2020-08-07 13:55:00
OIL PRICE: NEAR $45 YET
REUTERS - AUGUST 7, 2020 - Oil dipped below $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August provided support.
The resurgence of infections remains a key issue for the market and demand outlook. Tallies show cases in the United States are rising in a number of states. India reported on Friday a record daily jump in infections.
Brent crude LCOc1 fell 31 cents, or 0.7%, to $44.78 by 0942 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 slipped 39 cents, or 0.9%, to $41.56.
Traders were also watching talks in the United States over the next coronavirus stimulus package. Democratic leaders in the U.S. Congress and top aides to President Donald Trump failed to make substantial progress on Thursday.
"Hopes are still running high for another round of fiscal stimulus," said Stephen Brennock of oil broker PVM. "Failure to extend aid would deal a massive blow to the recovering U.S. economy and the fragile oil demand outlook."
Brent and WTI are set for weekly gains of almost 3%. Prices have recovered from lows reached in April, when Brent slipped below $16, a 21-year low, thanks in part to a record deal on supply cuts by OPEC and its allies.
Saudi Arabia's energy minister and his Iraqi counterpart stressed their countries' full commitment to the deal.
Iraq has been a laggard in fully meeting its pledge.
Over the week, a weaker U.S. dollar helped to support prices by making the commodity more attractive to buyers holding other currencies.
The dollar index, up on Friday, is expected to weaken ahead of U.S. non-farm payrolls figures later in the day that is forecast to show job creation slowed in July.
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Earlier:
2020, August, 6, 12:10:00
OIL PRICE: NEAR $45 ANEW
Brent fell 7 cents to $45.10 a barrel, WTI was down 25 cents at $41.94.
2020, August, 5, 12:15:00
OIL PRICE: NEAR $45
Brent was up 44 cents, or 1%, at $44.87 a barrel, WTI rose 43 cents, or 1%, to $42.13 a barrel.
2020, August, 4, 14:45:00
OIL PRICE: ABOVE $43 TOO
Brent were 72 cents, or 1.7%, lower at $43.43 a barrel, WTI were down 68 cents, or 1.7%, at $40.33 a barrel
2020, August, 4, 14:40:00
ЦЕНА URALS: $40,34
Средняя цена на нефть марки Urals в январе-июле 2020 года сложилась в размере $ 40,34 за баррель
2020, August, 3, 12:50:00
OIL PRICE: NEAR $43 TOO
Brent slid 40 cents, or 0.9%, to $43.12 a barrel, WTI was down 46 cents, or 1.1%, at $39.81.
2020, August, 3, 12:45:00
RUSSIA'S OIL PRODUCTION 9.37 MBD
Russia agreed to cut crude production over May to July by 2.5 million b/d from a baseline of 11 million b/d to 8.5 mil b/d under the OPEC+ agreement.
2020, July, 31, 10:35:00
OIL PRICE: NEAR $43 AS YET
Brent was up by 14 cents, or 0.3%, at $43.08 a barrel, WTI gained 21 cents, or 0.5%, to $40.13
