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2020-12-02 14:45:00

OIL PRICE: NOT ABOVE $48

OIL PRICE: NOT ABOVE $48

REUTERS - DECEMBER 2, 2020Oil prices were steady on Wednesday as the market awaits a pact from producers on output and Britain became the first country to approve a COVID-19 vaccine for use, boosting hopes for a future recovery in oil demand.

Prices were hit by a surprise build in oil inventories in the United States and as OPEC and its allies created uncertainty with a two-day delay to a formal meeting to decide whether to increase production in January.

Brent crude oil futures were down 9 cents, or 0.2%, at $47.33 a barrel by 1012 GMT, while West Texas Intermediate crude was down 11 cents, or 0.3%, at $44.44.

Industry data from the American Petroleum Institute showed U.S. crude inventories rose by 4.1 million barrels last week, compared with analysts’ expectations in a Reuters poll for a draw of 2.4 million barrels.

The numbers came after the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, a group known as OPEC+, postponed talks on next year’s oil output policy to Thursday from Tuesday, according to sources.

The group this year imposed production cuts of 7.7 million barrels per day (bpd) as the coronavirus pandemic hit fuel demand.

It had been widely expected to roll those reductions over into January-March 2021 amid spikes in COVID-19 cases.

But the United Arab Emirates (UAE) said this week that even though it could support a rollover, it would struggle to continue with the same deep output reductions into 2021.

“Reports about internal discords within the oil cartel following Monday’s virtual meeting has undermined the prevailing optimism,” said Stephen Brennock of oil broker PVM.

He said market expectations were still leaning towards the extension of the current tranche of cuts through the first quarter of 2021, though “full in the knowledge that anything less would trigger a brutal selling frenzy.”

Britain on Wednesday became the first western country to approve a COVID-19 vaccine, jumping ahead of the United States and mainland Europe in what may be a first step toward a return to normal life that will boost oil consumption back to pre-crisis levels.

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Earlier:

OIL PRICE: NOT ABOVE $48
2020, December, 1, 13:30:00
OIL PRICE: NEAR $48
Brent was up 31 cents at $48.19 a barrel . WTI was up 28 cents at $45.62.
OIL PRICE: NOT ABOVE $48
2020, December, 1, 13:25:00
OPEC: OIL DEMAND GROWTH 6.1 MBD: 2021
Next year, the global economy is forecast to return to growth, expanding by an estimated at 4.4%, and oil demand growth is expected to be high, in the tune of 6.1 mb/d.
OIL PRICE: NOT ABOVE $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: NOT ABOVE $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: NOT ABOVE $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: NOT ABOVE $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: NOT ABOVE $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: NOT ABOVE $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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $48
2022, July, 4, 12:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: NOT ABOVE $48
2022, July, 4, 12:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL PRICE: NOT ABOVE $48
2022, July, 4, 12:40:00
GERMAN UTILITIES COLLAPSE
German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.
OIL PRICE: NOT ABOVE $48
2022, July, 4, 12:35:00
IRANIAN OIL RISES
Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.
OIL PRICE: NOT ABOVE $48
2022, July, 4, 12:30:00
S.KOREAN NUCLEAR FOR CZECH
"A nuclear power generation project requires more than a decade for construction and involves operations for more than 60 years. South Korea is a reliable partner in terms of economic feasibility, safety, and ensuring the construction period," Lee said.
OIL PRICE: NOT ABOVE $48
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
OIL PRICE: NOT ABOVE $48
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel
All Publications »