Futures News Oil 

Oil Up Nearly 2% on Saudi and OPEC Cuts

“U.S. West Texas Intermediate (WTI) crude oil futures rose 69 cents, or 1.3 percent, to settle at $53.10 a barrel” writes Min Read for reuters.com. Oil prices edged up slightly post-settlement after data from the American Petroleum Institute (API), an industry group, showed U.S. crude oil stockpiles had unexpectedly fallen.Brent crude futures gained 91 cents, or 1.5 percent, to settle at $62.42 a barrel.OPEC said on Tuesday it had reduced oil production almost 800,000 bpd in January to 30.81 million bpd under its voluntary global supply pact. Source: reuters.com

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Futures News Oil 

Oil prices surge by more than 2.5% as OPEC report shows big output drop

“The Organization of the Petroleum Exporting Countries said its crude output fell by 797,000 barrels a day in January, month on month, to average 30.81 million barrels a day” writes Christopher Alessi for marketwatch.com. U.S. crude futures rallied early Tuesday in New York after a closely followed monthly OPEC report showed that members of the cartel substantially reduced production in January.Earlier in the session, crude futures had already been buoyant, trading off a two-week low as optimism over tariff negotiations between Beijing and Washington officials helped to buttress prices. Source: marketwatch.com

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Markets News Oil 

OPEC cuts production by nearly 800,000 barrels a day in January, pumping just above its oil target

“The group aimed to cut a combined 812,000 bpd in a bid to drain oversupply from the oil market” writes Yasser Al-zayyat Afp for cnbc.com. OPEC is partnering with 10 non-member nations, including Russia, to keep 1.2 million bpd off the market.In January, OPEC managed to remove 797,000 barrels per day from the market by holding back supply. Source: cnbc.com

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BP CEO Bob Dudley warns oil market uncertainty could lead to a ‘real crunch’

“When asked whether production cuts from the so-called OPEC+ coalition were likely to help stabilize oil prices, Dudley replied: “Well, there’s a lot of variables here and there’s a lot of things that could lead to a real crunch.”” writes Sam Meredith for cnbc.com. A flurry of intensifying risks could trigger an energy market “crunch” over the coming months, according to the chief executive of BP. His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset…

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$60 to $70 is a fair price for a barrel of oil, Egypt’s petroleum minister says

“There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla” writes Mohd Jailanee Othman for cnbc.com. “It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy.If we see prices go down below a certain price then…

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Futures Markets News Oil 

Oil falls on economic slowdown, but OPEC output cuts offer some support

“International Brent crude oil futures were down by 44 cents, or 0.7 percent, at $61.19 per barrel, after falling 1.7 percent the previous session” writes unknown author for cnbc.com. U.S. West Texas Intermediate (WTI) crude futures stood at $52.20 per barrel by 0351 GMT, down 44 cents, or 0.8 percent, from their last settlement.Oil markets fell on Friday, pulled down by an economic slowdown, although supply cuts led by producer club OPEC and U.S. sanctions against Venezuela provided crude with some support.Weighing on financial markets, including crude oil futures, were…

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Futures News Oil 

Oil falls as US maintains record output, inventories climb

“Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018” writes unknown author for cnbc.com. U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.International Brent crude oil futures were down by 26 cents, or 0.4 percent, at $62.43 per barrel.Oil prices fell on Thursday after U.S. crude inventories rose and as production levels in the country held…

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Futures Markets News Oil 

Oil climbs, with Venezuela turmoil, OPEC output cuts feeding a weekly gain

“West Texas Intermediate crude oil for March delivery US:CLG9 rose 56 cents, or 1.1%, to $54.35 a barrel on the New York Mercantile Exchange” writes Markets Commodities Reporter for marketwatch.com. Prices based on the front-month contracts gained 15% for last month but were barely notch a gain for the week.Oil futures headed higher Friday, feeding a gain for the week as U.S. sanctions on Venezuela’s state-owned oil firm raised the risk of tighter crude supplies and a recent survey showed a considerable monthly decline in OPEC production.April Brent LCOJ9, +1.55%…

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Markets News Oil 

Political tug-of-war sparks fears for oil markets

“Daniel Ghali, commodity strategist at TD Securities, said one potential substitute for Venezuelan crude oil was Canadian oil, which is of a similar consistency” writes Debbie Carlson for theguardian.com. Pavilonis pointed out that it was not just the Venezuelan situation that had oil markets worried.The escalating power struggle in Venezuela between the sitting president, Nicolás Maduro, and the opposition party, led by Juan Guaidó, is rattling the oil markets.Compounding the situation for the oil market was a tweet on Wednesday by the Reuters Venezuela news service saying that the Trump…

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Russia says oil price war with U.S. would be too costly

“Since 2017, Russia and OPEC have cut oil production jointly for the first time in an effort to boost the price of crude” writes Midwest Communications Inc for 95kqds.com. Following their supply pact, oil has traded between roughly $60 and $85 per barrel, from below $30 before the deal took effect. Such a move should keep oil prices in the $60 to $70 range, Aliyev said.However, higher oil prices have also helped the United States, which is not participating in output cuts.The rise in prices thanks to output cuts has…

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