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2020-08-05 12:15:00

OIL PRICE: NEAR $45

OIL PRICE: NEAR $45

REUTERS - AUGUST 5, 2020 - Oil prices firmed on Wednesday after data showed a big drop in U.S. crude inventories, although concerns mounting coronavirus infections will lead to reduced fuel demand capped gains.

Brent crude was up 44 cents, or 1%, at $44.87 a barrel by 0810 GMT, while West Texas Intermediate oil rose 43 cents, or 1%, to $42.13 a barrel.

U.S. crude inventories fell 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts' expectations for a 3 million barrel drop, the American Petroleum Institute found. 

Official figures are due later on Wednesday.

"A bullish sentiment is justified initially today on the U.S. stocks news, but we believe bulls may need to take shelter back at the ranch in coming days, as COVID-19 takes again the centre stage," Rystad Energy's head of oil markets Bjornar Tonhaugen said.

Coronavirus cases continue to rise. In the United States, deaths are at more than a 1,000 a day, while dozens of states have had to pause or scale back plans to reopen their economies.

"We see gasoline demand coming in close to 7% year-on-year lower through Q3, with gasoil/diesel registering a decline of some 4%, implying a continued slowdown of the recovery, with a global return to 2019 levels this year increasingly in doubt," JBC Energy said.

The consultancy sees jet fuel demand at 50% lower through Q3 compared with last year.

Sentiment drew some support from signs talks between Democrats in Congress and the White House on a new coronavirus relief package are making progress, although the sides remain far apart.

U.S. factory data this week also showed an improvement in orders, which some analysts took as a hint of economic recovery.

Germany's July IHS Markit services purchasing manager index rose to 55.6, its first time above the 50.0 mark that separates expansion from contraction since lockdown measures were introduced in March.

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Earlier:

OIL PRICE: NEAR $45
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
OIL PRICE: NEAR $45
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
OIL PRICE: NEAR $45
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.
OIL PRICE: NEAR $45
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.
OIL PRICE: NEAR $45
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
OIL PRICE: NEAR $45
2020, July, 30, 12:25:00
OIL PRICE: NOT ABOVE $44 ANEW
Brent fell 2 cents, or 0.05%, to $44.07 a barrel , WTI were down 5 cents at $41.22 a barrel.
OIL PRICE: NEAR $45
2020, July, 29, 12:00:00
OIL PRICE: NOT ABOVE $44 YET
Brent were up by 18 cents, or 0.4%, at $43.40 a barrel , WTI gained 12 cents, or 0.3%, to $41.16 a barrel.
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Tags: OIL, PRICE, BRENT, WTI