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  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Oil falls on dim OPEC demand outlook, pares gains from Gulf of Mexico storm

share with twitter share with LinkedIn share with facebook
share via e-mail
1
07/11/2019 | 03:36pm EDT
An oil pump is seen at sunset outside Vaudoy-en-Brie

NEW YORK (Reuters) - Oil prices fell on Thursday as OPEC forecast slower demand for its crude next year, with crude futures easing from their highest in more than a month after U.S. producers cut about half of their output in the Gulf of Mexico ahead of what could be one of the first major storms of the Atlantic hurricane.

Brent crude futures fell 49 cents to settle at $66.52 a barrel. During the session, they hit their highest since May 30 at $67.65 a barrel.

U.S. West Texas Intermediate (WTI) crude futures fell 23 cents to settle at $60.20 a barrel, after hitting their highest since May 23 at $60.94.

Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico's output, as Tropical Storm Barry intensified on Thursday. [nL2N24C1DA]

Phillips 66 said it expected to complete the closing of its 253,600-bpd Alliance, Louisiana, refinery because of the storm threat.

The storm, which could become a hurricane this week, was on a path through the north central Gulf of Mexico.

"Every storm is different," said Phil Flynn, an analyst at Price Futures Group in Chicago. "There are still a lot of questions to be answered, whether it's going to do damage to the supply side or going to do more damage to the demand side."

The Organization of the Petroleum Exporting Countries gave its first 2020 forecasts in a monthly report, saying the world would need 29.27 million bpd of crude from its 14 members next year, down 1.34 million bpd from this year.

The forecast points to the return of a surplus despite an OPEC-led pact to restrain supplies, and was seen as a drag on prices.


(GRAPHIC - U.S. crude inventories, weekly changes since 2017,

Investors also eyed tensions in the Middle East. A day after Iran warned Britain would face "consequences" over the seizure of an Iranian oil tanker, three Iranian vessels tried to block passage of a British ship run by BP through the Strait of Hormuz, the British government said. They withdrew after warnings from a British warship.

"We will note that this muted response to occasional events in the Middle East is a result of the sizable amount of unused Saudi production capacity and ample global crude supplies that were further underscored in today's monthly OPEC report," Jim Ritterbusch of Ritterbusch and Associates said in a note.


(GRAPHIC - Oil transport choke points:

(Additional reporting by Julia Payne and Bozorgmehr Sharafedin in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and David Gregorio)

By Stephanie Kelly

share with twitter share with LinkedIn share with facebook
share via e-mail
1
Latest news "Economy & Forex"
09:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
09:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
09:09pWILBUR ROSS : Trump Agrees to 'Timely' Licensing Decision for Huawei Sales -- 3rd Update
DJ
09:05pSouth Korea central bank says Japan's export curbs among top three economic risks
RE
09:04pHuawei's U.S. research arm slashes more than 70% of workforce
RE
08:48pWhite House and Congress Reach Agreement on Spending, Debt Ceiling -- Update
DJ
08:37pSterling on back foot due to growing concern about no-deal Brexit
RE
08:29pEasing hopes prop up global stocks, pound sags as Britain eyes new PM
RE
07:53pTrump agrees to prompt responses to license requests for Huawei sales
RE
07:40pARKANSAS FARM BUREAU : Top Young Farmers Recognized
PU
Latest news "Economy & Forex"
Advertisement