<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Oil&nbsp;prices</a>&nbsp;held&nbsp;steady&nbsp;on the final day of the year on Tuesday, heading for their&nbsp;biggest&nbsp;annual&nbsp;rise&nbsp;since&nbsp;2016, supported by a thaw in the prolonged <a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">US-China trade</a> dispute and supply cuts.

Brent crude futures for March delivery, the new front-month contract, were at $66.66 a barrel, down 1 cent, by 0258 GMT. Brent for February delivery closed on Monday at $68.44 .

US&nbsp;<a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude for February was down 3 cents at $61.65.

Brent has gained about 24 per cent&nbsp;in 2019 and WTI has&nbsp;risen roughly 36 per cent. Both benchmarks are set for their&nbsp;biggest&nbsp;yearly&nbsp;gain in three years, backed by a breakthrough in US-China trade talks and output cuts pledged by the Organization of Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a>) and its allies.

The White House's trade adviser said on Monday that the US-China Phase 1 trade deal would likely be signed in the next week.

"Oil&nbsp;prices&nbsp;have followed the general de-risking drift into year-end despite a&nbsp;rise&nbsp;in Middle East tensions and last week's bullish-for-oil-price inventory draws as the broader markets appear to be losing some of that holiday cheer," said Stephen Innes, chief Asia market strategist at AxiTrader.

Tensions remain high in the Middle East after <a href="https://www.wionews.com/world/us-airstrikes-kill-25-pro-iran-militia-fighters-in-iraq-and-syria-triggering-anger-271052">US&nbsp;airstrikes</a> on Sunday against the Katib Hezbollah militia group in Iraq and Syria. Operations resumed at Iraq's Nassiriya&nbsp;oilfield resumed on Monday after protesters briefly halted production.

Looking ahead, US&nbsp;crude inventories are expected to fall by about 3.2 million barrels in the week to December 27, heading for a third consecutive weekly fall, a preliminary Reuters poll showed on Monday. US&nbsp;stockpiles fell by 5.5 million barrels in the week to December&nbsp;20. The figures will be released on Friday.

Innes said traders would also closely watch the EIA's US&nbsp;October crude production figures, set to come out later on Tuesday.

"It's expected to show robust continuous growth in the agency's short-term outlook," he said.

The United States is on&nbsp;track&nbsp;to become a net petroleum exporter on an annual basis for the first time in 2020, with output expected to&nbsp;rise&nbsp;by 930,000 barrels per day (bpd) to a record of 13.18 million bpd next year, the EIA said earlier this month.

Brokers and analysts expect growing US&nbsp;supplies to offset cuts from OPEC in 2020 amid sluggish worldwide demand, weighing on&nbsp;oil&nbsp;prices.

"Oil&nbsp;prices, though largely expected to trade positive, will face headwinds from subdued global growth momentum and robust US&nbsp;shale output levels in the first quarter," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Oil prices held steady on the final day of the year on Tuesday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged US-China trade dispute and supply cuts.

Oil prices held steady on the final day of the year on Tuesday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged US-China trade dispute and supply cuts. Brent crude futures for March delivery, the new front-month contract, were at $66.66 a barrel, down 1 cent, by 0258 GMT. Brent for February delivery closed on Monday at $68.44 . US West Texas Intermediate (WTI) crude for February was down 3 cents at $61.65. Brent has gained about 24 per cent in 2019 and WTI has risen roughly 36 per cent. Both benchmarks are set for their biggest yearly gain in three years, backed by a breakthrough in US-China trade talks and output cuts pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies. The White House's trade adviser said on Monday that the US-China Phase 1 trade deal would likely be signed in the next week. "Oil prices have followed the general de-risking drift into year-end despite a rise in Middle East tensions and last week's bullish-for-oil-price inventory draws as the broader markets appear to be losing some of that holiday cheer," said Stephen Innes, chief Asia market strategist at AxiTrader. Tensions remain high in the Middle East after US airstrikes on Sunday against the Katib Hezbollah militia group in Iraq and Syria. Operations resumed at Iraq's Nassiriya oilfield resumed on Monday after protesters briefly halted production. Looking ahead, US crude inventories are expected to fall by about 3.2 million barrels in the week to December 27, heading for a third consecutive weekly fall, a preliminary Reuters poll showed on Monday. US stockpiles fell by 5.5 million barrels in the week to December 20. The figures will be released on Friday. Innes said traders would also closely watch the EIA's US October crude production figures, set to come out later on Tuesday. "It's expected to show robust continuous growth in the agency's short-term outlook," he said. The United States is on track to become a net petroleum exporter on an annual basis for the first time in 2020, with output expected to rise by 930,000 barrels per day (bpd) to a record of 13.18 million bpd next year, the EIA said earlier this month. Brokers and analysts expect growing US supplies to offset cuts from OPEC in 2020 amid sluggish worldwide demand, weighing on oil prices. "Oil prices, though largely expected to trade positive, will face headwinds from subdued global growth momentum and robust US shale output levels in the first quarter," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Oil prices steady, on track for biggest yearly rise since 2016

Oil prices fell on Tuesday on lingering concerns over global demand and rising US production, though expectations for major producers to further curtail output offered support.

Oil prices fell on Tuesday on lingering concerns over global demand and rising US production, though expectations for major producers to further curtail output offered support. Brent crude futures were down 20 cents or 0.3 per cent from the previous settlement at $58.29 a barrel by 0643 GMT. The international benchmark has lost over 20 per cent since hitting its 2019 high in April. US West Texas Intermediate (WTI) futures were at $54.69 per barrel, down 24 cents or 0.4 per cent. A deepening trade war between the United States and China, the world's two largest economies and energy consumers, has weighed heavily on oil prices in recent months. China's central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday. A weaker yuan raises the cost of dollar-denominated oil imports into China, the world's biggest crude oil importer. Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said last week it plans to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories. The kingdom's plans to float its national oil company Saudi Aramco in what could be the world's largest initial public offering (IPO) give it further impetus to boost prices. "With Saudi Aramco reportedly eyeing an IPO once again, there is some support to the idea that Saudi Arabia has a heightened interest in strong crude prices and will cut its output accordingly," Vienna-based consultancy JBC Energy said. OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (BPD) of production since January 1. But booming US shale oil output continues to chip away at efforts to limit the global supply overhang, weighing on prices. US oil output from seven major shale formations is expected to rise by 85,000 barrels per day (BPD) in September to a record 8.77 million BPD, the Energy Information Administration forecast in a report. The start-up of a major pipeline between the Permian shale basin and the Gulf Coast means that more crude can be exported, adding to global supplies. "The swift reaction from Saudi Arabia will likely stabilise oil prices, but the oil price probably won't move much above $60 per barrel until there is evidence of progress in US-China trade negotiations," Stephen Innes, managing partner at VM Markets Pte Ltd, said in a note.

Oil prices fall on demand concerns, rising US output

Oil&nbspprices rose on Thursday, supported by an expectation that the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand.

Brent crude&nbspoil&nbspfutures were at 74.42 per barrel at 0135 GMT, up 42 cents, or 0.6 percent, from their last close.

US&nbspWest Texas Intermediate (WTI) crude futures were up 33 cents, or 0.5 percent, at $68.38 per barrel.

Traders said markets rose on expectations that the United States will in May re-impose sanctions against Iran, a major&nbspoil&nbspproducer and member of the Organization of the Petroleum Exporting Countries (OPEC).

French President Emmanuel Macron said on Wednesday during a state visit to the United States that he expected Trump to pull out of a deal with Iran reached in 2015, in which Iran suspended its nuclear programme in return for western powers lifting crippling sanctions.

US&nbspPresident Donald Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its&nbspoil&nbspexports.

Further pushing&nbspoil&nbspprices has been declining output in Venezuela, OPEC's biggest producer in Latin America.

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil.

US&nbspoil&nbspmajor Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned&nbspoil&nbspcompany PDVSA.

Venezuela's plunging output and looming US&nbspsanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest&nbspoil&nbspconsuming region.

However, not all market indicators point towards tighter supplies.

US&nbspcrude&nbspoil&nbspinventories rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels. That's almost 10 million barrels above the five-year average.

US&nbspcrude production rose by 46,000 barrels per day (bpd) on the previous week, to 10.59 bpd. That's an increase of more than a quarter since mid-2016.

American crude&nbspoil&nbspoutput has overtaken that of top exporter Saudi Arabia. Only Russia currently produces more, at around 11 million bpd.

With U.S. output surging, some analysts warn that the 20-percent climb in Brent prices since February is starting to look overdone.

"The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Brent crude oil futures were at 74.42 per barrel at 0135 GMT, up 42 cents, or 0.6 percent, from their last close.

Oil&nbspprices rose on Thursday, supported by an expectation that the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand. Brent crude&nbspoil&nbspfutures were at 74.42 per barrel at 0135 GMT, up 42 cents, or 0.6 percent, from their last close. US&nbspWest Texas Intermediate (WTI) crude futures were up 33 cents, or 0.5 percent, at $68.38 per barrel. Traders said markets rose on expectations that the United States will in May re-impose sanctions against Iran, a major&nbspoil&nbspproducer and member of the Organization of the Petroleum Exporting Countries (OPEC). French President Emmanuel Macron said on Wednesday during a state visit to the United States that he expected Trump to pull out of a deal with Iran reached in 2015, in which Iran suspended its nuclear programme in return for western powers lifting crippling sanctions. US&nbspPresident Donald Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its&nbspoil&nbspexports. Further pushing&nbspoil&nbspprices has been declining output in Venezuela, OPEC's biggest producer in Latin America. Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil. US&nbspoil&nbspmajor Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned&nbspoil&nbspcompany PDVSA. Venezuela's plunging output and looming US&nbspsanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest&nbspoil&nbspconsuming region. However, not all market indicators point towards tighter supplies. US&nbspcrude&nbspoil&nbspinventories rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels. That's almost 10 million barrels above the five-year average. US&nbspcrude production rose by 46,000 barrels per day (bpd) on the previous week, to 10.59 bpd. That's an increase of more than a quarter since mid-2016. American crude&nbspoil&nbspoutput has overtaken that of top exporter Saudi Arabia. Only Russia currently produces more, at around 11 million bpd. With U.S. output surging, some analysts warn that the 20-percent climb in Brent prices since February is starting to look overdone. "The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Oil prices rise on Iran sanctions worries, falling Venezuelan output

oil-prices-0

Oil prices, News on Oil prices, stories on Oil prices, articles on Oil prices, Oil prices stories at Wion, Oil prices news, Oil prices latest news

oil prices-0

Oil prices steady, on track for biggest yearly rise since 2016

Oil prices fall on demand concerns, rising US output

Oil prices rise on Iran sanctions worries, falling Venezuelan output