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Oil rises to a two-month high
Date of release: 2017/7/31
{International: Al Furat News} Oil rose to its highest level in two months on Monday, supported by a decline in US stockpiles and the threat of sanctions against OPEC member Venezuela.
WTI crude futures jumped briefly above $ 50 a barrel on Monday and by 0654 GMT was $ 49.97 a barrel, up 25 cents, or 0.5 percent, from the last closing price.
Brent crude futures were $ 52.85 a barrel, up 33 cents, or 0.6 percent. Prices hit $ 52.90 a barrel earlier in the session, their highest level since May 25.
With the price increase, the two contracts are on the rise for a sixth straight session.
Prices have risen about 10 percent since the last meeting of prominent members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, and discussed possible measures to reduce supply in the oil markets.
The United States is considering imposing sanctions on Venezuela's vital oil sector in response to Sunday's vote for a constituent assembly that Washington has criticized.
But traders say the biggest price support is coming from a drop in US stocks.
US oil inventories fell 10 percent from their peak in March to 483.4 million barrels.
In terms of production, US production fell 0.2 percent to 9.41 million bpd in the week ending July 21 after rising more than 10 percent since mid-2016.
http://alforatnews.com/modules/news/article.php?storyid=147389
Date of release: 2017/7/31
{International: Al Furat News} Oil rose to its highest level in two months on Monday, supported by a decline in US stockpiles and the threat of sanctions against OPEC member Venezuela.
WTI crude futures jumped briefly above $ 50 a barrel on Monday and by 0654 GMT was $ 49.97 a barrel, up 25 cents, or 0.5 percent, from the last closing price.
Brent crude futures were $ 52.85 a barrel, up 33 cents, or 0.6 percent. Prices hit $ 52.90 a barrel earlier in the session, their highest level since May 25.
With the price increase, the two contracts are on the rise for a sixth straight session.
Prices have risen about 10 percent since the last meeting of prominent members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, and discussed possible measures to reduce supply in the oil markets.
The United States is considering imposing sanctions on Venezuela's vital oil sector in response to Sunday's vote for a constituent assembly that Washington has criticized.
But traders say the biggest price support is coming from a drop in US stocks.
US oil inventories fell 10 percent from their peak in March to 483.4 million barrels.
In terms of production, US production fell 0.2 percent to 9.41 million bpd in the week ending July 21 after rising more than 10 percent since mid-2016.
http://alforatnews.com/modules/news/article.php?storyid=147389
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