Oil ticks up after three-day decline, Russian output cuts stall

Oil ticks up after three-day decline, Russian output cuts stall

Oil ticks up after three-day decline, Russian output cuts stall

Brent futures ended the session $1.28, or 2.3 percent, lower at $55.08 per barrel and US crude settled down $1.22, or 2.3 percent, at $52.61. OPEC member nations cut production by 1 million barrels-per-day, against a pledge of 1.1 million barrels-per-day, equating 94-percent compliance. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) rose $0.09 to trade at $55.17.

The Philippines' PNOC has also recently signaled it was seeking to resume crude oil imports from Iran. The EIA report contained few surprises.

Gasoline stocks fell by 546,000 barrels, compared with analysts' expectations in a Reuters poll for a drop of 1.8 million barrels. A year ago at this time, a gallon of regular gasoline cost $1.759 on average in the United States. Shipments from the southern Iraqi port of Basra grew by 10 percent, while sales by the Kurdish Regional Government in the north of the country were up 13 percent. In other energy futures, heating oil was 0.3% higher at $1.07 per gallon while natural gas was 0.7% higher at $1.61 British thermal units.

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Prices, however, stayed on track to register a loss for the week, fueled by rising USA crude production, record domestic supplies and strength in the dollar.

"If compliance is high by OPEC and non-OPEC, then I think prices will reach $60", said an OPEC delegate.

Zangeneh further announced that the Iranian Ministry of Petroleum is bent on raising export of petroleum products, adding gasoil and petrol will be the only main liquids consumed in Iran's energy mix by next year.

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A speech by U.S. President Donald Trump late on Tuesday gave little detail on plans by his administration to boost U.S. oil production.

With time-spreads tightening, S&P Dow Jones Indices said Friday that passive funds tracking the S&P GSCI Enhanced Commodity Index must now sell December 2017 Brent futures and buy June 2017 Brent futures after abackwardation rule in the index was triggered.

That can boost Iran's already increasing oil exports as ongoing United States sanctions had created hurdles on the availability of ships to carry Iranian barrels.

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Contango is the industry vernacular for the condition whereby prices for nearby delivery are lower than prices for future-month delivery.

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