Oil prices rise on decline in U.S. drilling activity, OPEC supply cuts

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Oil prices rise on decline in U.S. drilling activity, OPEC supply cuts

By Henning Gloystein

 

FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo

 

SINGAPORE (Reuters) - Oil prices rose early on Monday, with Brent hitting its highest level since November, driven up by a decline in U.S. drilling activity and ongoing supply cuts led by producer club OPEC.

 

Brent crude futures were at a November 2018 high of $72.58 per barrel at 0028 GMT, up 0.8 percent from their last close.

 

U.S. West Texas Intermediate (WTI) crude futures were at $64.55 per barrel, up 0.9 percent from their previous settlement.

 

"The path of least resistance remains higher (for oil prices)," said Stephen Innes, head of trading at SPI Asset Management, pointing to Saudi supply cuts, a decline in the U.S. rig count and supply disruptions from Libya to Venezuela as reasons for a tight market.

 

U.S. energy firms last week reduced the number of oil rigs operating by two, to 825, General Electric Co's Baker Hughes energy services firm said in its weekly report on Thursday.

 

Outside the United States, the Organization of the Petroleum Exporting Countries (OPEC) has led supply cuts since the start of the year aimed at tightening global oil markets and to propping up crude prices.

 

Brent prices have risen by more than a third this year, while WTI has climbed more than 40 percent over the same period.

 

(Reporting by Henning Gloystein; Editing by Joseph Radford)

 

-- © Copyright Reuters 2019-04-22

[ivor bigun]

I thought oil was going to run out a long time ago,well thats what the hexperts and the planet warriors told us,funny how they seem to get things wrong DIESEL MUCH BETTER FOR THE ENVIROMENT ,what happened there?

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[bristolboy]

1 minute ago, ivor bigun said:

I thought oil was going to run out a long time ago,well thats what the hexperts and the planet warriors told us,funny how they seem to get things wrong DIESEL MUCH BETTER FOR THE ENVIROMENT ,what happened there?

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

So on the one hand planet warriors were contending that fossil fuels were going to run out but on the other were supporting diesel? Really?

[utalkin2me]

Nothing but good can come from oil going through the roof. I always hope the price goes higher. 

 

First, people can work from home. I do not know why we can't admit this. Sure most workers may have to come in some days, but not every day. 

 

But also, it will raise this question that i feel is not asked, that why do workers have to pay to get to work?! Let's say gas shoots up 500% no longer making it feasible to drive to work and be profitable, why would employers not be responsible for covering this? This makes absolutely no sense to me. Commuting costs should all be covered by employers, at least up to a certain point if the employee lives in a certain radius of the job. 

 

It will also encourage alternate fuel sources.

 

 

[bristolboy]

And now the geniuses in the Trump administration are going to press for zero exemptions for countries to buy Iranian oil. As you may recall, the last time Trump threatened similar action, the Saudis believed him and started pumping more oil. When it turns out Trump lied, they took a bit hit as prices fell. Does anyone think they're going to fall for that a second time? Look for prices to zoom north or the Trump adminstration to retreat once again.

[ivor bigun]

So on the one hand planet warriors were contending that fossil fuels were going to run out but on the other were supporting diesel? Really?

No just showing how wrong all of them are all the time

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[watcharacters]

27 minutes ago, utalkin2me said:

Nothing but good can come from oil going through the roof. I always hope the price goes higher. 

 

First, people can work from home. I do not know why we can't admit this. Sure most workers may have to come in some days, but not every day. 

 

But also, it will raise this question that i feel is not asked, that why do workers have to pay to get to work?! Let's say gas shoots up 500% no longer making it feasible to drive to work and be profitable, why would employers not be responsible for covering this? This makes absolutely no sense to me. Commuting costs should all be covered by employers, at least up to a certain point if the employee lives in a certain radius of the job. 

 

It will also encourage alternate fuel sources.

 

 

 

Indeed.

 

You have some radical thoughts there, Sir.

 

[Paul Henry]

Utalkiin2me will probably be the first to complain when all farm goods go up (meat ,bread, vegetables) and increased transport costs are added to all food products as well as industrial production cost including electricity escalate due to higher fuel prices. 

[bristolboy]

2 hours ago, Paul Henry said:

Utalkiin2me will probably be the first to complain when all farm goods go up (meat ,bread, vegetables) and increased transport costs are added to all food products as well as industrial production cost including electricity escalate due to higher fuel prices. 

No. The first one will be Donald Trump who is now attempting to cut Iranian oil out of the markets entirely.

[SOTIRIOS]

...one of the biggest swindles against humanity in modern times.....

[Tug]

Whattt opec raising prices why Donald what happened?all that dancing globe rubbing ass kissing enabling the people that did the World Trade Center dident do any good did you get played again?