2020-07-14 13:25:00
OIL PRICE: ABOVE $42
REUTERS - JULY 14, 2020 - Oil prices fell on Tuesday on worries that new restrictions to stem surging U.S. and Asian coronavirus cases could threaten a recovery in fuel demand just as OPEC+ producers prepare to increase output from August.
Brent crude futures fell 44 cents to $42.28 a barrel by 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures slid 53 cents to $39.57.
The governor of California, the United States' most populous state, on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums to cease indoor operations as coronavirus cases soared.
California's moves follow the recent reinstatement of some restrictions in other states, such as Florida and Texas. New restrictions were also introduced in Asia and Australia.
On the suppy side, markets are keenly awaiting news from Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, on the next level of production cuts. OPEC's Joint Technical Committee meets on Tuesday, with the Joint Ministerial Monitoring Committee due to meet on Wednedsay.
Under the existing supply pact, OPEC+ is set to taper its record production cut of 9.7 million barrels per day (bpd) to 7.7 million bpd from August through December.
The oil market is moving closer to balance as demand gradually rises, OPEC's secretary general said on Monday.
China's June crude oil imports hit both daily and monthly highs, data showed on Tuesday.
However, Citi analysts said that the looming supply increase could weigh on prices given demand uncertainties. Morgan Stanley said oil demand is unlikely to exceed pre-COVID levels until late 2021.
The market will also be watching for fuel consumption data due on Tuesday from the American Petroleum Institute industry group and on Wednesday from the U.S. Energy Information Administration.
Analysts estimate that U.S. gasoline stockpiles fell by 900,000 barrels and crude oil inventories by 2.3 million barrels in the week to July 10, a preliminary Reuters poll showed.
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Earlier:
2020, July, 10, 11:45:00
OIL PRICE: NOT ABOVE $42
Brent was down by 73 cents, or 1.7%, at $41.62, WTI fell 83 cents, or 2.1%, at $38.79 a barrel
2020, July, 10, 11:40:00
U.S. OIL INVENTORIES UP BY 5.7 MB TO 539.2 MB
U.S. commercial crude oil increased by 5.7 million barrels from the previous week to 539.2 million barrels.
2020, July, 10, 11:35:00
U.S. SHALE: NO TARGET
The intervention of the United States, the G-20 and other leading producing countries was vital in securing April’s historic production deal to rebalance and stabilize oil markets reeling from the pandemic.
2020, July, 9, 15:55:00
OIL PRICE: NEAR $43 AGAIN
Brent up 5 cents, or 0.12%, to $43.34, WTI dipped 14 cents, or 0.3%, to $40.76,
2020, July, 9, 15:50:00
GLOBAL OIL INVENTORIES WILL DOWN
Global oil inventories to generally draw through the end of 2021 as global oil demand continues to recover.
2020, July, 8, 11:55:00
OIL PRICES 2020-21: $41-$50
EIA expects monthly Brent spot prices will average $41/b during the second half of 2020 and rise to an average of $50/b in 2021
2020, July, 8, 11:50:00
OPEC OIL PRODUCTION DOWN
OPEC's 13 members pumped 22.31 million b/d, the organization's lowest collective output since September 1990,
