crude oil futures quotes

crude oil futures quotes

November 24th, 2014

Crude oil futures Brent and West Texas Intermediate were little changed as investors weighed the odds of a production cut from OPEC this week.

Iran may propose that OPEC cut its output target by as much as 1 million barrels a day, Mehr News reported. Hedge funds have turned less bullish on oil in the absence of any clear signal from the Organization of Petroleum Exporting Countries that it will act to bolster prices. The 20 analysts surveyed last week by Bloomberg are divided, with half predicting a cut and the rest no action.

“Whether they are going to cut is up in the air,” said Paul Crovo, a Philadelphia-based oil analyst at PNC Capital Advisors. “I won’t make big bets either way. There is a lot of expectation that OPEC does need to cut. That’s the perception, and it’s going to drive the market.”

Brent for January settlement added 6 cents, or 0.1 percent, to $80.42 a barrel at 10:41 a.m. New York time on the London-based ICE Futures Europe exchange. Futures closed at $80.36 on Nov. 21, the highest since Nov. 12. The volume of all futures was 49 percent below the 100-day average.

WTI for January delivery rose 24 cents, or 0.3 percent, to $76.75 barrel on the New York Mercantile Exchange. Volume was about 43 percent below the 100-day average. The European benchmark crude traded at a premium of $3.71 to WTI.

Crude Oil Futures: Nuclear Talks

Envoys representing Iran and a group of world powers today agreed to extend talks on the Islamic Republic’s nuclear program until July after failing to overcome differences at negotiations in Vienna.

International sanctions imposed on Iran over its nuclear program are choking the Persian Gulf nation’s crude shipments. The government in Tehran has been in talks with the U.S. and five other world powers for an agreement to lift the curbs.

“They are extending the talks and it’s a bit supportive for oil,” said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut. “The market is not going to make big moves before the OPEC meeting. I don’t think there will be a meaningful cut from OPEC.”

OPEC, supplier of about 40 percent of the world’s oil, will meet Nov. 27 in Vienna to assess its collective output amid a supply glut and the drop in oil prices.

The group produced 30.97 million barrels a day in October, exceeding its target for a fifth month, according to data compiled by Bloomberg.

Crude Oil Futures: Iran Proposal

Iranian Oil Minister Bijan Namdar Zanganeh may propose a cut when he meets Saudi Arabia’s Ali Al-Naimi before the group gathers, Mehr News reported. An official at Iran’s oil ministry didn’t immediately comment on the report when contacted by phone. OPEC will focus on supply and demand at the meeting, Suhail Al Mazrouei, the energy minister of the United Arab Emirates, said in comments on Twitter.

The days are long gone when OPEC could almost guarantee consensus when deciding output levels, according to Abdullah Bin Hamad Al Attiyah, the former Qatari oil minister who participated in the group’s policy meetings from 1992 to 2011. There’s an oversupply of about 2 million barrels a day, while global economic growth is below expectations, he said in a phone interview on Nov. 19.

Hedge funds turned less bullish on WTI, reducing net-long positions by 4.1 percent in the week ended Nov. 18, U.S. Commodity Futures Trading Commission data show. Outstanding futures contracts fell to the lowest level in more than two years.

- Moming Zhou in New York at Bloomberg.