Oil falls on recession jitters, China COVID curbs

Oil falls on recession jitters, China COVID curbs

MELBOURNE, July 11 (Reuters) - Oil prices fell around $1 on Monday in volatile trade, reversing some gains from the previous session, as worries about a recession and China's COVID-19 curbs hitting demand outweighed ongoing concerns about tight supply. Brent crude LCOc1 futures fell 82 cents, or 0.8%, to $106.20 at 0314 GMT, after climbing 2.3% on Friday. U.S. WTI crude CLc1 futures declined by $1.04, or 1%, to $103.75, paring a 2% gain from Friday. Trading was thinned by a public holiday in parts of Southeast Asia, including oil trading hub Singapore. Both contracts posted weekly declines last week as the market was dominated by…
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Oil dips on recession fears but tight supply caps decline

Oil dips on recession fears but tight supply caps decline

SINGAPORE, July 8 (Reuters) - Oil prices slipped in Asian trade on Friday as recession fears continued to weigh on sentiment, though worries over tight global supplies capped price declines. Brent crude futures LCOc1 fell 25 cents, or 0.2%, to $104.40 a barrel by 0311 GMT, dropping away after a near 4% rebound on Thursday. U.S. West Texas Intermediate crude CLc1 slipped 41 cents, or 0.4%, to $102.32 a barrel, having settled 4.2% higher a day earlier. Both contracts are set for their second straight weekly loss. Trade this week was marked by a sharp sell-off on Tuesday, when WTI slid 8% and Brent tumbled 9%. Brent's $10.73 drop was the third biggest for the contract since it started trading…
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Brent bounces above $101/bbl as focus returns to supplies

Brent bounces above $101/bbl as focus returns to supplies

July 7 (Reuters) - Oil prices regained a footing on Thursday from steep falls in the previous two sessions, as investors returned their focus to tight supplies even as fears persisted over the demand outlook amid risks of a global recession. Brent crude LCOc1 futures rose 67 cents, or 0.7%, to $101.36 a barrel by 0402 GMT after tumbling more than $2 to a session low of $98.50 earlier. WTI crude CLc1 futures climbed 59 cents, or 0.6%, to $99.12 a barrel, bouncing from an intraday low of $96.57. "Recession fears continue to grow and that obviously does raise some concerns for the demand outlook," Warren…
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Oil could hit $380 if Russia slashes output over price cap, J.P.Morgan says

Oil could hit $380 if Russia slashes output over price cap, J.P.Morgan says

July 4 (Reuters) - Brent prices could soar to a "stratospheric" $380 a barrel in "the most extreme scenario" of Russia slashing oil production by 5 million barrels per day (bpd) in retaliation to a price cap being considered by the Group of Seven, analysts at J.P.Morgan said in a note dated July 1. G7 economic powers agreed last week to explore imposing a ban on transporting Russian oil that has been sold above a certain price, aiming to limit Moscow's ability to fund its invasion of Ukraine, which Moscow describes as a "special operation".  "A $50-60 per barrel price cap would likely…
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Oil prices edge higher ahead of G7 talks on new Russian sanctions

Oil prices edge higher ahead of G7 talks on new Russian sanctions

LONDON, June 27 (Reuters) - Oil prices edged higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany. The prospect of even tighter supplies loomed over the market as western governments sought ways to cut Russia's ability to fund its war in Ukraine, even though G7 leaders were also expected to discuss a revival of the Iran nuclear deal, which might lead to more Iranian oil exports. Members of the Organization of the Petroleum Exporting…
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Brent oil six-month spread falls to lowest since Jan as supply fears ease

Brent oil six-month spread falls to lowest since Jan as supply fears ease

LONDON, April 7 (Reuters) - The Brent crude six-month spread has fallen to its lowest since January, Refinitiv Eikon data showed, as a release of strategic oil reserves by the United States and other nations eases supply fears. Backwardation, when prices for a nearby contract are higher than those for later delivery, typically indicates tight supply in the near term. The six-month spread  fell to $4.98 a barrel on Thursday, the lowest since Jan. 25. The drop follows a move by International Energy Agency members to tap 60 million barrels from storage, on top of a 180 million-barrel release announced earlier by Washington…
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Oil gains $1 as emergency oil release seen as band-aid

Oil gains $1 as emergency oil release seen as band-aid

MELBOURNE, April 7 (Reuters) - Oil prices clawed back some losses on Thursday after tumbling more than 5% to a three-week low in the previous session after consuming nations announced a huge release of oil from emergency reserves to offset supply lost from Russia. Brent crude  futures climbed $1.32, or 1.3%, to $102.39 a barrel at 0119 GMT, while U.S. West Texas Intermediate (WTI) crude  futures rose $1.18, or 1.2%, to $97.41 a barrel. International Energy Agency member countries agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive…
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Spain to approve 16 bln euros in aid to mitigate soaring energy prices

Spain to approve 16 bln euros in aid to mitigate soaring energy prices

MADRID, March 28 (Reuters) - The Spanish government will approve on Tuesday a package of around 16 billion euros ($17.5 billion) in direct aid and soft loans to help companies and households cope with high energy prices, Prime Minister Pedro Sanchez said on Monday. "The war-response shock plan will protect industries and citizens," Sanchez told an event. Around 6 billion euros will be disbursed as direct aid and the remaining 10 billion euros are subsidized loans. Both are part of wider measures that will also include limits on house rent increases and caps on energy prices. ($1 = 0.9136 euros) (Reporting by…
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Ukrainians trapped in besieged city as fighting blocks evacuation efforts

Ukrainians trapped in besieged city as fighting blocks evacuation efforts

LVIV/KYIV, Ukraine, March 7 (Reuters) - About 200,000 people remained trapped in the besieged city of Mariupol on Monday after fighting stopped evacuation efforts over the weekend, with no sign that massive international sanctions were deterring Moscow from its invasion of Ukraine. Oil prices soared to their highest levels since 2008 in Asian trade after the Biden administration said it was exploring banning imports of Russian oil. Russia provides 7% of global supply. Japan, which counts Russia as its fifth-biggest supplier of crude oil, is also in discussion with the United States and European countries about possibly banning Russian oil imports, Kyodo…
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UPDATE – Crude oil price jumps on global energy crunch

UPDATE – Crude oil price jumps on global energy crunch

LONDON, Oct 11 (Reuters) - Oil prices rose more than 2% on Monday, extending gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers. Brent crude was up $1.70, or 2.1%, at $84.09 a barrel by 1100 GMT, its highest since October 2018. U.S. West Texas Intermediate (WTI) crude rose $2.08, or 2.6%, to $81.43 for its highest since late 2014. "Oil prices are likely to continue climbing in the short term," said Commerzbank analyst Carsten Fritsch. Prices have risen as more vaccinated populations…
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Oil rises as full U.S. clearance for COVID-19 vaccine stokes demand hopes

Oil rises as full U.S. clearance for COVID-19 vaccine stokes demand hopes

Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential rise in U.S. coronavirus vaccination rates. Brent crude oil futures were up 46 cents, or 0.7%, to $69.21 a barrel by 0648 GMT, while U.S. West Texas Intermediate (WTI) had gained 34 cents, or 0.5%, to $65.98. Both benchmarks jumped more than 5% on Monday, helped by a weaker U.S. dollar, after marking their biggest week of losses in more than nine months last week. The U.S. Food and Drug Administration (FDA),…
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Oil holds near $67, heads for weekly gain on demand hopes

Oil holds near $67, heads for weekly gain on demand hopes

LONDON, April 16 (Reuters) - Oil held near $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies. China's first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims. "Given the improving outlook for the world's two biggest economies, there is little chance of the market's feel-good glow being extinguished any time soon," said Stephen…
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Oil rises to touch $52 after Trump signs aid bill

Oil rises to touch $52 after Trump signs aid bill

LONDON, Dec 28 (Reuters) - Oil rose to hit $52 a barrel on Monday as U.S. President Donald Trump's signing of a coronavirus aid package and the start of a European vaccination campaign outweighed concern about weak near-term demand. After Trump backed down from a threat to block the package, Democrats on Monday will try to push through expanded $2,000 relief payments. Europe, meanwhile, launched a mass vaccination drive on Sunday. Brent crude was up 45 cents, or 0.9%, at $51.74 a barrel at 1316 GMT, after trading as high as $52.02 and reversing an earlier decline. U.S. West Texas…
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Oil prices struggle to break through to demand uncertainty

Oil prices struggle to break through to demand uncertainty

Oil prices were little changed on Monday, with Brent slipping from a five-month high as global demand struggled to return to pre-COVID levels in a well supplied market. Brent crude futures for November stood at $45.79 a barrel by 11:29 am EDT (1529 GMT), down 2 cents. U.S. West Texas Intermediate crude was at $42.98 a barrel, down 1 cent. Brent is set to close out August with a fifth successive monthly price rise, while WTI is on track for a fourth monthly gain, having hit a five-month high of $43.78 a barrel on Aug. 26 when Hurricane Laura struck.…
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CiNext – OPEC maintains illusion of control over oil price

CiNext – OPEC maintains illusion of control over oil price

by George Hay via Reuters Breakingviews OPEC is sticking to its word, even if that word is worth less than it was. The oil producer group and allies like Russia, collectively known as OPEC+, on Wednesday vowed to raise crude output in August, partly reversing earlier cuts that reduced global supply by 10%. The cartel’s ideal scenario of more oil and higher prices might be within sight. Covid-19 knocked daily demand in what is usually a 100 million-barrel-a-day market to only 82 million barrels during the second quarter, Morgan Stanley reckons. In that light, the Organization of the Petroleum Exporting…
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Oil prices drop for 2nd straight session as coronavirus spike cools demand hopes

Oil prices drop for 2nd straight session as coronavirus spike cools demand hopes

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel demand. Brent crude dropped 72 cents, or 1.8%, to $40.30 a barrel by 0231 GMT, while U.S. crude was at $37.82, down 67 cents, or 1.7%. Brent crude is set to end June with a third consecutive monthly gain after major global producers extended an unprecedented 9.7 million barrels per day supply cut agreement into July, while oil demand improved after countries across the globe eased lockdown measures. However,…
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Oil edges up on tighter supply, but demand concerns check gains

Oil edges up on tighter supply, but demand concerns check gains

Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Brent crude rose 9 cents, or 0.2%, to $42.28 a barrel by 0009 GMT, while U.S. crude was at $39.76 a barrel, up 1 cent. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply. <LCOc1-LCOc2> In the United States and Canada, the number of operating oil and natural…
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Oil prices rise on faith in supply cuts, demand recovery

Oil prices rise on faith in supply cuts, demand recovery

Oil prices pushed higher in early trade on Friday, building on gains in the previous session, after OPEC producers and allies promised to meet their supply cut commitments and two major oil traders said demand was recovering well. U.S. West Texas Intermediate (WTI) crude futures climbed 23 cents, or 0.6%, to $39.07 a barrel at 0209 GMT, while Brent crude futures rose 18 cents, or 0.4%, to $41.69 a barrel. Both contracts rose around 2% on Thursday. Plans by Iraq and Kazakhstan to make up for overproduction in May on their supply cut commitments supported the market. The promises came…
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Oil prices rise to highest since March after U.S. stock drawdown

Oil prices rise to highest since March after U.S. stock drawdown

Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic. Brent crude futures for July delivery were trading up 62 cents, or 1.7%, at $36.37 per barrel at 0550 GMT, rising for a second day. U.S. West Texas Intermediate (WTI) crude futures for July were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session. Both prices are at their highest since March…
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Oil extends gains amid signs of China demand pickup

Oil extends gains amid signs of China demand pickup

Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Brent crude was up 39 cents, or 1.3% at $31.52 a barrel by 0333 GMT, after rising nearly 7% on Thursday. The global benchmark is heading for a 1.8% gain on the week after rising for the previous two weeks. West Texas Intermediate (WTI) oil was up 19 cents, or 0.7%, at $27.75 a barrel, having jumped 9% in the previous…
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Oil falls amid concerns about new coronavirus outbreaks

Oil falls amid concerns about new coronavirus outbreaks

Reuters reports that oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns. Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC's biggest producer said earlier this week it planned to add to cut again. Brent crude was down 49 cents, or 1.6%, at $29.49 by 0034 GMT, having risen 1.2% on Tuesday. U.S. crude was down 41 cents, or…
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US oil prices approaching negative territory again

US oil prices approaching negative territory again

  Over capacity and storage issues have prompted business analysts and oil experts to expect that the benchmark price for American crude oil could move back into negative territory. June contracts for West Texas oil (WTI) have gone down by 18% to 10 dollars per barrel in London dealings, according the Financial Time. The same benchmark had lost another 25% Monday. The oil market has been the subject of significant swings in the past days, but last week WTI has gone down to a negative 40 dollars a barrel, the first time in history that this had happened. With most…
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US oil price plunges to 20-year low

US oil price plunges to 20-year low

US oil prices crashed to a more than two-decade low as the coronavirus pandemic hits global demand for crude and raises concerns about storage facilities being overwhelmed. In early Asian trading on Monday, West Texas Intermediate — the US oil benchmark — plunged as much as 20.8 per cent to $14.47 a barrel, marking the lowest level since 1999.     The continued fall in oil prices has come despite an Opec-backed deal to cut roughly 10 per cent of global crude supply. The reductions are planned to run until April 2022 as part of efforts to stabilise prices pummelled…
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Trading in US shares resumes after sharp fall led to automatic halt in what is being dubbed as ‘Black Monday’

Trading in US shares resumes after sharp fall led to automatic halt in what is being dubbed as ‘Black Monday’

Trading in US shares has been suspended as sharp falls led to an automatic halt in the selling and buying of stocks. The day has been dubbed "Black Monday" by analysts who described the market reaction as "utter carnage". Wall Street’s main indexes dropped 7% and the Dow Jones Industrials crashed 2,000 points in what would be its biggest one-day fall ever, as trading resumed on Monday following a 22% slump in oil prices. The move follows dramatic falls globally with shares facing the worst day since the 2008 financial crisis. Oil prices lost as much as a third of…
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How will the US – Iran tension escalation impact oil prices?

How will the US – Iran tension escalation impact oil prices?

The killing of Iran’s most revered military leader could be more impactful for the oil market than other recent incidents that have just temporarily spiked crude prices. Iranian General Soleimani, who headed the Iran Revolutionary Guard’s Quds Force and built Iran’s terror network across the Middle East, was killed by the U.S. in an airstrike at the Baghdad International Airport in Iraq. Oil futures Friday afternoon were about 3% higher with West Texas Intermediate oil futures at about $63 per barrel, off its early high just above $64. International Brent crude futureswere up 3.6% at about $68.67 per barrel. While…
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Oil price recedes on Saudi supply reassurance

Oil price recedes on Saudi supply reassurance

Oil prices cooled on Wednesday as Saudi Arabia said the kingdom had fully restored its oil supply following attacks on its crude facilities although caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges. But investors remained cautious of potential tension in the Middle East after the United States said it believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran. Iran has denied involvement in the strikes. Brent crude oil futures fell 36 cents, or 0.6%, to $64.19 a barrel by 0005 GMT, after tumbling 6.5% the previous…
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Oil prices fall amid worries about an economic slowdown

Oil prices fall amid worries about an economic slowdown

Oil prices dipped on Monday amid worries about an economic slowdown and the Sino-U.S. trade war, which have led to a cut in the growth outlook for oil demand. International benchmark Brent crude futures were at $58.35 a barrel by 0249 GMT, down 18 cents, or 0.3%, from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $54.29 per barrel, down 21 cents, or 0.4%, from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. In a sign of lower production in the United States, the weekly U.S.…
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Midday Dispatch – Financial and Corporate News

Midday Dispatch – Financial and Corporate News

Deutsche Bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in a 7.4 billion euro  “reinvention” which Germany’s largest lender said would mean yet another annual loss, knocking its shares.  Reuters / Financial Times Ireland will step up its preparations for a disorderly Brexit this week given the chances of Britain leaving the European Union without a deal have never been higher, foreign minister Simon Coveney said on Monday. Reuters  Boeing has faced another setback after Flyadeal, a Saudi Arabian low-cost carrier, cancelled its order for up to 50 of the US aircraft maker’s 737 Max…
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Midday Corporate Dispatch – Financial and Corporate News

Midday Corporate Dispatch – Financial and Corporate News

These are the salient financial and corporate news. Provisional figures for Malta’s external transactions show that during January-March 2019, the current account balance recorded a surplus of €48.9 million as compared to a surplus of €296.3 million in the comparable quarter of 2018.  - NSO Brussels will this week hold off on launching a disciplinary process against Italy’s rising debt levels, buying time for Rome’s populist government to reach a deal and avoid being hit with budget sanctions. - Financial Times  Bitcoin tested 15-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to…
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Libyan crises pushes oil price to highest level for 2019

Libyan crises pushes oil price to highest level for 2019

Oil gushed back up past $70 a barrel to its highest level this year on Monday as fresh fighting in Libya reignited fears of civil war in the north African nation. Brent crude hit $70.80 a barrel on Monday morning as Libya's eastern military leader, General Khalifa Haftar, ordered his forces to march into Tripoli. The move triggered fears in the oil market that civil war could wipe out oil exports from Libya, which produced about 1.1 million barrels of oil a day last month. Saxo Bank’s head of commodities, Ole Hansen, said: “While its oil fields are located far…
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Venezuela’s trouble leads oil price to reach two-month high

Venezuela’s trouble leads oil price to reach two-month high

Oil hit a two-month high close to $64 a barrel on Monday as OPEC-led supply cuts and US sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown. The Organization of the Petroleum Exporting Countries and its allies began a new round of supply cuts in January. These curbs, led by Saudi Arabia, have been compounded by involuntary losses that the Venezuelan sanctions could deepen. Brent crude, the global benchmark, hit $63.63 a barrel, the highest since Dec. 7, and was up 66 cents at $63.41 as of 1040 GMT. US crude hit a 2019 high…
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The Eastern Mediterranean Energy and Oil Contest – Analysis

The Eastern Mediterranean Energy and Oil Contest – Analysis

Former Vice-President of the United States Dick Cheney once said: “the good lord didn’t see fit to put oil and gas only where there are democratically elected states… Occasionally we have to operate in places where, all considered, one would not normally choose to go. But we go where the business is.” Europe is surrounded by states with abundant energy resources, but supply from these countries is not always as reliable. Russia, for example, is regularly accused of using energy as a weapon. However, major discoveries of gas in the Eastern Mediterranean could mitigate dependence on Russian gas. The discovery…
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Oil price hit $82.55 per barrel, its highest since November 2014

Oil prices rose Tuesday on global supply concerns following U.S. sanctions on Iran’s oil exports, with benchmark Brent surging to a four-year high, then retraced gains to settle just slightly higher after U.S. President Donald Trump called again on OPEC to boost crude output. President Donald Trump on Tuesday took aim at Saudi Arabia and its refusal to lead an increase in oil production, telling the UN that Opec members were “as usual ripping off the rest of the world”. Speaking at the UN General Assembly in New York, Mr Trump told Opec that the US was “not going to…
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Oil price goes above $70 a barrel for first time in over three years

US crude oil prices have pushed above $70 a barrel for the first time in over three years as concerns have grown over supplies from Iran and Venezuela. West Texas Intermediate, the US oil benchmark, reached $70.84 on Monday, up 1.6 per cent for the session and the highest level since November 2014. The North Sea’s Brent grade also reached a three-and-a-half year high of more than $76.  
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Oil prices are artificially Very High! – Trump

"Looks like OPEC is at it again," he wrote. "With record amounts of oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!" With this tweet, US President Donald Trump shifted his focus, even if momentarily, on the issue of the price of oil and the way OPEC controls it. Analysts believe that this tweet was referring to OPEC's production level agreement with Russia and other producers put in place last year and set to expire at the end of 2018. Oil prices hit a…
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