News Oil 

Oil moves up as traders pore over data on OPEC crude output, U.S. supplies

“Oil prices moved higher Thursday as traders pored over data showing a rise in monthly OPEC output, as well as a recent report of a weekly decline in U.S. crude supplies and production” writes Markets Commodities Reporter for marketwatch.com. Record pumping from Saudi Arabia lifted overall oil production from the Organization of the Petroleum Exporting Countries in November, the International Energy Agency said Thursday.The report also showed a decline of 100,000 barrels to 11.6 million barrels in total domestic crude production.In its closely watched monthly oil market report, the IEA…

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OPEC output jumped last month, even as production cuts loom: IEA

“And, the agency kept its oil demand growth forecasts for this year and next unchanged, at 1.3 million barrels a day and 1.4 million barrels a day, respectively” writes Rachel Koning Beals for marketwatch.com. OPEC is slated to curb production by 800,000 barrels a day, while Russia and nine allied producers will shoulder the remainder of the cuts.Both reports come less than a week after OPEC agreed with its nonmember partner producers — led by Russia — to collectively cut crude output by 1.2 million barrels a day starting in…

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Markets News Oil 

IEA: U.S. Dominance in Oil Markets Will Continue to Grow

“The U.S. has become a dominant competitor in oil markets in its own right, however, and has taken a place among the world’s largest oil producers, thanks to its shale oil revolution” writes unknown author for cnbc.com. The U.S. might have been left out from the big summit between OPEC and non-OPEC producers in Vienna last week but the country’s influence over global oil markets is only going to get stronger, the International Energy Agency (IEA) stated in its latest report.”Last week’s meeting reminded us that the Big Three of…

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Markets News Oil 

US dominance in oil markets is only going to get bigger, the IEA says

“The U.S. has become a dominant competitor in oil markets in its own right, however, and has taken a place among the world’s largest oil producers, thanks to its shale oil revolution” writes unknown author for cnbc.com. The U.S. might have been left out from the big summit between OPEC and non-OPEC producers in Vienna last week but the country’s influence over global oil markets is only going to get stronger, the International Energy Agency (IEA) stated in its latest report.”Last week’s meeting reminded us that the Big Three of…

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News Oil 

Oil prices inch up amid US stockpile drop, signs of easing trade tensions

“Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories,” ANZ bank said on Thursday” reports cnbc.com. Oil prices edged up on Thursday, buoyed by a draw down in inventories in the U.S. and by signs of easing trade tensions between Washington and Beijing.International Brent crude oil futures were 0.6 percent higher at $60.50 per barrel.Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast.U.S. crude…

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GOP lawmaker: OPEC’s ‘mockery of antitrust law’ costs Americans $250 billion

“Bob Goodlatte, the retiring GOP lawmaker from Virginia, told Makan Delrahim, the antitrust chief for the Trump administration’s Justice Department, during an antitrust subcommittee hearing Wednesday” reports washingtonexaminer.com. OPEC’s cartel-like behavior costs U.S. drivers an extra $250 billion a year, he estimated, and White House support could enable “a bipartisan victory before this term of Congress ends.”. The day after the Organization of Petroleum Exporting Countries agreed in early December to cut daily oil output by 1.2 million barrels, prices rose $4. Source: washingtonexaminer.com Share This:

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Markets News Oil 

OPEC’s oil production dips in November as Iranian output plunge offsets Saudi surge

“Oil production from OPEC nations dipped in November, as a sharp drop in Iranian supplies offset a surge in Saudi output to all-time highs” writes unknown author for cnbc.com. Slowing economic growth and financial strain in key oil-consuming nations are also raising concerns about energy demand in 2019.The decision follows a plunge in oil prices since the start of October, in part due to projections that the oil market will be oversupplied next year. “Rising trade tensions, monetary tightening and geopolitical challenges are among the issues that skew economic risks…

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Oil prices gain on sign of U.S. inventory dip

“Crude prices continued to be supported by a supply outage in Libya” writes Rachel Koning Beals for marketwatch.com. On average, analysts surveyed by The Wall Street Journal expect the EIA to report a decline of 2.8 million barrels in crude supplies.Roughly 400,000 barrels a day of oil have come offline, according to analysts.The country’s national oil company has declared force majeure on exports from the El Sharara oil field following an attack by a militia group over the weekend. Source: marketwatch.com Share This:

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Markets News Oil 

Oil rises more than 1 percent on OPEC-led supply cuts, trade talk hopes

“Undermining the supply cuts is soaring output in the United States, where crude production has hit a record 11.7 million bpd” writes Athit Perawongmetha for cnbc.com. “U.S. oil production growth continues relentlessly and will probably continue for the foreseeable future to offset any supply-side adjustments from the OPEC+ group,” Razaqzada said.Oil prices climbed by more than 1 percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilise markets as well as hopes that long-running Sino-American trade tensions could ease. Source: cnbc.com Share This:

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