Oil ticks up on supply cuts, rising U.S. output caps gains
SINGAPORE, Feb 27 Brent oil prices edged up on Monday and were set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains.
TOKYO Feb 3 Oil prices edged up on Friday on news that U.S. President Donald Trump could be poised to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations.
Reuters reported that the U.S. administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran's ballistic missile test, according to sources, but the package was formulated in a way that would not violate the 2015 Iran nuclear deal.
NYMEX crude for March delivery was up 37 cents at $53.91 a barrel, after settling down 34 cents on Thursday. For the week, the contract is up a little over 1 percent.
London Brent crude had yet to trade after settling down 24 cents at $56.56.
Global oil output was cut by 1.4 million barrels per day (bpd) last month, Russian energy minister Alexander Novak said, as part of the deal last year between the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia.
Novak said Russian companies may cut oil production quicker than had been initially agreed with OPEC and added that he expected the market to rebalance by the middle of this year. (Reporting by Osamu Tsukimori; Editing by Joseph Radford)
TOKYO, Feb 27 Tokyo Electric Power Co (Tepco) said on Monday it has increased the size of its first bond offer since the 2011 Fukushima nuclear disaster by nearly 30 percent, after investors showed strong interest in the debt sale.
LONDON, Feb 24 "Volatility can be neither created nor destroyed, rather it transforms from one form into another," is a pretty fair summary of how the oil market works (with apologies to physicists).