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2020-11-03 13:25:00

OIL PRICE: ABOVE $40

OIL PRICE: ABOVE $40

REUTERS - NOVEMBER 3, 2020 - Oil prices extended their rally on U.S. Election Day amid a recovery in financial markets on Tuesday, but concerns over surging coronavirus cases around the world capped further gains. 

Brent crude LCOc1 futures rose 70 cents, or 1.8% to $39.67 a barrel at 0845 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 78 cents, or 2.1%, to $37.59 a barrel. Both benchmarks gained nearly 3% on Monday. 

“The jump has borne all the hallmarks of a massive, logical and even inevitable short-covering prior to the U.S. presidential elections,” Tamas Varga of oil brokerage PVM said. 

“It would be tempting to conclude that the recovery from last week’s slump is now under way, but it is simply not a plausible scenario,” he added.

Italy is the latest country in Europe to tighten COVID-19 restrictions, including limiting travel between the worst-hit regions and imposing a nightly curfew, which will limit fuel demand.

Benchmark prices, down sharply over the past week, had a brief reprieve on Monday after Russia’s oil minister held talks with domestic oil companies on a possible extension of oil output restrictions into the first quarter of 2021.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group called OPEC+, slashed oil output from May to support prices and tapered the cut to 7.7 million barrels per day (bpd) in August. They are due to taper the cuts off by 2 million bpd in January.

“The hope is now that a continued cut at current levels will be the necessary bridge over the second COVID-19 wave until vaccines are rolled out during [the first half of 2021],” Commerzbank.

Rising production from Libya which is on course to hit 1 million bpd in the coming weeks, from just 100,000 bpd in early September, will also be a concern for OPEC+.

OPEC+ holds its next full meetings on Nov. 30 and Dec. 1. 

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Earlier:

OIL PRICE: ABOVE $40
2020, November, 2, 17:25:00
OIL PRICE: ABOVE $37 AGAIN
Brent was down 80 cents, or 2.1%, at $37.14 a barrel, WTI fell 93 cents, or 2.6%, to $34.86.
OIL PRICE: ABOVE $40
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 $40
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 $40
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 $40
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 $40
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 $40
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $40
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 $40
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 $40
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 $40
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 $40
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 $40
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 $40
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.
All Publications »