2022-03-11 12:40:00
OIL PRICE: NEAR $112
REUTERS - March 11 - Oil prices rose on Friday but were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
Brent crude futures climbed $2.48, or 2.27%, to $111.81 a barrel at 0747 GMT after dropping 1.6% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were up $2, or 1.89%, to $108.02 a barrel, following a 2.5% decline on Thursday.
In a week of volatile trading marked by talk of Russian oil embargoes then potential supply additions from Iran, Venezuela and the United Arab Emirates while fighting escalated in Ukraine, Brent was on track for a weekly fall of 5.2% after hitting a 14-year high of $139.13 on Monday. U.S. crude was headed for a drop of 6.6% after touching a high of $130.50 on Monday.
"Both contracts could well move sharply below $100 a barrel from here on any news perceived as easing supply disruptions," said Jeffrey Halley, an analyst at OANDA.
Similarly, both contracts could easily rise to over $115 on any negative headlines, he said.
"It's just that sort of market."
Prices eased this week after it became clear the European Union, heavily reliant on Russian energy, would not join the United States and Britain in banning Russian oil.
Russia, the world's second largest crude exporter behind Saudi Arabia, exports about 3 million barrels per day of crude to Europe's OECD countries.
In the near term, supply gaps are unlikely to be filled by extra output from members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, given that Russia is part of the grouping, Commonwealth Bank analyst Vivek Dhar said.
"They're really tied politically by the structure," he said.
In addition, some OPEC+ producers, including Angola and Nigeria, have struggled to meet their production targets, further limiting the group's ability to offset Russian supply losses.
Commonwealth Bank forecasts Brent will average $110 in the second and third quarters of this year, but sees prices potentially climbing as high as $150 in the short term.
"All of it is very uncertain. It's been very difficult to come out with a view," Dhar said.
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Earlier:
2022, March, 10, 11:10:00
OIL PRICE: NEAR $115 ANEW
Brent were up $2.53, or 2.28%, at $113.67 a barrel, WTI were up $1.64, or 1.51%, at $110.34 a barrel.
2022, March, 9, 13:50:00
OIL PRICE: ABOVE $126
Brent was up $1.68, or 1.3%, at $129.66 a barrel, WTI was up $1.60, or 1.3%, to $125.30.
2022, March, 9, 13:45:00
ЦЕНА НЕФТИ БУДЕТ $300
Абсолютно очевидно, что отказ от российской нефти приведёт к катастрофическим последствиям для мирового рынка. Всплеск цен будет непредсказуемым – более 300 долларов за баррель, если не больше.
2022, March, 9, 13:40:00
OIL PRICE WILL UP TO $300
"It is absolutely obvious that refusing Russian oil would lead to catastrophic consequences for the global market. The price surge would be unpredictable – to more than $300 per barrel, if not more," said Russian Deputy Prime Minister Alexander Novak.
2022, March, 4, 12:15:00
RUSSIA AND SAUDI ARABIA ENSURE STABILITY
During the conversation, it was noted with satisfaction that OPEC+ member countries are consistently fulfilling their obligations to help ensure stability on the global oil market. Russia and Saudi Arabia will continue to coordinate approaches within this format.
2022, March, 4, 12:10:00
OIL: RELEASE OF 60 MB
he initial release of 60 mbl accounts for 4% of those stockpiles (1.5 Gbl) and would represent 2 mbl/d for 30 days
2022, February, 21, 11:50:00
GLOBAL ENERGY CRISIS & STABILISATION
In the situation that has obtained in recent months on energy markets, it has become clear that one of the foundations of stability of the modern global world is, in the first instance, reliable energy supply, which cannot be provided without observing a reasonable balance of energy sources and an absence of discrimination against traditional sectors of the fuel and energy complex.
