2024-02-20 07:00:00
OIL PRICE: BRENT ABOVE $83, WTI NEAR $80
REUTERS - Feb 20, 2024 - Oil prices were broadly steady on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand.
Brent futures ticked down 11 cents to $83.45 a barrel by 0413 GMT.
U.S. West Texas Intermediate (WTI) crude for April delivery inched down 11 cents to $78.35 a barrel. The March WTI contract rose 36 cents to $79.55 a barrel as traders prepared for that contract to expire during the day. There was no settlement for WTI on Monday due to a U.S. public holiday.
Crude markets were "marginally lower" in "quiet trading over the Presidents' Day holiday in the U.S. and as demand concerns offset ongoing Middle Eastern geopolitical tensions," IG market analyst Tony Sycamore said in a note.
The Iran-aligned Houthis continued their attacks on shipping lanes in the Red Sea and Bab al-Mandab Strait, with at least four more vessels hit by drone and missile strikes since Friday. One of them, the Belize-flagged, British-registered and Lebanese-managed Rubymar cargo vessel in the Gulf of Aden, was in danger of sinking, Houthis said, raising the stakes in their campaign to disrupt global shipping in solidarity with the Palestinians in Gaza.
"Signs of stronger demand in China also boosted sentiment," ANZ analysts wrote in a note.
Tourism revenues in China surged 47.3% year-on-year and rose above pre-COVID levels during the national Lunar New Year holiday that ended on Saturday.
China also cut a benchmark reference rate for mortgages by more than expected on Tuesday, in a bid to shore up its beleaguered property market and economy.
However, the price-supportive factors did not completely offset demand worries. A bearish International Energy Agency (IEA) report last week revised the 2024 oil demand growth forecast downward on expectations that renewable energy would supplant fossil fuel usage.
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Earlier:
2024, February, 16, 07:00:00
OIL PRICE: BRENT NEAR $83, WTI NEAR $78
Brent were down 9 cents, or 0.1%, to $82.77 a barrel, WTI rose 4 cent to $78.07 a barrel.
2024, February, 16, 06:55:00
GLOBAL OIL DEMAND 2024: +2.2 MBD
The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 mb/d.
2024, February, 13, 07:00:00
OIL PRICE: BRENT NEAR $82, WTI NEAR $77
Brent edged 1 cent lower $81.99 a barrel, WTI rose 1 cent to $76.93 a barrel.
2024, February, 13, 06:55:00
INDIA NEED OIL DISCOUNT
India has remained neutral in the West’s standoff with Russia following the invasion of Ukraine, seeing it as an opportunity to buy discounted Russian barrels.
2024, February, 9, 06:55:00
ЭНЕРГИЯ РОССИИ ДЛЯ АЗИИ
Несмотря на санкции со стороны недружественных стран, за последние два года Россия расширила географию поставок и обрела новые партнёрские связи, переориентировав поставки нефти, газа и угля на 85% в сторону стран АТР.
2024, February, 9, 06:45:00
OPEC + RUSSIA COHESION
The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,
2024, January, 22, 06:55:00
GLOBAL OIL DEMAND 2025: +1.8 MBD
The global oil demand growth forecast for 2024 remains unchanged at 2.2 mb/d, with the OECD growing by around 0.3 mb/d and the non-OECD by about 2.0 mb/d. The global oil demand growth in 2025 is expected to see a robust growth of 1.8 mb/d, y-o-y. The OECD is expected to grow by 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to increase by 1.7 mb/d.
