2020-06-24 12:55:00
OIL PRICE: NEAR $42
REUTERS - JUNE 24, 2020 - Oil prices fell on Wednesday, reversing the previous session's surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.
Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1%, to $42.16 a barrel by 0814 GMT.
The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019.
U.S. West Texas Intermediate (WTI) crude fell 59 cents, or 1.5%, to $39.78 a barrel.
A rising number of coronavirus cases in the United States, China, Latin America and India has unnerved investors.
"These are all important oil demand centres. A second wave of infections and lockdowns will derail the global economic recovery and with it, oil demand and prices," said Stephen Brennock of broker PVM.
Upbeat European manufacturing surveys offered some support, but European Central Bank chief economist Philip Lane said recent solid data was not necessarily a good guide and the euro zone economy would need a long time to recover.
Further pressure on prices came from a bigger-than-expected rise in U.S. crude inventories, according to industry group the American Petroleum Institute (API).
However, U.S. gasoline and distillate inventories fell, suggesting consumption was picking up as lockdowns were eased.
U.S. government data will be released on Wednesday.
Global oil demand has started to recover as economies emerge from lockdown, while the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, have slashed output and U.S. shale producers have shut wells.
But global inventories are still bulging. India's oil imports in May hit the lowest since October 2011 as refiners with brimming stores of crude cut purchases.
China, the world's top crude importer, is also expected to slow crude imports in the third quarter, after record purchases in recent months.
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Earlier:
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
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%.
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.
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
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.
2020, June, 16, 14:05:00
GLOBAL UPSRTEAM INVESTMENTS DOWN
Spending is also expected to be largely flat in 2021, landing only marginally higher than 2020 at $386 billion. Before the Covid-19 pandemic, expected total upstream investment would maintain last year’s levels, both in 2020 and 2021.
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 .
