Putin suggests Russia and US could work together to regulate oil prices

as declared in Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years. Russia has partnered with OPEC and other producer nations since 2017 to manage nearly half of the world's oil supply. The United States, where drillers compete in a free market, is not part of the deal. Still, Putin suggested that some form of cooperation is possible during a press conference with U.S. President Donald Trump in Helskinki on Monday. Led by Saudi Arabia and Russia, the two dozen producer nations last month agreed to hike output to offset falling output in Venezuela and looming U.S. sanctions on Iran, the world's fifth largest oil producer.

Ringgit lower against US$ on lower oil prices - Business News

KUALA LUMPUR: The ringgit was lower against the US dollar early Tuesday and could struggle to get a foothold in Tuesday's session, partly due to weaker oil prices, caused by renewed supply issues. At 9 am (0100 gmt), the local note was quoted at 4.0650/0700 versus the greenback from Monday's close of 4.0610/0650. OANDA Head of Trading in Asia-Pacific, Stephen Innes said it had been very quiet for ringgit -denominated bonds and currency markets. Trump had accused China, the European Union and others of manipulating their currencies and interest rates, positioning the greenback at a disadvantage. The ringgit eased against the euro to 4.7528/7595 from 4.7497/7548 and fell against the yen to 3.6552/6607 from 3.6536/6579.

PrairieSky results buoyed by strong oil prices despite poor natural gas prices

as informed in CalgaryPrairieSky results buoyed by strong oil prices despite poor natural gas pricesShare on Facebook Share on Twitter Share by EmailNet earnings were $25.1M, beating analyst expectations by about 18%Other companies reporting this week include Suncor Energy Inc., Husky Energy Inc., Cenovus Energy Inc., Imperial Oil Ltd. and Precision Drilling Corp. (The Associated Press)PrairieSky Royalty Ltd. says strong crude oil prices and volumes in the second quarter allowed it to beat analyst profit expectations despite falling prices and lower production of natural gas. It is reporting $76.2 million in revenue for the second quarter, compared with $102.2 million in the same period a year ago. Net earnings were $25.1 million, beating analyst expectations by about 18 per cent, according to Thomson Reuters Eikon. Production averaged just under 23,000 barrels of oil equivalent per day, down 11 per cent from the same period last year, as oil output fell about five per cent and both natural gas and natural gas liquids output were down about 14 per cent. It said its realized price for oil was $68.92 per barrel, up from $52.98 a year earlier, while its natural gas price averaged 83 cents per thousand cubic feet, down from $2.15 in the same period of 2017.

Risks are rising that oil prices will cause next recession

"If we do get oil prices of $100, $125 or $150, you reach a severe pain threshold, and not just for the U.S." said Bernard Baumohl, chief economist of the Economic Outlook Group in Princeton, New Jersey. "You can have a statement made that drives [oil prices] up one day and down the next, the key is to focus on fundamentals," he said. U.S. West Texas Intermediate crude oil prices were around $68 on Monday, while Brent crude oil was near-$73. If oil hit $150, an economy recently growing near a 3 percent rate would see growth fall by half, and that's before higher prices sparked inflation and forced interest rates higher, Baumohl said. Oil prices also spiked right before the 1990 downturn, running from $15 in May to $40 by September as Iraqi dictator Saddam Hussein invaded Kuwait.

U.S. oil holds ground at a more than 2-week low, but global prices rebound

A monthly report from the International Energy Agency hinted at an coming slowdown in crude demand and revealed an uptick in global supplies. Traders also looked to the resumption of Libyan oil exports and mulled the impact of the U.S.-China trade dispute on the global economy, and oil demand. Analysts estimated that those ports could contribute approximately 700,000 barrels of oil a day to the global market. It said oil demand growth in the first half of this year will average 1.5 million barrels a day, and then fall to 1.3 million barrels a day in the second half. The IEA also said global oil supplies rose by 370,000 barrels a day in June, mainly due to higher output from Saudi Arabia and Russia.

collected by :Frank Ithan