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2020-10-02 11:30:00

OIL PRICE: NOT BELOW $39

OIL PRICE: NOT BELOW $39

REUTERS - OCTOBER 2, 2020 -  Oil prices extended losses to about 3% on Friday after U.S. President Donald Trump said he has tested positive for COVID-19, while agrrement on a U.S. stimulus package eluded negotiators amid ongoing worries about demand.

Brent crude LCOc1 slipped on the Trump news and was down $1.12, or 2.7%, at $39.81 a barrel by 0710 GMT. U.S. oil CLc1 was also down $1.12, or 2.9%, at $37.60.

U.S. and Brent cruse are heading for drops of around 5% and 6% respectively this week for a second consecutive week of declines.

In a tweet, Trump said that he and First Lady Melania Trump tested positive for COVID-19.

Oil was already in negative territory after a bipartisan deal for more economic relief in response to the pandemic continued to elude House Speaker Nancy Pelosi and the White House, adding to fears about worsening demand without more support for the economy.

“It was a weak market already and this event has come along and added uncertainty, giving pause for people to say, ‘you know what, I’m taking some risk off the table’,” said Lachlan Shaw, head of commodity research at National Australia Bank in Melbourne.

Crude supplies from the Organization of the Petroleum Exporting Countries (OPEC) rose in September by 160,000 barrels per day (bpd) from a month earlier, a Reuters survey showed.

The increase was mainly the result of increased supplies from Libya and Iran, OPEC members that are exempt from a supply pact between OPEC and allies led by Russia - a group known as OPEC+.

Libya’s production has risen faster than analysts expected after the relaxation of a blockade by the Libyan National Army. Its crude output has risen to 270,000 bpd as the country ramps up export activity, a Libyan oil source told Reuters on Thursday.

New COVID-19 cases worldwide have rise to more than 34 million, nearly 2 million more than at the end of last week, based on Reuters tallies.

This week marked the grim milestone of 1 million deaths and several countries are tightening restrictions and contemplating lockdowns as infections accelerate, prompting concerns about the impact on fuel demand.

“Oil’s upside was always likely to be limited as fears rise about the global consumption picture and rising OPEC+ production,” said Jeffrey Halley, senior market analyst at OANDA.

-----


Earlier:

OIL PRICE: NOT BELOW $39
2020, October, 1, 13:50:00
OIL PRICE: NEAR $42 ANEW
Brent fell 17, or 0.4%, to $42.13 a barrel, WTI were down 22 cents, or 0.6%, at $40.
OIL PRICE: NOT BELOW $39
2020, September, 30, 13:10:00
OIL PRICE: NOT BELOW $40 AGAIN
Brent dropped 40 cents, or 1%, to $40.63 per barrel, WTI fell 32 cents, or 0.8%, to $38.97.
OIL PRICE: NOT BELOW $39
2020, September, 29, 13:00:00
OIL PRICE: NOT BELOW $42 AGAIN
Brent fell 32 cents, or 0.8%, to $42.55 a barrel, WTI dropped 34 cents, or 0.8%, to $40.26 a barrel
OIL PRICE: NOT BELOW $39
2020, September, 29, 12:55:00
УСТОЙЧИВОСТЬ ИНВЕСТИЦИЙ В ЭНЕРГЕТИКУ
Выработанный комплекс принципов в этой области, таких как повышение доступности энергетических данных, обеспечение инвестиций в устойчивые энергетические системы, обеспечение устойчивости цифровых энергетических систем, на наш взгляд, отвечает действительности и подтверждает основные концепции, обсуждавшиеся и согласованные в предыдущие годы.
OIL PRICE: NOT BELOW $39
2020, September, 28, 12:05:00
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OIL PRICE: NOT BELOW $39
2020, September, 25, 13:00:00
OPEC+ IRAQ REDUCING
OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions,
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2020, September, 25, 12:55:00
RUSSIA'S OIL EXPORTS DOWN, LNG UP
Russia’s crude oil export in January-July 2020 was down 4.2% year-on-year to 143.2 mn tons. In terms of value, crude oil export decreased by 36.6% year-on-year making $43.9 bn.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $39
2021, December, 7, 17:39:00
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Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
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2021, December, 7, 17:38:00
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OIL PRICE: NOT BELOW $39
2021, December, 7, 17:37:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
OIL PRICE: NOT BELOW $39
2021, December, 7, 17:36:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
OIL PRICE: NOT BELOW $39
2021, December, 7, 17:35:00
RENEWABLE ELECTRICITY FOR INDIA 8 GW
Power Grid Corporation of India Ltd (PGCIL), through its subsidiary Central Transmission Utility of India (CTU), had earlier filed a petition to execute power transmission infrastructures for up to 18.5 GW of renewables energy zones in southern India
OIL PRICE: NOT BELOW $39
2021, December, 7, 17:30:00
DUTCH RENEWABLES 5.2 GW
The proposals include 5,170 MW of renewable projects, of which 4,132 MW are solar PV projects, 243 MW geothermal projects and 151 MW biomass projects.
OIL PRICE: NOT BELOW $39
2021, December, 7, 17:25:00
WIND FOR SWEDEN
Sweden has currently around 200 MW of operational offshore wind capacity, on top of 9.8 GW of onshore wind capacity
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