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2020-11-02 17:25:00

OIL PRICE: ABOVE $37 AGAIN

OIL PRICE: ABOVE $37 AGAIN

REUTERS - NOVEMBER 2, 2020 - Oil prices fell‮‮‮ ‬‬‬on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand while concerns remain over potential turbulence resulting from this week's U.S. presidential election.

Brent crude was down 80 cents, or 2.1%, at $37.14 a barrel by 1140 GMT. U.S. West Texas Intermediate fell 93 cents, or 2.6%, to $34.86. Both contracts fell more than $2 earlier in the session.

Countries across Europe have reimposed lockdown measures to try to slow COVID-19 infection rates that have accelerated over the past month.

“The number of lockdowns - and the oil demand the countries that imposed them account for - will lead to some demand destruction, depressing balances and putting further strain on the already fragile market,” said Rystad Energy analyst Paola Rodriguez-Masiu.

Global oil trading companies expect further demand destruction, though estimates differ. Vitol sees winter demand at 96 million barrels per day (bpd) while Trafigura expects demand to drop to 92 million bpd or lower.

A tight race in the lead up to the U.S. election on Tuesday and accompanying uncertainty also prompted investor caution in global markets.

“The concerns over oil supply and demand fundamentals ... are going to play second fiddle to the U.S. presidential election and to how risk markets will react to the outcome,” said BNP Paribas analyst Harry Tchilinguirian.

Oil pared some losses after Japan’s export orders grew for the first time in two years and China’s factory activity rose to its highest in nearly a decade in October. More manufacturing surveys are expected from the euro zone and the United States later in the day.

Sharply rising Libyan oil production also added to price pressures. Libya’s output stands at about 800,000 barrels per day (bpd), up more than 100,000 bpd from a few days ago, a Libyan source told Reuters on Saturday.

Meanwhile, output from the Organization of the Petroleum Exporting Countries (OPEC) rose for a fourth month in October, a Reuters survey found.

OPEC and allies including Russia are cutting output by about 7.7 million bpd to support prices. This OPEC+ group is scheduled to hold a policy meeting on Nov. 30 and Dec. 1, with some analysts expecting a postponement of plans to ramp up output by 2 million bpd from January.

“A resolute and coordinated announcement and action by OPEC+ are what is really needed to prevent any further price slide,” said Commerzbank analyst Eugen Weinberg.

-----

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Earlier:

OIL PRICE: ABOVE $37 AGAIN
2020, October, 30, 13:50:00
OIL PRICE: ABOVE $37
Brent slipped for a third day and was down 51 cents, 1.4%, at $37.14 a barrel, WTI declined 48 cents, or 1.3%, to $35.69 a barrel.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 29, 17:15:00
OIL PRICE: NOT ABOVE $37
Brent were down $1.96, or 5%, at $37.16, WTI fell $1.94, or 5.2%, to $35.45.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 28, 14:15:00
OIL PRICE: NEAR $40
Brent were down $1.20, or 2.9%, at $40 a barrel, WTI was down $1.49, or 3.7%, at $38.08.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 27, 14:50:22
OIL PRICE: NEAR $41 ANEW
Brent was up 52 cents, or 1.3%, at $40.98 a barrel, WTI gained 38 cents, or 1%, to $38.94.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 26, 14:05:00
OIL PRICE: NEAR $41
Brent was down $1.08, or 2.6%, at $40.69 a barrel, WTI dropped $1.05, or 2.6%, to $38.80.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 26, 14:00:00
U.S. SHALE SURVIVORS
The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand.
OIL PRICE: ABOVE $37 AGAIN
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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $37 AGAIN
2020, November, 27, 11:30:00
SAUDI ARABIA'S CARBON CONCEPTION
The circular carbon economy concept has been endorsed by G20 member states but has yet to be put into practice, and the kingdom has not revealed any timelines or targets associated with the plan.
OIL PRICE: ABOVE $37 AGAIN
2020, November, 27, 11:25:00
JAPAN'S NIKKEI UP TO 26 644,71
Nikkei rose 0.41% to close at 26,644.71. The index has gained 15.96% this month, and is on track for its best performance since January 1994. The broader Topix rose 0.47% to hit a 25-month high at 1,786.52.
OIL PRICE: ABOVE $37 AGAIN
2020, November, 27, 11:20:00
INDONESIA'S COAL FOR CHINA $1.5 BLN
China Coal Transportation and Distribution has signed a US$1.5bn agreement with the Indonesian Coal Mining Association (APBI) to buy 200 Mt of thermal coal in 2021.
OIL PRICE: ABOVE $37 AGAIN
2020, November, 27, 11:15:00
BRITAIN'S NUCLEAR VALUE
The UK Treasury said yesterday it is important to consider large-scale nuclear projects in addition to Hinkley Point C (HPC) if the country is to meet its net-zero by 2050 target.
OIL PRICE: ABOVE $37 AGAIN
2020, November, 27, 11:10:00
RUSSIAN HYDROGEN DEVELOPMENT
“The global energy market is changing, humanity needs new, efficient, more environmentally friendly energy sources not as a replacement, but as an alternative to traditional hydrocarbons. And hydrogen will definitely occupy its niche in the energy of the future,” said TPU.
OIL PRICE: ABOVE $37 AGAIN
2020, November, 26, 12:20:00
OIL PRICE: NOT BELOW $48 ANEW
Brent were down 1 cent at $48.60 a barrel . WTI was off by 4 cents at $45.67 a barrel.
OIL PRICE: ABOVE $37 AGAIN
2020, November, 26, 12:15:00
RUSSIAN GAZPROM'S BENEFIT
"The macroeconomic situation has had a negative impact on the long-term development prospects of the LNG industry," Gazprom said, adding that so far in 2020 only one final investment decision had been made for a new LNG production project.
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