Oil Rises as Producers Plan Output Summit
Producers to meet April 17 in Qatar on proposed output freeze. Oil prices firmed on Wednesday on an announcement that producers will meet next month in Qatar to discuss a proposal to freeze output and on growing signs of a decline in U.S. crude production. Producers both from and outside the Organization of the Petroleum Exporting Countries will hold talks in the capital Doha on April 17, Qatari oil minister Mohammed Bin Saleh Al-Sada said. Around 15 OPEC and non-OPEC producers, accounting for about 73 percent of global oil output, support the initiative, the minister said in a statement. Brent crude futures were up 78 cents at $39.52 a barrel at 1140 GMT. U.S.
Oil Catches Breath Near 6-1/2-year Low
Supply glut and China 'hard landing' fears weigh; API shows draw in U.S. crude oil inventories. Oil stabilised on Wednesday after China's central bank moved to support the country's economy, but prices stayed near 6-1/2-year lows as a heavy supply glut kept the market outlook bearish. "Oil is catching its breath a bit and seeing if markets have been oversold or not," Capital Economics commodities economist Thomas Pugh said. Brent was up 20 cents at $43.41 a barrel by 1115 GMT, and U.S. crude was up 15 cents at $39.46 a barrel. Oil has lost a third of its value since June on high U.S. production, record crude pumping in the Middle East and concern about falling demand in Asian economies.
Oil Analysts, Experts Weigh In On Iran Nuclear Deal
Iran, the United States and five other major powers reached an agreement to restrain the Iranian nuclear program in exchange for relief from economic sanctions. Q: Can you outline the timeline from here? "The P5+1 will now work on a UN resolution to endorse the deal; separately, domestic legislatures and other processes will review text, in the U.S, that includes a 60-day review period; 90 days from today the deal goes into implementation mode in which Iran does a number of nuke steps, and the P5+1 establish legal conditions for relief, but it doesn't get activated until the IAEA (International Atomic Energy Agency) issues a report verifying Iran did what it said it would do…
Oil Steadies Below $67 as Global Glut Builds
OPEC pumps 2 million bpd more than needed; Gulf tensions rise after Iran fires at tanker. Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot, and could be about to correct. Although the U.S. oil market is becoming more balanced, production elsewhere is still running well ahead of consumption. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told the Reuters Global Oil Forum.
