Crude oil futures quotes

Crude oil futures quotes

November 20th, 2014

Brent and West Texas Intermediate crude swung between gains and losses as investors weighed the potential outcomes next week of the OPEC meeting and Iran nuclear talks in Vienna.

Futures rose as much as 0.9 percent in London, reversing an earlier decline. U.S. Secretary of State John Kerry will today join envoys from six world powers and Iranian counterparts for intensive talks on the country’s nuclear program. Iran won’t cut its oil output by a single barrel and will discuss market share with Saudi Arabia in Vienna next week, said the country’s Oil Minister Bijan Namdar Zanganeh.

Oil collapsed into a bear market as the U.S. pumps at the fastest rate in more than three decades amid signs of weakening demand. Leading members of the Organization of Petroleum Exporting Countries are resisting calls to reduce output while others including Venezuela seek action to support prices before a Nov. 27 meeting in Vienna.

“It is wait and see ahead of the OPEC meeting and Iran nuclear deadline next week,” said Jens Pedersen, senior analyst at Danske Bank A/S. “Intraday volatility has increased over the last couple of months, it’s a nervous market ahead of OPEC.”

Brent for January settlement rose 34 cents, or 0.5 percent, to $78.44 a barrel at 1:33 p.m. local time on the London-based ICE Futures Europe exchange. Total volume was in line with the 100-day average for the time of day. Front-month prices have decreased 29 percent this year.

Oil Futures: Nuclear Talks

WTI for January delivery, the most-actively traded, was up 2 cents to $74.52 a barrel in electronic trading on the New York Mercantile Exchange. The December contract, which expires today, was down 5 cents at $74.53. The European benchmark crude traded at a premium of $3.90 to WTI for the same month on ICE, compared with $3.60 yesterday.

The two biggest issues separating Iran and international powers in the Vienna talks continue to be the precise number of centrifuges the country will be able to operate, along with the pace of sanctions relief, according to three diplomats with knowledge of the talks who asked not to be named because the discussions are private. Lack of progress in the investigation of alleged military dimensions to past nuclear work isn’t seen holding up a deal and can be addressed if agreement is reached, they said.

If an agreement isn’t reached by the Nov. 24 deadline, they may be extended, U.K. Foreign Secretary Philip Hammond said yesterday. “We may be able to find a way to extend the deadline to allow us to get to a final deal — if we are making good progress in the right direction,” he said.

Oil Futures: Iran Output

“Under no circumstance will Iran decrease its share of the global market, not even by one barrel,” Oil Minister Zanganeh said in TV interview, according to ministry’s news website Shana.

Zanganeh said he will discuss oil market share with Saudi Arabia, OPEC’s largest producer, in Vienna on Nov. 26, the day before the group’s meeting, according to a report from the official Islamic Republic News Agency, citing the same TV interview.

OPEC, which supplies about 40 percent of the world’s oil, pumped 30.97 million barrels a day in October, data compiled by Bloomberg show. That exceeded its collective production target of 30 million a day, first agreed in December 2011, for a fifth straight month.

Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI contracts, rose by 718,000 barrels to 23.2 million in the week ended Nov. 14, the EIA data showed. That’s the highest level since May and contrasts with an expected decline of 1.5 million which was projected in a Bloomberg News survey of analysts.

Gasoline inventories climbed by 1 million barrels to 204.6 million, according to the Energy Department’s statistical arm. Distillate fuels, which include heating oil and diesel, shrank by 2.1 million to 114.8 million.

- Rupert Rowling in London at Bloomberg.