2020-08-14 12:00:00
OIL PRICE: NOT ABOVE $45
REUTERS - AUGUST 14, 2020 - Oil slipped further below $45 a barrel on Friday, giving up this week's gains, under pressure from doubts about demand recovery due to the coronavirus pandemic and rising supply.
Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. [IEA/M] [OPEC/M] OPEC and its allies are increasing output this month.
"Pessimism about this year's oil demand growth prospects is due to the weakening outlook in the coming months," said Stephen Brennock of oil broker PVM.
"To make matters worse, global oil supply is on the upswing."
Brent crude LCOc1 was 29 cents, or 0.7%, lower at $44.67 by 0810 GMT, heading for a flat week. U.S. West Texas Intermediate CLc1 slipped 25 cents, or 0.6%, to $41.99.
"Although both contracts continue to consolidate at the upper end of their two-month trading ranges, they lack the momentum to stage meaningful rallies at this stage," said Jeffrey Halley of brokerage OANDA.
Prices had been bolstered this week by U.S. government data showing crude oil, gasoline and distillate inventories all fell last week as refiners ramped up production and demand for oil products rose.
Oil has recovered from lows touched in April, when WTI briefly turned negative. Still, a rise in the number of coronavirus infections has limited gains. India reported another record daily rise in cases on Thursday.
OPEC and allies including Russia, a group known as OPEC+, have cut output since May by around 10% of pre-pandemic global demand to support the market. The deal calls for an increase in output this month as demand recovers.
An OPEC+ panel meets next week to review the market and is not expected to tweak the agreement.
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Earlier:
2020, August, 13, 13:50:00
OIL PRICE: ABOVE $45 YET
Brent fell 7 cents, or 0.1%, to $45.36 a barrel, WTI was down 3 cents, or 0.1%, to $42.64 a barrel.
2020, August, 12, 14:20:00
OIL PRICE: ABOVE $45 ANEW
Brent was up 67 cents, or 1.5%, at $45.17 a barrel, WTI was up 65 cents, or 1.6%, at $42.26 a barrel
2020, August, 11, 14:05:00
OIL PRICE: ABOVE $45
Brent added 29 cents, or 0.6%, to $45.28 a barrel , WTI rose 38 cents, or 0.9%, to $42.32 a barrel.
2020, August, 10, 11:35:00
OIL PRICE: NEAR $45 AGAIN
Brent rose 34 cents, or 0.8%, to $44.74 a barrel , WTI were up 47 cents, or 1.1%, to $41.69 a barrel.
2020, August, 7, 13:55:00
OIL PRICE: NEAR $45 YET
Brent fell 31 cents, or 0.7%, to $44.78, WTI slipped 39 cents, or 0.9%, to $41.56.
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.
