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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.
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Tags: OIL, PRICE, BRENT, WTI
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2021, July, 9, 12:04:00
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OIL PRICE: NOT ABOVE $48
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CHILE'S COAL GENERATION DOWN
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OIL PRICE: NOT ABOVE $48
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICE: NOT ABOVE $48
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICE: NOT ABOVE $48
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
OIL PRICE: NOT ABOVE $48
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
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