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2020-12-01 13:30:00

OIL PRICE: NEAR $48

OIL PRICE: NEAR $48

REUTERS - DECEMBER 1, 2020Oil prices ticked up on Tuesday, with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month.

Brent crude was up 31 cents at $48.19 a barrel by 0847 GMT. West Texas Intermediate was up 28 cents at $45.62.

Both contracts surged around 27% in November after COVID-19 vaccine developments raised hopes of an economic recovery that could revive fuel demand.

OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, delayed talks on output policy for next year until Thursday, sources told Reuters, as important players had not reached consensus.

It had been scheduled to meet on Tuesday.

"The group needs to extend the deal in order to ensure that the market continues to draw down inventories over the first quarter of next year," ING Economics said in a note.

"Vaccine developments are unlikely to significantly change the demand outlook in the next couple of months."

The group was due to ease current production cuts by 2 million barrels per day (bpd) from January.

But with demand still under pressure from the pandemic, OPEC+ was considering extending current cuts into the first months of next year, a position backed by de facto OPEC leader Saudi Arabia, sources said.

"The group will probably find some face-saving compromise, with a short extension being the most likely outcome followed by a phased production return," said Helima Croft at Royal Bank of Canada.

"Nonetheless this latest fracas does not bode well for collective cohesion in 2021 as vaccine optimism abounds and producers anticipate a strong recovery."

A Reuters poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year.

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Earlier:

OIL PRICE: NEAR $48
2020, November, 30, 12:05:00
OIL PRICE: NOT BELOW $47 ANEW
Brent dropped 46 cents, or 1%, to $47.72 a barrel . WTI fell 48 cents, or 1.1%, to $45.05 a barrel.
OIL PRICE: NEAR $48
2020, November, 30, 12:00:00
OPEC+ RUSSIA CONSENSUS
Saudi Arabia and Russia had invited ministers on the nine-country monitoring committee that they co-chair to informal discussions to hash out positions ahead of the official meeting.
OIL PRICE: NEAR $48
2020, November, 30, 11:55:00
OPEC+ RUSSIA EXTENSION
The fact that US shale is not recovering strongly is further cause for Russia to continue to support ongoing cooperation within OPEC+.
OIL PRICE: NEAR $48
2020, November, 27, 12:00:00
OIL PRICE: NOT BELOW $47
Brent was down by 10 cents at $47.70 . WTI was down by 86 cents, or 1.9%, at $44.85.
OIL PRICE: NEAR $48
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: NEAR $48
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: NEAR $48
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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $48
2021, October, 18, 12:24:00
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OIL PRICE: NEAR $48
2021, October, 18, 12:20:00
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OIL PRICE: NEAR $48
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POLISH NUCLEAR FOR CLIMATE
Poland, which generates 70% of its electricity from coal, has plans to build several nuclear power reactors to greatly reduce its reliance on the most carbon-intensive fossil fuel and meet climate goals,
OIL PRICE: NEAR $48
2021, October, 18, 12:10:00
DENMARK OFFSHORE WIND 3 GW
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OIL PRICE: NEAR $48
2021, October, 18, 12:05:00
VIETNAM COAL POWER WILL UP
The draft Power Development Plan 8 (PDP 8) of Vietnam forecasts an installed capacity of 144 GW in 2030, with coal-fired power plants accounting for 31% of the country's installed capacity in 2030.
OIL PRICE: NEAR $48
2021, October, 18, 12:00:00
U.S. RIGS UP 10 TO 543
U.S. Rig Count is up 10 from last week to 543 , Canada Rig Count is up 1 from last week to 168.
OIL PRICE: NEAR $48
2021, October, 15, 09:40:00
OIL PRICE: ABOVE $84
Brent rose 62 cents, or 0.7%, to $84.62 a barrel. WTI rose 56 cents, or 0.7%, to $81.87 a barrel.
All Publications »