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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
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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
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OIL PRICE: NOT ABOVE $48
2020, November, 30, 11:55:00
OPEC+ RUSSIA EXTENSION
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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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
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2021, October, 22, 11:04:00
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2021, October, 22, 11:02:00
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OIL PRICE: NOT ABOVE $48
2021, October, 22, 11:00:00
U.S. OIL INVENTORIES DOWN BY 0.4 MB TO 426.5 MB
U.S. commercial crude oil inventories decreased by 0.4 million barrels from the previous week to 426.5 million barrels.
OIL PRICE: NOT ABOVE $48
2021, October, 21, 15:35:00
OIL PRICE: NEAR $85 ANEW
Brent rose as high as $86.10 and was down 92 cents, or 1.1%, to $84.90. WTI fell 74 cents, or 0.9%, to $82.68.
OIL PRICE: NOT ABOVE $48
2021, October, 21, 15:30:00
INDIA, OPEC OIL DEAL
India, the world's third-biggest importer and consumer of crude, meets around 85% of its demand via overseas purchases with Iraq, Saudi Arabia and the United States being the top three suppliers. India also imports 55% of its gas demand via imports.
OIL PRICE: NOT ABOVE $48
2021, October, 21, 15:25:00
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