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2020-11-26 12:20:00

OIL PRICE: NOT BELOW $48 ANEW

OIL PRICE: NOT BELOW $48 ANEW

REUTERS - NOVEMBER 26, 2020 - Oil slipped on Thursday, stalling a rally driven by a surprise fall in U.S. crude inventories that added to bullishness over expectations progress on vaccines may end the coronavirus pandemic and revive fuel demand.

Having spent the Asian trading day higher, Brent futures were down 1 cent at $48.60 a barrel by 0746 GMT, after rising around 1.6% in the previous session.

West Texas Intermediate crude was off by 4 cents at $45.67 a barrel, after reaching a high of $46.09 earlier and gaining 1.8% on Wednesday.

Both benchmarks have risen about 8% this week after AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, adding to the potential armoury to end the worst pandemic in a century.

"Despite a number of strong fundamentals rallying the markets, especially vaccine development supporting oil, bearish concerns remains," said Avtar Sandu, senior commodities manager at Phillip Futures.

Lockdowns as the pandemic worsens, the rising number of rigs employed in the United States, along with increased production from Libya, were risk factors for bulls, he said.

U.S. oil stockpiles fell 754,000 barrels last week, data showed. Analysts in a Reuters poll had predicted a 127,000-barrel rise. Stockpiles at the Cushing, Oklahoma, delivery point for WTI, fell by 1.7 million barrels.

But gasoline demand for the week fell by 128,000 barrels per day (bpd) to 8.13 million bpd, the lowest since June.

U.S. President-elect Joe Biden has urged people to forgo big family gatherings, wear protective masks and maintain social distancing for the Thanksgiving holiday. But Americans are defying pleas from officials to stay at home.

The United States has recorded 2.3 million new infections in the last two weeks.

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Earlier:

OIL PRICE: NOT BELOW $48 ANEW
2020, November, 25, 12:05:00
OIL PRICE: NOT BELOW $48
Brent was up 44 cents, or 0.9%, at $48.30 a barrel . WTI gained 33 cents, or 0.7%, to $45.24.
OIL PRICE: NOT BELOW $48 ANEW
2020, November, 24, 12:45:00
OIL PRICE: BELOW $47
Brent rose 45 cents, or 1%, to $46.51 a barrel . WTI added 46 cents, or 1.1%, to $43.52.
OIL PRICE: NOT BELOW $48 ANEW
2020, November, 23, 12:45:00
OIL PRICE: NOT BELOW $45
Brent rose 63 cents, or 1.4%, to $45.59 a barrel . WTI gained 49 cents, or 1.2%, to $42.91 a barrel.
OIL PRICE: NOT BELOW $48 ANEW
2020, November, 20, 13:40:00
OIL PRICE: NOT BELOW $44
Brent were up 2 cents, or 0.05% at $44.22 a barrel . WTI dipped 4 cents to $41.86 a barrel.
OIL PRICE: NOT BELOW $48 ANEW
2020, November, 19, 14:35:00
OIL PRICE: NEAR $44 AGAIN
Brent were down 27 cents to $44.07 a barrel . WTI slipped 43 cents to $41.39 a barrel.
OIL PRICE: NOT BELOW $48 ANEW
2020, November, 19, 14:30:00
RUSSIA, SAUDI ARABIA STRATEGIC PARTNERSHIP
The Kingdom remains Russia’s strategic partner. We are looking forward to a long-term partnership with Saudi Arabia on the Sputnik V vaccine.
OIL PRICE: NOT BELOW $48 ANEW
2020, November, 19, 14:25:00
U.S. OIL INVENTORIES UP 0.8 MB TO 489.5 MB
U.S. commercial crude oil inventories increased by 0.8 million barrels to 489.5 million barrels
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Tags: OIL, PRICE, BRENT, WTI