oil prices rose more than 1.5% on Monday. US economic sanctions against Iran are set to take effect on Tuesday. Other sanctions, including those targeting Iranian crude, will resume in November. Watch oil trade in real time here. Oil prices rallied Monday as markets braced for the reimposition of US sanctions against Iran. West Texas Intermediate crude jumped 1.5% to $69.72 per barrel at 12:45 p.m. ET. Brent, the international benchmark, rose 1% $74.15 a barrel. An initial round of sanctions against Tehran was reimposed Monday, administration officials said, as has been expected since President Donald Trump withdrew the US from the Iran nuclear deal in May. The 2015 pact among world powers eases sanctions on Iran in exchange for restraints on its nuclear weapons program. Those sanctions affect a number of sectors including metals, automobiles, and carpets. They also block the purchase of Iran’s sovereign debt and block … [Read more...] about Oil prices spike ahead US sanctions on Iran
caption Saudi Arabia’s Oil Minister al-Fa lih addresses a news conference after an OPEC meeting in Vienna source Thomson Reuters OPEC members have lifted oil prices by cutting production since January 2017. Production cuts are widely expected to extend beyond 2018, when the current deal expires. But if OPEC members end up throwing out the deal without warning, it could send prices spiraling downward. The global cartel that’s aimed at propping up oil prices could accidentally send them plummeting next year. If OPEC lifts its production caps at the end of the year, it’s likely that oil prices will gradually fall in 2019 – Thomas Pughs, an economist at Capital Economics, predicts Brent crude oil will drop to $55 a barrel from $75. But if they don’t ease the oil market into any decision to cut production, it could be painful. “There is a significant risk that OPEC does … [Read more...] about OPEC could accidentally sink oil prices
Oil prices surged more than 12 percent after producers' cartel Opec agreed to the first output cut since 2008. Oil rallied past US$50 a barrel after the Organization of the Petroleum Exporting Countries, alongside Russia, committed to an output reduction of more than 1.2 million barrels a day.Consensus had eluded recent Opec meetings that discussed a output reduction as a means to address the supply glut in the market primarily because of political differences between major members Saudi Arabia and Iran.Wednesday's landmark decision came after Riyadh and Tehran finally papered over the differences. Russia had agreed to an output reduction contingent on the Opec reaching a unified stand. With Moscow committing an output reduction of nearly 300,000 barrels a day the major producers have now lined up to put in place a brace for the falling prices. The output cut will come into force on January 1 and will remain in place for six months.Though oil markets received the news with a robust … [Read more...] about Will oil price stay higher after Opec-Russia output reduction?
Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.A broad global market rally, including stocks, has also been fuelling investment into crude oil futures.U.S. West Texas Intermediate crude futures CLc1 were at $63.47 a barrel at 0405 GMT – 51 cents, or 0.81 percent, above their last settlement. They marked a December-2014 high of $63.53 a barrel in early trading.Brent crude futures LCOc1 were at $69.19 a barrel, 37 cents, or 0.54 percent, above their last close. Brent touched $69.29 in late Tuesday trading, its strongest since an intra-day spike in May 2015 and, before that, in December 2014.“The extension of the OPEC agreement … and declining inventories are all helping to drive the price higher,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.In an effort to prop up prices, the … [Read more...] about Oil prices hit highest since 2014, but analysts warn of overheated market