Oil adds to rally on optimism over declining stocks

Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing.

Brent crude futures LCOc1 rose 32 cents, or 0.6 percent, to $50.52 a barrel by 0142 GMT, after rallying more than 3 percent on Tuesday.

U.S. West Texas Intermediate futures CLc1 rose 42 cents, or 0.9 percent to $48.31 a barrel.

U.S. crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. inventories fell by 10.2 million barrels in the week ending July 21 to 487 million, compared with expectations for a decrease of 2.6 million barrels.

The market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it will limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. also agreed to join the deal by capping or cutting its output from 1.8 million bpd once it stabilizes at that level.

"This has seen expectations of further drawdown in inventories increase," ANZ said in a research note, referring to the Saudi plans.

There was also optimism over U.S. shale gas output amid industry comments that North America's rig count may be plateauing.

On Monday, Anadarko Petroleum Corp (NYSE:APC) APC.N said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so, after posting a larger-than-expected quarterly loss. prices have come under pressure from an oversupply of crude around the globe, brought on in part by rising production from U.S. shale regions.

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Oil extends gains as OPEC moves to cap Nigeria output

Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply.

London Brent crude for September delivery LCOc1 was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on Monday.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents at $46.44.

OPEC member Nigeria had been exempt from the cartel's deal with non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 to March 2018. agreed on Monday that Nigeria would join the pact by capping or even cutting its output from 1.8 million bpd, once it stabilises at that level from 1.7 million bpd recently.

Oil was also supported by comments from Saudi Energy Minister Khalid al-Falih, who said his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago.

Russian Energy Minister Alexander Novak told reporters on Monday that an additional 200,000 barrels per day of oil could be removed from the market if compliance with a global deal to cut output was 100 percent. commercial crude oil inventories likely fell by 3 million barrels last week, a preliminary Reuters poll showed on Monday ahead of the data by the Industry group the American Petroleum Institute later in the day.

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Gold prices rose for a sixth straight session on Friday, to notch up the largest weekly gain in two months as the U.S. dollar slid to its lowest level in more than a year, underpinning demand for the precious metal.

Gold for August delivery closed up 0.72% at $1,254.48 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was up 1.97%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, ended down 0.32% at 93.78, the lowest close since June 22, 2016.

The index ended the week down 1.32%, marking its second straight weekly decline.

A weaker dollar tends to boost prices for gold, which is denominated in the U.S. currency.

Elsewhere in precious metals trading, silver rose 0.92% to $16.49 a troy ounce late Friday, while copper was up 0.33% to $2.725 a pound

Platinum rose 0.49% to $937.8 a troy ounce, while palladium was down 0.42% to $844.03 a troy ounce.

In the week ahead, investors will be awaiting the outcome of Wednesday’s Fed meeting, ahead of data on Friday which will give the first look at U.S. second quarter growth.

Monday, July 24

The euro zone is to publish survey data on private sector business activity.

Canada is to report on wholesale sales.

The U.S. is to release figures on existing home sales.

Tuesday, July 25

The Ifo Institute is to report on German business climate.

The U.S. is to release data on consumer confidence.

Wednesday, July 26

Australia is to release data on consumer price inflation.

The UK is to release preliminary data on second quarter economic growth.

The U.S. is to report on new home sales.

The Fed is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.

Thursday, July 27

The U.S. is to release data on jobless claims and durable goods orders.

Friday, July 28

In the euro zone, Germany is to release preliminary inflation data.

Canada is to release monthly data on economic growth.

The U.S. is to round up the week with advance data on second quarter growth.

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Oil Friday was off month-long highs ahead of a meeting of major producers to discuss the market situation.

U.S. crude was off 51 cents, or 1.09%, at $46.41 at 07:00 ET. Brent shed 45 cents, or 0.91%, to $48.85.

OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March.

Key adherents to the accord are due to meet in Saint Petersburg to analyze the market.

Libya, which has been exempt from the accord, and has been increasing output, is due to attend the meeting.

The market was boosted this week by a larger-than expected draw in U.S. crude inventories.

The EIA reported a fall of about 4.7 million barrels in crude stocks in the latest week.

Gasoline inventories also fell more than expected.

Baker Hughes U.S. rig count data are due out later in the session.

Higher U.S. drilling activity has depressed the impact of the output cuts on inventories.

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Oil steady as Brent crude hovers below $50 ahead of OPEC meeting

Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, with Brent sitting below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session.

International benchmark Brent crude futures LCOc1 were at $49.28 per barrel 0501 GMT, down 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.89 per barrel, down 3 cents.

During the previous trading session both benchmarks rose to their highest levels since early June in choppy trading, having been pushed higher by data showing U.S. crude and fuel inventories fell sharply last week.

"The impact of strong drawdown in inventories announced earlier this week was still lingering in the market,"

U.S. oil stocks, at roughly 490 million barrels, remain well above the five-year average, while U.S. production C-OUT-T-EIA has increased almost 12 percent since mid-2016 to 9.4 million bpd.

An abundance of global crude supplies has put pressure on oil prices and key members of the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet non-members in St. Petersburg, Russia, on Monday to discuss market conditions and whether more action is needed to support prices.

"The consensus view in the market is there won't be any change," said Spooner.

OPEC, together with some non-members like Russia, has pledged to reduce the global glut by cutting production by 1.8 million barrels per day (bpd) between January this year and March 2018.

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Oil stable after large fall in U.S. fuel stocks, but markets remain bloated

Oil prices held steady on Thursday following solid gains the previous day when falling U.S. fuel inventories lifted the market.

However, Brent crude oil prices remain below the key $50 per barrel mark on concerns about high supplies from producer club OPEC despite a pledge to cut output in a bid to tighten the market.

Brent crude futures LCOc1 , the international benchmark for oil prices, were at $49.67 per barrel at 0132 GMT, just 3 cents below their last settlement.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.08 per barrel, 4 cents below their last close.

Prices jumped nearly 2 percent in the previous session on news of falling fuel stocks in the United States.

U.S. crude inventories USOILC=ECI fell by 4.7 million barrels in the week to July 14 to 490.6 million barrels C-STK-T-EIA . That compared with analyst expectations for a decrease of 3.2 million barrels. the past 15 weeks, U.S. oil inventories have fallen ... 13 times, and in most cases, the falls were more pronounced than expected,"

"Yet, U.S. crude oil inventories still remain near the upper half of the average for this time of the year," he added.

Ongoing high inventories as well as high output from the Organization of the Petroleum Exporting Countries (OPEC) are preventing prices from rising much further, traders said.

OPEC, together with some non-members like Russia, has pledged to cut production by 1.8 million barrels per day (bpd) between January this year and March 2018.

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Oil dips on rising U.S. crude inventories, high OPEC supplies

Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high supplies from producer club OPEC revived concerns of a fuel supply overhang.Brent crude futures LCOc1 , the international benchmark for oil prices, were at $48.73 per barrel at 0128 GMT, down 11 cents, or 0.2 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.28 per barrel, down 12 cents, or 0.3 percent.

U.S. crude stocks rose last week, adding 1.6 million barrels in the week to July 14 to 497.2 million barrels, industry group the American Petroleum Institute said late on Tuesday. the United States, supplies from within the Organization of the Petroleum Exporting Countries (OPEC) remained high, largely because of rising output from member-states Nigeria and Libya, despite the club's pledge to cut production.

"The increment of crude oil supply from Nigeria and Libya in June vs. October 2016 reference production levels comes to 450,000 barrels per day on average. This is almost 40 percent of the 1.25 million barrels per day cut by the OPEC 10 members engaged in supply restraint,"

Nigeria and Libya are exempt from the deal between OPEC and other producers, including Russia, to cut production by around 1.8 million barrels per day between January this year and March 2018 in order to tighten the market and prop up prices."Talk of capping Nigerian and Libyan output has been growing fast (within OPEC). But it is very unlikely that both countries will acquiesce to a cap so soon after restoring production,"

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