Black Friday Sale! Save huge on InvestingProGet up to 60% off

Oil rises over 2 pct to 2019 highs on tightening supplies

Published 2019-02-15, 03:56 p/m
© Reuters.  Oil rises over 2 pct to 2019 highs on tightening supplies
GE
-
LCO
-
CL
-

* Partial outage hits top Saudi offshore field

* U.S.-China trade talks to resume in Washington next week

* U.S. adds oil rigs for second week in a row

By Laila Kearney

NEW YORK, Feb 15 (Reuters) - Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing U.S.-Sino trade talks strengthened demand sentiment.

The international Brent crude benchmark LCOc1 rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.

U.S. West Texas Intermediate crude futures CLc1 settled up $1.18, or 2.2 percent, at $55.59 a barrel, and hit their highest this year in post-settlement trade at $55.80.

For the week, Brent ended more than 6 percent higher and WTI gained more than 5 percent, partly on tightening supplies since the Organization of the Petroleum Exporting Countries and its allies led by Russia started voluntary production cuts last month.

The partial closure of Saudi Arabia's Safaniya, the world's largest offshore oilfield, occurred about two weeks ago, a source said on Friday. Safaniya has production capacity of more than 1 million barrels per day. It was not immediately clear when the field would return to full capacity. another factor that is raising concerns about the availability of crude," said Phil Flynn, analyst at Price Futures Group in Chicago. "All of a sudden you don't have to worry just about OPEC cuts. Now you have a problem with Saudi Arabia's ability to actually produce as much oil."

Leading OPEC producer Saudi Arabia said on Tuesday it would cut an additional half a million bpd in March more than it previously pledged. has also been curbed by U.S. sanctions on Venezuelan and Iranian crude and reduced Libyan output because of civil unrest. Security threats could threaten Nigerian production after general elections this weekend. confidence that the United States and China will resolve their ongoing trade dispute also supported prices. Those talks will restart next week in Washington, with both sides saying this week's negotiations in Beijing showed progress. surrounding a potential trade deal has really been the big issue here in the United States the last couple days," said Bob Yawger, director of energy futures at Mizuho.

However, prices pared gains after a report showed U.S. energy firms this week increased the number of oil rigs operating for a second week in a row due to concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels. RIG/U

U.S. oil drillers added three oil rigs this week, General Electric (NYSE:GE) Co's GE.N Baker Hughes energy services firm said. RIG-OL-USA-BHI .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.