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☆ U.S. crude oil bounces after hitting seven-week low on surging U.S. inventories
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Liz Hampton | ReutersU.S. crude oil edged higher on Thursday after selling off to a seven-week low on a surge in petroleum inventories on softening demand. Here are today's energy prices: West Texas IntermediateBrentRBOB Gasoline June: $2.59 a gallon, up 0.57%. Natural Gas Oil prices tumbled more than 3% on Wednesday after U.S. commercial crude inventories, which exclude the strategic petroleum reserves, surged by 7.3 million barrels to 461 million barrels total last week. The rate at which refiners process crude and the average demand for gasoline is lower than the year-ago period despite summer driving season rapidly approaching.

Persons: Liz Hampton, Brent Those, Bob Yawger, Tamas Varga Organizations: Reuters, West Texas Intermediate Brent, Natural Gas, Mizuho Americas, Federal Reserve Locations: Loco Hills, New Mexico, U.S

☆ U.S. crude oil falls below $85 as traders discount Iran-Israel war risk
▼ + stars: | 2024-04-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. U.S. crude oil fell for the third consecutive trading session on Wednesday, dipping below $85 a barrel as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies. The West Texas Intermediate contract for May delivery fell 46 cents, or 0.55%, to $84.89 a barrel. June Brent futures were down 51 cents, or 0.57%, at $89.51 a barrel. U.S. oil and the global benchmark are down just under 1% this week.

Persons: Brent, John Evans, PVM Organizations: U.S, The West Texas Intermediate Locations: Gaza, Israel, Iran, The, U.S

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ Oil prices slipped as traders wait for more insight on when Fed might cut rates
▼ + stars: | 2024-02-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Crude oil futures fell slightly Wednesday as the market waits for further indication of when the Federal Reserve might cut interest rates. The minutes could provide further insight on when the central bank plans to cut interest rates. Lower interest rates typically stimulate economic growth which fuels crude oil demand. White House Middle East envoy Brett McGurk is heading to Cairo Wednesday to continue talks on a temporary Gaza ceasefire in exchange for Hamas releasing hostages.

Persons: Brent, John Evans, PVM, Brett McGurk, Biden, Israel, Benny Gantz, Ramadan Organizations: West Texas Intermediate, Federal Reserve, Federal, White Locations: Cushing , Oklahoma, East, U.S, Israel, Lebanon, Iran, Islamic Republic, Cairo, Gaza, Rafah

☆ U.S. crude hovers near three-month high as Middle East conflict rages on
▼ + stars: | 2024-02-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures hovered near three-month highs Tuesday as the conflict in the Middle East rages on. U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26. Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The attack highlights the ongoing threats to commercial vessels in the Red Sea, which has forced shipping giants such as Maersk to divert cargo around the Cape of Good Hope in Africa.

Persons: Brent, Tamas Varga, PVM Organizations: The West Texas Intermediate, International Energy Agency, Monday Locations: Suez, Ismailia, Egypt, East, Israel, Lebanon, Gaza, Rafah, U.S, Iran, Red, Hope, Africa, Aden

☆ Oil prices rise as traders weigh Gaza truce talks, U.S. tensions with Iran
▼ + stars: | 2024-02-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices rose Tuesday as investors weighed efforts to negotiate a truce in Gaza against a U.S. vow to take further action against militants in the Middle East. Blinken is consulting with allies in the region in an effort to secure a truce in Gaza and prevent the war from spilling over in to a broader regional conflict. Blinken's trip to the region comes after the U.S. again launched airstrikes against Iranian forces and allied militants in Iraq, Syria and Yemen over the weekend. White House National Security Advisor Jake Sullivan said Sunday that the U.S. will take additional, "further action" after the latest weekend strikes. "The heightened tension will undoubtedly entail renewed Houthi hostilities in the Red Sea ensuring persistent re-routing of oil traffic around the Cape of Good Hope," Varga wrote.

Persons: Brent, Antony Blinken, Blinken, Jordan, Jake Sullivan, Tamas Varga, Varga, Good Hope Organizations: Palestinian, Hamas, The West Texas Intermediate, Iranian, White, National Locations: Rafah, Gaza, Israel, The, Egypt, Saudi, U.S, Iraq, Syria, Yemen, Iran, Good

☆ Oil poised for first monthly gain since September as Middle East on brink of wider conflict
▼ + stars: | 2024-01-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices are on pace for the first monthly gain since September as the U.S. and Iran stand on the brink of a more direct confrontation in the Middle East. The West Texas Intermediate contract for March was last down $1.09, or 1.40%, to trade at $76.73 a barrel on Wednesday. The Brent contract for March was trading at $81.90 a barrel, down 97 cents or 1.17%. Prices fell Tuesday after China factory activity contracted for the fourth consecutive month. The market is also waiting for the Federal Reserve's decision on interest rates Wednesday as well as crude inventory data in the U.S.

Persons: Brent, Tamas Varga Organizations: The West Texas Intermediate, Federal Locations: Iran, The, China, Brent, U.S

☆ Oil prices gain $1 on strong U.S. economic growth
▼ + stars: | 2024-01-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices gained steam Thursday on stronger than expected U.S. economic growth, stimulus in China and falling domestic crude stockpiles. The U.S. economy grew 3.3% in the fourth quarter of 2023, soundly beating the Wall Street consensus estimate of 2%. Commercial crude oil stockpiles in the U.S. declined by 9.2 million barrels during the week ended Jan. 19, according to the Energy Information Agency. The stockpile decline is due to U.S. production taking a hit from a winter storm earlier this month, according to John Evans with PVM Oil Associates. U.S. production declined by 1 million barrels per day to 12.3 million bpd last week, according to estimates from the EIA.

Persons: Brent, John Evans, Ida, Ryan Grabinski, Grabinski, Evans Organizations: West Texas Intermediate, Energy Information Agency, PVM Oil Associates, Strategas Securities, Wednesday, CNBC PRO Locations: China, U.S, North Dakota, North America, Aden, Yemen, Iran, Iraq

☆ Oil prices dip on demand worries as U.S. gasoline stocks surge
▼ + stars: | 2024-01-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices edged lower Wednesday as U.S. gasoline stocks rose significantly, suggesting demand might be faltering in the world's largest economy. U.S. crude oil inventories tumbled by 6.67 million barrels for the week ending Jan. 19, but gasoline stocks surged by 7.18 million barrels, according to the American Petroleum Institute. Rising gasoline stocks are a signal that demand might be weakening as supply returns to the market after disruptions in Libya and North Dakota. Geopolitical risk is largely already factored into prices, according to Dwivedi. The market is waiting for the Energy Information Agency to release the latest weekly U.S. crude supply data at 10:30 am ET.

Persons: Brent, Vikas Dwivedi, Tamas Varga Organizations: West Texas Intermediate, American Petroleum Institute, U.S, Macquarie, PVM Oil Associates, Energy Information Agency Locations: Libya, North Dakota

☆ Oil prices fall as investors monitor supply threats, Libya production restart
▼ + stars: | 2024-01-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices fell on Tuesday as investors monitored the war in Ukraine, the conflict in the Middle East and the restart of production at a major oilfield in Libya. The West Texas Intermediate contract for March fell $1.27, or 1.61%, to trade at $73.56 a barrel. Oil prices rallied about 2% on Monday after a suspected Ukrainian drone strike against a major Russian fuel terminal on the Baltic Sea highlighted the geopolitical threats to crude supplies. The potential threats to crude supplies have been tempered by Libya restarting production at the Sharara oilfield, which was shut down for about two weeks due to protests.

Persons: Brent, John Evans Organizations: Operations, The West Texas Intermediate, PVM Oil Associates, Houthi Locations: El, Sharara, Libya, Ukraine, The, Ukrainian, Baltic, U.S, Britain, Yemen, Red

☆ Oil prices steady as investors weigh Libya oilfield restart, Mideast tensions
▼ + stars: | 2024-01-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices were little changed on Monday as the market weighed the reopening of a key oilfield in Libya against ongoing tensions in the Middle East. Libya's National Oil Corporation resumed full production at the Sharara oilfield on Sunday after protests shut down output for two weeks. "The sentiment is sourer this morning because the force majeure on Libya's Sharara oil field has been lifted," Tamas Varga with PVM Oil Associates wrote in a note. OPEC, on the other hand, has presented a stronger outlook with oil demand forecast to grow by 2.2 million barrels per day, while production outside OPEC will grow by 1.3 million barrels per day.

Persons: Brent, Tamas Varga Organizations: Operations, The West Texas Intermediate, National Oil Corporation, PVM Oil Associates, U.S, U.S . Central Command, Houthi, International Energy Agency Locations: El, Sharara, Libya, The, Iran, Iraq, U.S, Syria, Gaza

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

☆ Oil prices rise on Middle East tensions
▼ + stars: | 2024-01-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices gained on Friday, as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening. The price rebound serves as "a reminder of the risk that is rooted in ever-growing tension in the Middle East," PVM analyst Tamas Varga said in a note. As the threat of the conflict expanding persists, Blinken was set to travel to the Middle East for a week of diplomacy, the State Department said. "There is still plenty of tension in the Middle East with Houthi rebels launching a sea drone in the Red Sea, a U.S. airstrike in Baghdad," ING analysts said in a report on Friday. Euro zone inflation rose in December and could continue rising in early 2024, which would ease pressure on the European Central Bank to start cutting rates.

Persons: pumpjack, Antony Blinken, Tamas Varga, Blinken, Investors Organizations: Brent, U.S, West Texas, State Department, ING, European Central Bank, Federal Locations: Bakersfield, Kern County , California, USA, Israel, Gaza, Red, U.S, Baghdad

☆ U.S. crude oil falls below $70 a barrel, closing at the lowest level since June
▼ + stars: | 2023-12-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel season. Meanwhile, U.S. data on Wednesday sent a mixed picture on demand with crude inventories falling while gasoline stocks rose. U.S. crude inventories fell by 4.6 million barrels for the week ending Dec. 1 but gasoline inventories rose by 5.4 million barrels, according to the Energy Information Administration. Several OPEC+ members announced the voluntary cuts last week after the group failed to reach a unanimous agreement on production targets. Tamas Varga, an analyst with PVM Oil Associates, said those reassurances have "fallen to deaf ears."

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Tamas Varga Organizations: West Texas Intermediate, AAA, Hamas, Wednesday, Energy Information Administration, Saudi Energy, PVM Oil Associates Locations: Washington , DC, U.S, OPEC, Moody's, Israel, Russia, Russian

☆ Oil rises, Brent tops $80 ahead of OPEC+ meeting
▼ + stars: | 2023-11-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

Persons: Andrew Kelly, Tamas Varga, Alex Lawler, Sudarshan, Kim Coghill, David Goodman Organizations: REUTERS, of, Petroleum, Brent, . West Texas, Reuters, American Petroleum Institute, Thomson Locations: Manhattan , New York City, U.S, OPEC, Russia, Saudi Arabia

☆ What to expect from OPEC meeting as traders digest recent price 'carnage'
▼ + stars: | 2023-11-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

"The oil suite remains rather stunned after the cancellation of Saudi Sunday," wrote John Evans of PVM Oil Associates in a note Friday. U.S. crude recovered most of Wednesday's intraday losses and trading has been relatively muted amid the Thanksgiving holiday with investors trying to digest the recent volatility. Europe demand headache for OPEC With the meeting delayed, investors are left with more bearish news on the demand side. "The likelihood of new demand coming from the continent is tantamount to zero giving more reason to be wary for oil investors and another layer of headache for OPEC," Evans wrote. "It's undermining the Saudi efforts to get the price really back to $100 a barrel plus," Kilduff told CNBC's " Power Lunch " on Wednesday.

Persons: John Evans, Brent, Evans, John Kilduff, PVM's Evans, Kilduff, CNBC's, PVM, Goldman Sachs, Michael Hsueh, Russia's Organizations: Organization of Petroleum, —, PVM Oil Associates, West Texas Intermediate, JPMorgan, Deutsche Bank, Bank of America Locations: China, Europe, Angola, Nigeria, Saudi, Riyadh, U.S, Russia, Moscow, Saudi Arabia

☆ Oil slips 2% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid $1.37, also about 1.4%, to $75.73 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria are seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Alexandra Hudson Our, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Saudi Arabia, London, Houston, Beijing

☆ Oil slips 1% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 86 cents, also about 1.1%, to $76.24 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group, analysts said. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, London, Houston, Beijing

☆ Oil edges lower in choppy trade as OPEC+ delays meeting
▼ + stars: | 2023-11-22 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The delay stoked concerns that more production could come online from oil producers in the coming months, said Dennis Kissler, senior vice president of trading at BOK Financial. A rise in inventories also pressured prices lower on Wednesday morning, he said. U.S. crude oil inventories rose by 8.7 million barrels last week on higher imports, the Energy Information Administration (EIA) said. To support prices, OPEC and its allies will need to not only extend, but increase cuts, said John Evans of oil broker PVM in a note.

Persons: Angus Mordant, Dennis Kissler, John Evans, Nicole Jao, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely, Marguerita Choy, David Gregorio, Deepa Babington Organizations: REUTERS, . West Texas, U.S, Organization of, Petroleum, BOK, Energy Information Administration, U.S ., greenback, Reuters, International Energy, Thomson Locations: Loving County , Texas, U.S, Brent, OPEC, Saudi Arabia, Russia

☆ U.S. crude oil tumbles below $75 a barrel after OPEC delays meeting
▼ + stars: | 2023-11-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

U.S. crude prices fell about 5% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend. There was growing anticipation among traders that OPEC and its allies, called OPEC+, might implement additional production cuts, which pushed prices higher earlier in the week. Domestic crude inventories, excluding the strategic reserve, increased by 8.7 million barrels for the week ending Nov. 17. OPEC+, for its part, has already taken 5.16 million barrels per day off the market since 2022. OPEC has blamed speculators for the recent drop in crude prices, arguing that market fundamentals are strong.

Persons: Brent, Tamas Varga, " Varga, Goldman Sachs, Varga Organizations: New Harmony Oil, Organization of Petroleum, The West Texas Intermediate, Bloomberg, OPEC, PVM Oil Associates, Energy Information Agency, Hamas Locations: U.S, Saudi, Russia, Ukraine, China, OPEC, Saudi Arabia, Israel, Gaza

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSummaryCompanies OPEC+ meeting delayed to Nov. 30Brent falls below $80Eyes on whether OPEC+ cuts will be rolled over or deepenedLONDON, Nov 22 (Reuters) - Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts. OPEC+ delayed its ministerial meeting to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement, a surprise development that gave no reason for the postponement. Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers. Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.

Persons: Angus Mordant, Brent, Rong Yeap, John Evans, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely Organizations: REUTERS, Brent, . West Texas, OPEC, Wednesday, Bloomberg News, Reuters, Organization of, Petroleum, IG, International Energy, Thomson Locations: Loving County , Texas, U.S, Saudi Arabia, Russia, OPEC, London

☆ Brent crude futures climb over 2% to gain $2
▼ + stars: | 2023-11-20 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

Brent crude futures were up $2.00 to $82.61 a barrel by 9:39 a.m. CDT (1539 GMT). Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "If additional cuts are agreed, a short-term price boost is expected, but its longer-term price impact seems dubious as enforcement and adherence will be the salient issue." Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. The number of oil and gas rigs operated by U.S. companies rose last week, the first gain in three weeks, energy services business Baker Hughes said on Friday.

Persons: Leonhard Foeger, WTI, Tamas Varga, Sokol, Baker Hughes, Erwin Seba, Paul Carsten, Florence Tan, Emily Chow, David Goodman, Ed Osmond Organizations: REUTERS, Brent, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, HOUSTON, Russia, Brent, Washington, India, U.S, East, Gaza, Houston

Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "In light of last week's obliteration of oil bulls, some kind of response was forthcoming from the (OPEC) producer group," said Tamas Varga of oil broker PVM. Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. U.S. energy companies last week added oil and gas rigs for the first time in three weeks, energy services business Baker Hughes said on Friday. The oil and gas rig count serves as an early indicator of future output.

Persons: Leonhard Foeger, Brent, WTI, Tamas Varga, Sokol, Baker Hughes, Paul Carsten, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, Israel, Russia, Brent, Washington, India, U.S, East, Gaza, London

U.S. crude stocks rose by 3.6 million barrels in the last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. domestic crude production stayed at a record 13.2 million barrels per day, the data showed. In an indication of strong demand, gasoline stocks saw a surprise draw of 1.5 million barrels, while diesel stocks drew more than expected at 1.4 million barrels. American Petroleum Institute figures on Tuesday had showed rising crude oil and gasoline inventories last week, according to market sources. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of its oil data makes the investment situation more opaque, Evans said.

Persons: Agustin Marcarian, Brent, John Evans, PVM, Evans, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman, Emelia, Alexandra Hudson Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, American Petroleum Institute, International Energy Agency, Organization of, Petroleum, Financial Times, European Union, Alexandra Hudson Our, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, U.S, China, United States, Houston, London

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.

Persons: Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman Organizations: REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London

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