2020-08-18 12:45:00
OIL PRICE: NOT ABOVE $46
REUTERS - AUGUST 18, 2020 - Oil prices held onto most of their overnight gains on Tuesday after the OPEC+ producer grouping said members were almost fully complying with agreed output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.
Brent crude LCOc1 was down 18 cents, or 0.4%, at $45.19 a barrel by 0702 GMT, after gaining 1.3% on Monday.
U.S. crude was down 26 cents, or 0.6%, at $42.63 a barrel, having risen 2.1% in the previous session.
Compliance with OPEC+ oil output cuts was seen at around 97% in July, two OPEC+ sources told Reuters. The oil producers curbed output by record amounts to reduce worldwide inventories, as demand collapsed due to the pandemic.
The Organization of the Petroleum Exporting Countries (OPEC) and allies known as OPEC+ in August cut their agreed output to 7.7 million barrels per day (bpd) from 9.7 million bpd previously.
Oil prices started picking up in recent months, prompting Australian miner and oil producer BHP to strike a positive note said as it announced earnings on Tuesday.
"We believe that the most significant risks to the physical (oil) market have now passed," BHP said.
"Prices may well build upon their recent recovery, if mobility continues to improve globally," it added, while warning that "the pace of gains though could be modest given potential headwinds from supply returning."
Japan, the world's third-biggest economy is likely to contract more than previously expected due to the pandemic, analysts said.
Looking for clues to future output plans, traders were focused the meeting of an OPEC+ panel on Wednesday, a day later than previously planned.
Russian Energy Minister Alexander Novak will join the video meeting despite testing positive for COVID-19, the country's energy ministry said on Tuesday.
The U.S. Energy Information Administration last week reduced its global oil demand forecast, suggesting the drawdown on global inventories had been less than expected.
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Earlier:
2020, August, 17, 12:55:00
OIL PRICE: NOT ABOVE $45 ANEW
Brent was down 3 cents, or 0.1%, to $44.77 a barrel, WTI was up 3 cents, or 0.1%, to $42.04 a barrel.
2020, August, 14, 12:00:00
OIL PRICE: NOT ABOVE $45
Brent was 29 cents, or 0.7%, lower at $44.67, WTI slipped 25 cents, or 0.6%, to $41.99.
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, 13, 13:40:00
OIL PRICES 2020-21: $43-$50
monthly Brent spot prices will average $43/b during the second half of 2020 and rise to an average of $50/b in 2021.
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.
