Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  London Brent Oil    XBNT   XX00000BRENT

SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Brent crude stabilizes near $50 a barrel

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/04/2017 | 09:53pm CET
An oil well pump jack is seen at an oil field supply yard near Denver

Oil prices flirted with both positive and negative territory on Tuesday, hovering around $50 a barrel on tentative signs that a persistent rise in U.S. crude production may be slowing.

The international benchmark <LCOc1> settled down 7 cents at $49.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures <CLc1> were trading up 1 cent at $47.08 a barrel.

Both contracts traded lower earlier in the session as many traders closed positions ahead of the U.S. Independence Day holiday on July 4, while Brent also faced technical resistance as it approached $50, traders said.

Despite this, the market's outlook has shifted somewhat.

Late May and most of June were overwhelmingly bearish as U.S. output rose and doubts grew over the ability of the Organization of the Petroleum Exporting Countries to hold back enough production to tighten the market.

But sentiment began to shift toward the end of June, when data showed a dip in U.S. oil output and a slight fall in drilling for new production. <RIG-OL-USA-BHI> <C-OUT-T-EIA>

"The fact that prices have not come under any noticeable pressure of late points to a shift in sentiment," Commerzbank said on Tuesday.

"This may be related to the fact that most of the 'shaky hands' have withdrawn from the market by now," the bank added.

Prices rose in recent days despite OPEC production hitting a 2017 high of 32.72 million barrels per day (bpd) in June, according to a Reuters survey.

The group's efforts to rebalance the market have been undermined by rising production from Libya and Nigeria, which are exempt from an output-cutting agreement.

Libya is pumping around 1 million bpd of crude, a four-year high.

OPEC exports rose for a second month in a row in June to 25.92 million bpd, up 1.9 million bpd from the same month last year, according to Thomson Reuters Oil Research.

"We see a recovery for oil prices in H2 2017 from current levels, with OPEC production cuts, a slowdown in global supply growth and seasonally firming demand driving up prices," BMI Research said, although it added that "large-volume supply additions will keep price growth flat year on year in 2018".

(Additional reporting by Catherine Ngai in Calgary and Henning Gloystein in Singapore; Editing by Jason Neely and Matthew Lewis)

By Ahmad Ghaddar

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LONDON BRENT OIL
11/06 Oil options signal Brent bulls are not having it all their own way
11/03DJBrent Crude Holds Above $60 Amid Geopolitical Uncertainty
10/30 Brent oil ends above $60 on expected OPEC cut extension
10/30 Brent oil holds above $60 on expected output cut extension
10/30DJBrent Holds on to Record Gains, Treading Water Above $60
10/27 Oil up 2 percent, Brent hits $60/bbl on support for extending curbs
10/27 Oil up 2 percent, Brent hits $60 per barrel on support for extending curbs
10/27DJOil Moves Higher as Brent Crude Tops $60 a Barrel
10/27DJOil Moves Higher as Brent Crude Tops $60 a Barrel
10/26 Brent oil hits 27-month high on Saudi talk of extending supply cuts
More news
Chart LONDON BRENT OIL
Duration : Period :
London Brent Oil Technical Analysis Chart | XBNT | XX00000BRENT | 4-Traders
Technical analysis trends LONDON BRENT OIL
Short TermMid-TermLong Term
TrendsBullishBullishBullish