RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2020-06-25 14:15:00

OIL PRICE: NEAR $40 ANEW

OIL PRICE: NEAR $40 ANEW

REUTERS - JUNE 25, 2020 - Oil slipped towards $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand.

U.S. crude stocks rose 1.4 million barrels, the Energy Information Administration said on Wednesday. This hit crude prices, although other details the EIA reported such as a fall in gasoline stocks as demand rose, lent limited support.

"The report was another nail in the bulls' coffin although it was not as depressing as the price fall suggests," said Tamas Varga of oil broker PVM. "On the positive side, oil consumption is healthy."

Brent crude fell 13 cents, or 0.3%, to $40.18 at 0957 GMT, and traded as low as $39.47. The global benchmark dropped 5.4% on Wednesday. U.S. West Texas Intermediate (WTI) crude declined 23 cents, or 0.6%, to $37.78.

Oil and equities were also pressured by a rise in coronavirus cases. New infections have surged in some U.S. states and Australia posted its biggest daily rise in cases in two months.

"Demand, which was expected to rise as COVID-19 subsides, is again under threat with infections rising in key markets," said Bjornar Tonhaugen of Rystad Energy.

"All eyes are on how governments will react to the new surge of the pandemic."

Also weighing on demand prospects was the International Monetary Fund's prediction on Wednesday of a deeper global recession than previously thought.

A record supply cut by the Organization of the Petroleum Exporting Countries and allies has supported the oil market, which is much stronger compared to April, when Brent hit a 21-year low below $16 a barrel and U.S. crude went negative.

Investors are waiting to see if the producers, known as OPEC+, extend their record cut beyond July.

-----


Earlier:

OIL PRICE: NEAR $40 ANEW
2020, June, 24, 12:55:00
OIL PRICE: NEAR $42
Brent slipped 47 cents, or 1.1%, to $42.16 a barrel, WTI fell 59 cents, or 1.5%, to $39.78 a barrel.
OIL PRICE: NEAR $40 ANEW
2020, June, 23, 14:45:00
OIL PRICE: NEAR $44
Brent rose 49 cents, or 1.1%, to $43.57 a barrel, WTI was up 48 cents, or 1.2%, at $41.21 a barrel
OIL PRICE: NEAR $40 ANEW
2020, June, 22, 12:30:00
OIL PRICE: ABOVE $42 ANEW
Brent rose 10 cents, or 0.2%, to $42.29 a barrel, WTI was at $39.87 a barrel, up 4 cents, or 0.1%.
OIL PRICE: NEAR $40 ANEW
2020, June, 19, 10:50:00
OIL PRICE: ABOVE $42
Brent rose 61 cents, or 1.5%, to $42.12 a barrel, WTI climbed 60 cents, or 1.5%, to $39.44 a barrel.
OIL PRICE: NEAR $40 ANEW
2020, June, 19, 10:45:00
ЦЕНА URALS: $37,556
Средняя цена на нефть Urals за период мониторинга с 15 мая по 14 июня 2020 года составила $37,556 за баррель
OIL PRICE: NEAR $40 ANEW
2020, June, 18, 11:35:00
OIL PRICE: NOT ABOVE $41 STILL
Brent were up 2 cents at $40.73 a barrel, WTI dropped 14 cents to $37.82 a barrel.
OIL PRICE: NEAR $40 ANEW
2020, June, 16, 13:55:00
U.S. PRODUCTION: OIL (-93) TBD, GAS (-693) MCFD
Crude oil production from the major US onshore regions is forecast to decrease 93,000 b/d month-over-month in June from 7,725 to 7,632 thousand barrels/day, gas production to decrease 693 million cubic feet/day from 81,254 to 80,561 million cubic feet/day .
All Publications »
Tags: OIL, PRICE, BRENT, WTI