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!

2020-10-23 16:15:00

OIL PRICE: ABOVE $42 ANEW

OIL PRICE: ABOVE $42 ANEW

REUTERS - OCTOBER 23, 2020 -  Oil rose further above $42 a barrel on Friday, heading for a weekly drop, as demand concerns raised by surging coronavirus cases in the United States and Europe were offset by the prospect of an extension to OPEC-led supply curbs.

Several U.S. states reported record daily increases in infections on Thursday, while France extended curfews for about two thirds of its population as the second wave of the COVID-19 pandemic sweeps across Europe.

Brent crude LCOc1 rose 20 cents, or 0.5%, to $42.66 a barrel by 1140 GMT, having gained 1.7% on Thursday. U.S. crude CLc1 added 15 cents, or 0.4%, to $40.79. Both contracts are heading for a weekly loss.

"There is little in the way of support from the demand side in view of the extremely high number of new COVID-19 cases," said Commerzbank analyst Eugen Weinberg. "There is also pressure on prices from the supply side."

Libyan output, which had been mostly offline since January, has reached 500,000 barrels per day (bpd) and will rise further by the end of October.

Oil gained some support from comments by Russian President Vladimir Putin on Thursday that Moscow did not rule out extending OPEC+ oil output cuts.

“The only bullish piece of news comes from Russia,” said Bjornar Tonhaugen of Rystad Energy.

OPEC+, a group that includes Russia and the Organization of the Petroleum Exporting Countries (OPEC), is due to increase production by 2 million bpd in January 2021 as part of a plan to pump more as demand recovers.

However, the second wave of the pandemic and resulting slowdown in the demand recovery have raised the question of whether the increase is premature.

OPEC+ made a record supply cut from May, which boosted prices from historic lows. Brent is up from a 21-year low below $16 in April.

-----


Earlier:

OIL PRICE: ABOVE $42 ANEW
2020, October, 22, 15:20:00
OIL PRICE: NEAR $42
Brent were up 43 cents at $42.16 a barrel, WTI ticked up 44 cents to $40.47 a barrel.
OIL PRICE: ABOVE $42 ANEW
2020, October, 22, 15:15:00
OIL, GAS WILL BE HALF
In 2040, despite increasing investments in renewables and concerns with emissions, oil and gas are still projected to make up about 50 percent of the global energy mix. This is a view held by major third-party sources.
OIL PRICE: ABOVE $42 ANEW
2020, October, 21, 17:10:00
OIL PRICE: ABOVE $42
Brent were at $42.44 a barrel, WTI slipped 73 cents, or 1.75%, to $40.97.
OIL PRICE: ABOVE $42 ANEW
2020, October, 20, 15:45:00
OIL PRICE: NOT ABOVE $43 AGAIN
Brent were trading flat at $42.62 a barrel, WTI rose 5 cents, or 0.1%, to $40.88.
OIL PRICE: ABOVE $42 ANEW
2020, October, 19, 14:50:00
OIL PRICE: NOT ABOVE $43 ANEW
Brent was down 30 cents, or 0.7%, to $42.63 a barrel, WTI was down 28 cents, or 0.7%, at $40.60.
OIL PRICE: ABOVE $42 ANEW
2020, October, 19, 14:45:00
GLOBAL OIL DEMAND PEAK: 2040
"We see oil demand peaking in around 2040 as a result of a slowing economy, together with less fuel demand for cars, aircraft and ships."
OIL PRICE: ABOVE $42 ANEW
2020, October, 16, 13:10:00
OIL PRICE: NOT ABOVE $43 TILL
Brent dropped 38 cents, or 0.9%, to $42.78 a barrel, WTI slid 35 cents, or 0.9%, to $40.61 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI