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

MarketScreener Homepage  >  News

News :

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

Oil pares gains in volatile trade ahead of OPEC meet

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/21/2018 | 05:50pm CEST
FILE PHOTO: Storage tanks are seen at Ecopetrol's Castilla oil rig platform, in Castilla La Nueva

NEW YORK (Reuters) - Oil prices were largely steady in highly volatile trade on Friday, with Brent briefly reaching $80 per barrel, ahead of this weekend's meeting between OPEC and non-OPEC producers to discuss how to counter falling supply from Iran due to U.S. sanctions.

The Organization of the Petroleum Exporting Countries and its allies were discussing the possibility of raising output by 500,000 barrels per day, a source familiar with the discussions told Reuters.

The major producers are scheduled to gather in Algeria on Sunday.

Earlier in the session, prices jumped after a report said that OPEC and non-OPEC countries pumped less oil in August compared with July due to a drop in Iranian crude supply.

"Iranian crude exports are coming (down) earlier and bigger than expected, at a time seasonal demand is strong. With spare capacity also falling sharply, the market remains exposed to supply-induced price shocks," ANZ Bank analysts said in a note to clients.

Investors piled into the trade, betting that OPEC will be unable to compensate fully for the loss of oil from Iran, OPEC's third-biggest producer.

Brent crude oil was up 13 cents at $78.83 a barrel by 11:27 a.m. EDT (1527 GMT) after earlier touching a session high of $80.12. U.S. light crude was up 20 cents at $70.52, after earlier touching a high of $71.80.

Jason Gammel, analyst at U.S. bank Jefferies, said he expects Saudi Arabia to try to keep the oil market adequately supplied into 2019, "but at the cost of spare capacity", a key supply buffer to prevent oil price volatility.

"Spare capacity could fall below 1 percent of demand by year-end if Iranian exports fall below 1 million barrels per day, as now seems likely," Gammel said.

(Reporting by Christopher Johnson in London, Jane Chung in Seoul and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and David Goodman)

By Jessica Resnick-Ault

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
05:50pEASY SOFTWARE AG : Decision of the Federal Court of Justice - Annulment of the decision of the Higher Regional Court of Dusseldorf
EQ
05:50pMyDx Shareholder Update
GL
05:49pEXELON : Conowingo Dam Celebrates 90th Birthday with Open House
PU
05:49pABERDEEN LATIN AMERICAN INCOME FUND : Inc Fd Ltd - Compliance with Market Abuse Regulation
PU
05:49pTOUR EIFFEL SOCIETE DE LA : Appointment of Thomas Georgeon and beginning of change in management
PU
05:49pFRONTLINE : FRO - Changes to the Board composition
GL
05:48pCLEAN COAL TECHNOLOGIES INC. : Change in Directors or Principal Officers (form 8-K)
AQ
05:47pCOFFEE DAY ENTERPRISES : Dunkin' Donuts celebrates National Coffee Day with buy one, get one hot coffees Sept. 29
AQ
05:47pFIDELITY JAPAN TRUST : Transaction in Own Shares
PR
05:47pFlorian Winterstein Becomes New CEO of Jedox
BU
Latest news
Advertisement