LIVE MCX CRUDE OIL NEWS UPDATE @@💰📈🏹📊BY TRADELINE India's No.1mcx Tips Provider Missed Call @:/8057046270/8923452051
UPDATE 3-Oil up 1 pct amid supply cuts, but China slowdown weighs on demand outlook
Price climb comes after bigger fall the previous day
* Brent crude oil futures remain below $60/bbl
* HSBC cuts its 2019 Brent price forecast by $16 to $64/bbl
* U.S. oil production, drilling levels: https://tmsnrt.rs/2GYfhAi (Adds China stimulus detail, comment, graphic; updates prices)
By Henning Gloystein
SINGAPORE, Jan 15- Oil prices rose by more than 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand.
International Brent crude oil futures were at $59.80 per barrel at 0628 GMT, up 81 cents, or 1.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $51.21 per barrel, up 70 cents, or 1.4 percent."OPEC-led cuts and declining U.S. rig counts have bolstered market sentiment in the New Year," Singapore-based brokerage Phillip Futures said on Tuesday.The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.
In the United States, the amount of rigs looking for new oil production has dropped from a 2018-peak of 888 to a still high number of 873 in early 2019, pointing to a potential dent in production growth which was at more than 2 million barrels per day (bpd) last year, bringing American crude ouput to a record 11.7 million bpd C-OUT-T-EIA .Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since. exports have already fallen sharply and are likely to remain at around 1.3 million barrels per day (bpd) in 2019, 1.3 million bpd down vs their 1H18 average," HSBC said in its 2019 oil market outlook.On the demand side, an economic slowdown is looming over oil and financial markets.China's National Development and Reform Commission (NDRC) on Tuesday signalled it may roll out more fiscal stimulus measures to stem a further economic slowdown. oil price increases came after crude futures fell by more than 2 percent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown. outlook for the global economy continues to be highly uncertain," HSBC said.
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Price climb comes after bigger fall the previous day
* Brent crude oil futures remain below $60/bbl
* HSBC cuts its 2019 Brent price forecast by $16 to $64/bbl
* U.S. oil production, drilling levels: https://tmsnrt.rs/2GYfhAi (Adds China stimulus detail, comment, graphic; updates prices)
By Henning Gloystein
SINGAPORE, Jan 15- Oil prices rose by more than 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand.
International Brent crude oil futures were at $59.80 per barrel at 0628 GMT, up 81 cents, or 1.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $51.21 per barrel, up 70 cents, or 1.4 percent."OPEC-led cuts and declining U.S. rig counts have bolstered market sentiment in the New Year," Singapore-based brokerage Phillip Futures said on Tuesday.The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.
In the United States, the amount of rigs looking for new oil production has dropped from a 2018-peak of 888 to a still high number of 873 in early 2019, pointing to a potential dent in production growth which was at more than 2 million barrels per day (bpd) last year, bringing American crude ouput to a record 11.7 million bpd C-OUT-T-EIA .Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since. exports have already fallen sharply and are likely to remain at around 1.3 million barrels per day (bpd) in 2019, 1.3 million bpd down vs their 1H18 average," HSBC said in its 2019 oil market outlook.On the demand side, an economic slowdown is looming over oil and financial markets.China's National Development and Reform Commission (NDRC) on Tuesday signalled it may roll out more fiscal stimulus measures to stem a further economic slowdown. oil price increases came after crude futures fell by more than 2 percent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown. outlook for the global economy continues to be highly uncertain," HSBC said.
www.tradelinecommodity.com
India's No.1mcx Tips Provider
Missed Call @:/8057046270/8923452051
https://api.whatsapp.com/send?phone=918057046270
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