2022-04-21 14:55:00
OIL PRICE: BRENT NEAR $108, WTI NEAR $103
REUTERS - April 21 - Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market.
Brent crude futures rose $1.04, or 1%, to $107.84 a barrel at 1106 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 61 cents, or 0.6%, to 102.80 a barrel.
Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation".
Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals.
The oil market remains tight with the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, struggling to meet their production targets and with U.S. crude stockpiles down sharply in the week ended April 15.
"Global supply capacity for oil remains limited," UBS said in a note.
"With only two countries in the OPEC+ alliance holding significant spare capacity, Saudi Arabia and the UAE, the group is sticking to a cautious approach in unwinding pandemic-related production cuts."
The demand outlook in China continues to weigh on the market, as the world's biggest oil importer slowly eases strict COVID-19 curbs that have hit manufacturing activity and global supply chains.
Meanwhile, the Caspian Pipeline Consortium's Black Sea terminal could return to full capacity this week, Kazakh Energy Minister Bolat Akchulakov said on Wednesday.
"The resumption of CPC crude deliveries will be somewhat offset by continuing outages in Libya and the likelihood of more Russian crude getting locked out of the market in the face of an EU ban," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
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Earlier:
2022, April, 20, 11:40:00
OIL PRICE: BRENT NEAR $108, WTI ABOVE $103
Brent rose 66 cents, or 0.6%, to $107.91 a barrel, WTI rose 46 cents, or 0.5%, to $103.02 a barrel.
2022, April, 19, 14:50:00
OIL PRICE: BRENT BELOW $112, WTI BELOW $107
Brent was down $1.41, or 1.2%, to $111.75 a barrel, WTI fell $1.64, or 1.5%, to $106.57 a barrel.
2022, April, 19, 14:45:00
OPEC OIL PRICE: $110.54
The price of OPEC basket of thirteen crudes stood at $110.54 a barrel on Monday,
2022, April, 19, 14:30:00
OPEC+ PRODUCTION DOWN
OPEC+, which groups OPEC and allies led by Russia, agreed last month to another modest monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more.
2022, April, 19, 14:25:00
SAUDI ARABIA'S OIL EXPORTS UP
Crude exports rose to 7.307 million b/d in February, the highest since the record 10.237 million b/d, from 6.996 million b/d in January, the JODI data published April 18 showed. Production climbed to 10.225 million b/d from 10.145 million b/d.
2022, April, 18, 11:15:00
SUPPORT OF SAUDI ARABIA, RUSSIA
During the telephone conversation, bilateral relations between the two countries and ways of enhancing them in all fields in a way that achieves the interests of the two countries and their friendly peoples were discussed.
2022, April, 18, 11:00:00
ЦЕНА URALS: $79,81
Средняя цена на нефть Urals за период мониторинга с 15 марта 2022 года по 14 апреля 2022 года составила $79,81 за баррель, или $582,6 за тонну.
