RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2016-08-03 18:55:00

OIL PRICE: $42.07

OIL PRICE: $42.07

 

OIL PRICES JUL 2016 - AUG 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

REUTERS wrote, oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar.

But prices could struggle to make much headway, analysts said, as sentiment remains bearish. A supply glut that has weighed on prices could increase if oil exports actually restart from ports in Libya that have been closed since 2014.

Brent crude LCOc1 was up 27 cents a barrel at $42.07 at 0957 GMT (0557 EDT). It reached $41.51 on Tuesday, the lowest since April 18. U.S. crude CLc1 added 28 cents to $39.79.

"The sentiment is still quite negative and depressed on oil prices," said Eugen Weinberg, analyst at Commerzbank.

"There are factors which should be supportive, but at the moment I think there is no single (piece of) news which would convince the bears that the decline is over."

The U.S. dollar stayed close to a six-week low against a basket of currencies, lending oil some support. Weakness in the dollar makes dollar-denominated commodities cheaper for other currency holders.

Also supportive was Tuesday's American Petroleum Institute report on U.S. inventories, which showed a 1.34 million-barrel drop in crude stocks, although the decline was about in line with analyst expectations. 

Oil rallied from a 12-year low near $27 in January to a 2016 high of almost $53 in June, supported by an initiative from OPEC and outside producers including Russia to freeze output and by hopes that the supply glut would ease.

But the output deal fell apart and since June, signs that the glut is proving more resilient as well as concern about slowing economies in Asia - the driver of oil demand growth - and Europe have weighed.

"Risks for oil remain skewed to the downside in 2H16," analysts at Morgan Stanley said a report. "Supply disruptions and risk appetite were supportive April-June, but fundamental headwinds are growing, which outnumber any recent positives."

Not all share that view. Standard Chartered bank said there was "no fundamental justification for recent oil-price falls" and "the global oil market has rebalanced, and U.S. crude supply and inventories are expected to fall."

The U.S. government's report on oil inventories is due for release at 1430 GMT. Analysts in a Reuters poll expected declines in both crude and refined product stocks.

-----

Earlier: 

PRICES: PROGRESS WILL BE SLOW 

OIL PRICES UP TO $42,34 

SAUDI'S PRICE DOWN 

URALS: $38.68 

WBG: OIL PRICES $53 - $60

 

 

 

Tags: OIL, PRICES, BRENT, WTI
Chronicle:
OIL PRICE: $42.07
2021, October, 22, 11:04:00
4-ЫЙ ЕЖЕГОДНЫЙ МЕЖДУНАРОДНЫЙ САММИТ И ВЫСТАВКА: ЭНЕРГИЯ БАЛКАН
Более 250 глав министерств, ключевых инвесторов, руководителей ведущих гидроэлектростанций и инициаторов инвестиционных проектов соберутся на 4-ом ежегодном международном саммите и выставке: Энергия Балкан
OIL PRICE: $42.07
2021, October, 22, 11:03:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИЯ И СНГ"
Лидеры угольной индустрии России и стран СНГ выступят с докладами в деловой программе Международной конференции и выставки «Уголь Россия и СНГ» (16-17 ноября, Москва).
OIL PRICE: $42.07
2021, October, 22, 11:02:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
OIL PRICE: $42.07
2021, October, 22, 11:00:00
U.S. OIL INVENTORIES DOWN BY 0.4 MB TO 426.5 MB
U.S. commercial crude oil inventories decreased by 0.4 million barrels from the previous week to 426.5 million barrels.
OIL PRICE: $42.07
2021, October, 21, 15:35:00
OIL PRICE: NEAR $85 ANEW
Brent rose as high as $86.10 and was down 92 cents, or 1.1%, to $84.90. WTI fell 74 cents, or 0.9%, to $82.68.
OIL PRICE: $42.07
2021, October, 21, 15:30:00
INDIA, OPEC OIL DEAL
India, the world's third-biggest importer and consumer of crude, meets around 85% of its demand via overseas purchases with Iraq, Saudi Arabia and the United States being the top three suppliers. India also imports 55% of its gas demand via imports.
OIL PRICE: $42.07
2021, October, 21, 15:25:00
ASIA'S GAS DEMAND WILL UP
Non-OECD countries in Asia will collectively become the largest importers of natural gas by 2050.
All Publications »