Brent Briefly Touches $65
Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.
The international benchmark for oil prices rose as high as $65.10, pushing past $65 for the first time this year. It fell back to $64.75, up 18 cents or 0.28% from the last close, CNBC reported.
Brent is near a three-month high and set for a more than 1% gain on the week.
US West Texas Intermediate crude futures were at $54.50 per barrel, up 9 cents from their last settlement.
The Organization of the Petroleum Exporting Countries along with allies led by Russia made voluntary production cuts beginning last month aimed at tightening the market.
Top exporter and de facto OPEC leader Saudi Arabia said on Tuesday it would cut over half a million barrels per day more in March than the deal called for, sending prices surging.
Prices were also buoyed by the partial closure of Saudi Arabia’s Safaniya, its largest offshore oilfield with a production capacity of more than 1 million bpd.
The shutdown occurred about two weeks ago, a source said, and it was not immediately clear when the field would return to full capacity.
“Brent should average $70 per barrel in 2019, helped by voluntary (Saudi, Kuwait, UAE) and involuntary (Venezuela, Iran) declines in OPEC supply,” Bank of America Merrill Lynch said in a note.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years