News Oil 

OPEC reportedly favors 9-month extension to output cut deal in bid to boost oil prices

“OPEC members are reportedly forming a consensus around extending their production cutting deal with other crude exporters by nine months, a move that would help to put a floor under oil prices” writes Tom Dichristopher for cnbc.com. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year.OPEC may put off the decision at its Nov. 30 meeting if demand for crude oil and petroleum products remains strong, a source told Reuters. Source: cnbc.com…

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News Oil 

Rising tensions in oil-rich northern Iraq keep crude prices elevated

“That potential reduction to global supply has boosted crude prices in recent days” writes Christopher Alessi for marketwatch.com. With Iraqi forces now in control of some Kurdish oil fields, much of these exports could be blocked, experts say.Iraqi forces on Monday clashed with fighters from Iraq’s semi-autonomous Kurdish region in the oil-rich province of Kirkuk, in a continuing standoff over Kurdish independence. ICE gasoil, a benchmark for diesel fuel, changed hands at $543.25 a metric ton, up 0.46% from the previous settlement. Source: marketwatch.com Share This:

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News Oil 

Oil ends at a nearly 3-week high as Middle East tensions threaten supplies

“Oil prices settle at a nearly three-week high on Monday, as increased tensions in the Middle East raised concerns over global crude supplies” writes Saefong Sara Sjolin for marketwatch.com. On Monday, the risks in the Middle East intensified after Iraqi forces reportedly entered Kirkuk, which is a major oil-producing area and has been held by Kurdish fighters.We otherwise see the oil market as still amply supplied, which would rather justify a Brent price of $50 per barrel,” said analysts at Commerzbank. Source: marketwatch.com Share This:

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Futures News Oil 

Oil jumps on fears of new Iran sanctions, Iraq conflict

“U.S. West Texas Intermediate (WTI) crude futures were trading at $51.89 per barrel, up 44 cents, or 0.9 percent” reports foxbusiness.com. Brent crude futures, the international benchmark for oil prices, were at $57.85 at 0356 GMT, up 68 cents, or 1.2 percent, from the previous close.During the previous round of sanctions against Iran, some 1 million barrels per day (bpd) of crude oil supplies were cut off global markets.Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq, while an…

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News Oil 

Oil rallies on China import boost, Mideast tensions

“OPEC-led cuts have breathed new life into oil bulls but unless the organization digs deeper, the drawdown in global oil stockpiles will soon fizzle out,” broker PVM’s Stephen Brennock wrote” reports foxbusiness.com. Oil prices firmed on Friday as bullish news from strong Chinese oil imports and tensions in the Middle East put Brent on track for a nearly 3 percent weekly gain.Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.Imports averaged 8.5 million bpd between January and September, solidifying China’s position as the…

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Markets News Oil 

Oil prices fall on higher US crude inventories

“Both benchmarks have risen more than 20 percent from their lows in June as world oil markets tightened” reports foxbusiness.com. Brent crude oil was down 60 cents at $56.34 a barrel by 1055 GMT. U.S. light crude was 75 cents lower at $50.55.Higher U.S. production is allowing U.S. companies to export increasing volumes to world markets, feeding inventories and helping to undermine OPEC’s efforts to tighten the market.Many analysts expect Brent to stay between $50 and $60 a barrel as long as global markets stay balanced. Source: foxbusiness.com Share This:

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Markets News Oil 

Oil slips on worries about rising U.S. crude stockpiles

“Also Thursday, the International Energy Agency said global oil supply rose in September, while demand growth slowed” writes Georgi Kantchev for marketwatch.com. The fall in prices came after the American Petroleum Institute said late Wednesday that domestic crude inventories rose by 3.1 million barrels.On Wednesday, the EIA forecast total U.S. crude oil production would average 9.2 million barrels a day in 2017 and 9.9 million barrels a day in 2018, which would mark the highest annual average production in U.S. history.Oil prices fell Thursday following a report showing an increase…

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News Oil 

Big buyer of Venezuelan crude oil halts purchases from national oil company

“The fifth largest U.S. buyer of Venezuelan crude, PBF Energy, has halted direct purchases from state-run oil company PDVSA, according to four sources, deepening a rift amid sanctions on the OPEC-member country” writes unknown author for cnbc.com. But the refiner has bought Venezuelan crude from intermediaries in recent months, the data say.PBF has sought alternatives to Venezuela’s heavy crude oil to meet its refineries’ feedstock requirements.In July, a Venezuelan heavy oil cargo intended for PBF sat off Louisiana awaiting a letter of credit to complete the sale.Venezuela in September sent…

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Markets News Oil 

Oil Rises to $56 on Saudi Export Cut

“REUTERS/Christian Hartmann LONDON (Reuters) – Oil rose to above $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply” writes Min Read for reuters.com. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact.A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017 .OPEC has managed record-high adherence to its supply cutting deal…

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Markets News Oil 

NITC returning to European markets

“The VLCC with the capacity of 300,000 DWT (two million barrels of oil) belongs to the National Iranian Tanker Company (NITC)” reports tehrantimes.com. While transporting Iranian crude, NITC’s tankers are also chartered out to foreign countries for crude oil transportation based on the existing international freight rates, and supply and demand for tankers. Source: tehrantimes.com Share This:

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