Oil steady as extra U.S. supply balances strong demand – Oil prices steadied on Monday as U.S. production hit a record-high and OPEC members considered boosting supply to balance rising global demand – Crude Oil steady USA supply demand
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Oil steady as extra U.S. supply balances strong demand
LONDON (Reuters) – Oil prices steadied on Monday as U.S. production hit a record-high and OPEC members considered boosting supply to balance rising global demand.
Benchmark Brent crude oil LCOc1 was unchanged at $76.79 a barrel by 0730 GMT. U.S. light crude CLc1 was up 5 cents at 65.86 a barrel. Last week, the U.S. contract lost around 3 percent, adding to a near 5-percent decline from a week before.
“We are going into summer, the high demand season, and I think we are going to see a fall in U.S. crude oil inventories, but shale oil output is growing. Which one is going to win is the issue,” said Tony Nunan, risk manager at Mitsubishi Corp.
U.S. crude production climbed in March to 10.47 million barrels per day (bpd), a monthly record, data from the Energy Information Administration showed last week.
U.S. drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, energy services firm Baker Hughes said on Friday. That was the eighth time drillers have added rigs in the past nine weeks. [RIG/U]
Arab oil ministers agreed over the weekend on the need for continued cooperation between members of the Organization of the Petroleum Exporting Countries and other big producers to balance global supply, Kuwait’s state news agency KUNA reported on Sunday.
OPEC ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria along with their counterpart from non-OPEC Oman met unofficially in Kuwait on Saturday.
OPEC meets formally on June 22 to set oil policy. It is expected to agree to raise output to cool the market amid worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC sources familiar with the discussions told Reuters last month.
Saudi Arabia, effective OPEC leader, and Russia have discussed boosting output to compensate for supply losses from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output.
Russia’s largest oil producer Rosneft (ROSN.MM) will be able to restore 70,000 bpd of oil output in just two days if global production limits are lifted, Renaissance Capital wrote in a client note.
Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options, according to data released on Friday, as oil prices slumped on oversupply fears.
Additional reporting by Naveen Thukral in Singapore; Editing by Louise Heavens
–Bearish forecast for oil on rising US output, Opec plans – A rise in US shale production and plans by the Organisation of Petroleum Exporting Countries (Opec) to gradually ramp up production are both expected to have a bearish impact on oil prices – Bearish forecast crude oil USA output Opec
-Oil prices won’t keep plunging because US drillers can’t meet demand, analysts say – Supply and demand in the oil market are finely balanced, and surging U.S. output might not be enough to offset supply disruptions in Venezuela and Iran – Crude Oil prices USA drillers
-IMF urges Saudi Arabia to resist temptation to spend, as oil prices rise – Saudi Arabia has been advised by the International Monetary Fund (IMF) not to increase spending, as oil prices reach $80 a barrel and are predicted to go higher – IMF Saudi Arabia crude oil prices
-Low oil price era is ‘dead’ as crisis-stricken Venezuela risks a supply shock, analyst says – The “lower for longer” oil price mantra is doomed, one oil analyst told CNBC Tuesday, amid heightened energy market fears of an imminent supply shock – Crude oil price crisis Venezuela supply shock
-Oil prices to peak in mid-2019: BofAML – Brent crude oil prices are expected to trend gradually higher, hitting an average of $80 per barrel (/bbl) by mid-2019 before gradually trending lower to an average of $71/bbl by end-2019 – Crude Oil prices peak 2019 BofAML
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-The Regulations That Could Push Oil Up To $90 – International regulations on the fuels used in shipping could tighten the oil market and push prices up to $90 per barrel in the next two years – Regulations Push Crude Oil $90
-Morgan Stanley Sees Oil Climbing To $90 By 2020 – Forget Iran and OPEC. There’s another issue that will keep oil prices supported for the next two years, according to Morgan Stanley’s oil outlook – Morgan Stanley Crude Oil $90 2020
-Get ready for $100 a barrel oil and the conflict it represents – The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating – $100 barrel crude oil
-Oil for $300. Is It Possible? – If major oil companies keep postponing the necessary investments, the next “huge supply shock” may bring the oil price up to $300 per barrel – Crude Oil $300 per barrel possible
-Oil eases as clock ticks down to Trump decision on Iran – Oil eased on Tuesday ahead of an announcement by U.S. President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran, but the price held within sight of its highest in more than three years – Crude Oil Trump Iran
-BP says still sees oil at $50-$60/bbl in 2018 as shale output surges – BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day – BP crude oil $50 $60 barrel 2018 shale output
-Who’s to blame for costly oil? Saudis, Russia and Trump himself – Rising oil prices are now the latest target in President Donald Trump’s cross-hairs. The nation’s tweeter-in-chief complained Friday about OPEC fueling – Blame costly oil Saudis Russia Trump
-Oil pulls back from gains; OPEC says glut nearly gone – Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though U.S. crude gave back gains in the afternoon to finish lower – Crude Oil OPEC glut Saudi Arabia
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– IEA: OPEC Mission Near Completion as Oil Glut Vanishes – OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation – IEA OPEC Crude Oil Glut
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-Oil price crosses $70 amid Iran deal tensions – Oil prices rose as investors saw increasing possibility that the US could withdraw from the historic Iran nuclear deal – Crude Oil price dollars 70 Iran tensions
-Is $70 oil the new normal? – The global economy is poised to cope well even if oil prices will remain at around $70 per barrel throughout 2018, energy experts said – Dollars 70 barrel crude oil shale oil
-Will oil prices remain strong for the rest of the year? – The oil inventory trajectory anchors oil prices in the short term, and the cost of bringing on the marginal barrel of US tight oil supply serves as the medium-term anchor for prices – The oil inventory trajectory anchors oil prices in the short term, and the cost of bringing on the marginal barrel of US tight oil supply serves as the medium-term anchor for prices – Crude Oil prices
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