“The bar was very high to getting Russia to participate,” said CMC Markets analyst Michael Hewson. “Russia has just given the market a reality check.” West Texas Intermediate for November delivery was at $50.54 a barrel on the New York Mercantile Exchange, up 10 cents, at 12:31 p.m. in London. The contract increased 61 cents to $50.44 a barrel on Thursday. Total volume traded was 24 percent above the 100-day average. Brent for December settlement was little changed at $52.53 a barrel on the London-based ICE Futures Europe exchange. The contract gained 65 cents, or 1.3 percent, to $52.51 a barrel on Thursday. The global benchmark crude traded at a $1.45 premium to WTI for December delivery.
American Dollar to Canadian Dollar = 0.751631; American Dollar to Chinese Yuan = 0.148264; American Dollar to Euro = 1.134809; American Dollar to Japanese Yen = 0.009110; American Dollar to Mexican Peso = 0.052542.
The pipeline carrying crude from Sharara to Libya’s Zawiya refinery stopped operating on Sunday, said the people familiar who asked not to be identified because they’re not authorized to speak to media. “Libyan production is back to square one,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. West Texas Intermediate for May delivery rose as much as 38 cents to $52.62 a barrel on the New York Mercantile Exchange and was at $52.59 at 9:39 a.m. in London. Total volume traded was about 12 percent above the 100-day average. The contract gained 54 cents to $52.24 on Friday. Brent for June settlement climbed as much as 45 cents, or 0.8 percent, to $55.69 a barrel on the London-based ICE Futures Europe exchange. Prices increased 35 cents to $55.24 on Friday. The global benchmark crude was at a premium of $2.67 to June WTI. click Read More below for more of the story
Oil is struggling to regain the highs of January after a sell-off in global equities seeped into crude markets earlier this month. Surging U.S. production continues to challenge efforts by the Organization of Petroleum Exporting Countries and its friends to alleviate a global oversupply, with forecasts pointing to record output from the Permian shale basin. “Prices are vulnerable to the downside over the coming months,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “Though the market likes OPEC and its allies’ show of unity, we still need to see how U.S. shale companies will react on higher prices and eventually offset all the efforts of OPEC and others to reduce inventories.” The increase in U.S. production is not “a blip,” Brouillette said. “We are optimistic about 2019 and 2020 too.” Click Read More below for additional information.