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2020-09-14 10:30:00

OIL PRICE: NEAR $40

OIL PRICE: NEAR $40

REUTERS - SEPTEMBER 14, 2020 -  Oil prices rose on Monday as a tropical storm in the Gulf of Mexico forced companies to evacuate rigs and halt production, but gains were kept in check by wider concerns about excess supply and falling fuel demand.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 18 cents, or 0.5%, at $37.51 a barrel by around 0514 GMT. Brent crude LCOc1 gained 9 cents, or 0.2%, to $39.92 a barrel.

Both contracts ended last week lower, falling for a second week in a row.

Tropical Storm Sally gained in strength in the Gulf of Mexico west of Florida on Sunday and was poised to become a category 2 hurricane. The storm is disrupting oil production for the second time in less than a month after hurricane Laura swept through the region.

Typically oil rises when production is shut, but with the coronavirus pandemic getting worse demand concerns are to the fore, while global supplies continue to rise. The U.S. is the world's biggest oil consumer and producer.

In Libya, commander Khalifa Haftar committed to ending a months-long blockade of oil facilities, a move that would add more supplies to the market, although it was unclear if oil fields and ports would begin operations.

"The announcement that the blockade of Libyan oil export terminals may be about to end will add to the woes of OPEC+'s meeting this week," said Jeffrey Halley, senior market analyst at OANDA.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, a grouping known as OPEC+, meets on Sept. 17 to discuss compliance with deep cuts in production, although analysts don’t expect further reductions to be made.

BP Plc BP.L and Equinor ASA EQNR.OL evacuated staff from some offshore platforms on Sunday after similar moves by Chevron Corp CVX.N and Murphy Oil Corp MUR.N the day before.

Also supporting prices, drillers cut the number of oil and gas rigs for the first time in four weeks last week.

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Earlier:

OIL PRICE: NEAR $40
2020, September, 11, 12:25:00
OIL PRICE: NOT BELOW $39
Brent was down 18 cents, or 0.5%, at $39.88 a barrel, WTI dropped 14 cents, or 0.4%, to $37.16 a barrel,
OIL PRICE: NEAR $40
2020, September, 11, 12:20:00
OPEC+ PRODUCTION CUT
The OPEC+ agreement called for a decrease in crude oil output by a combined 9.7 million b/d in May and June, a combined decrease of 9.6 million b/d in July 2020, and a combined decrease of 7.7 million b/d in August
OIL PRICE: NEAR $40
2020, September, 10, 15:00:00
OIL PRICE: NOT BELOW $40 ANEW
Brent fell 53 cents to $40.26 a barrel, WTI dipped 61 cents to $37.44 a barrel
OIL PRICE: NEAR $40
2020, September, 10, 14:55:00
GLOBAL PETROLEUM CONSUMPTION WILL UP BY 6.5 MBD
EIA forecasts that consumption of petroleum and liquid fuels globally will average 93.1 million b/d for all of 2020, down 8.3 million b/d from 2019, before increasing by 6.5 million b/d in 2021.
OIL PRICE: NEAR $40
2020, September, 9, 11:15:00
OIL PRICE: NOT BELOW $40
Brent was down 19 cents, or 0.5%, at $39.59 a barrel, WTI was down 24 cents, or 0.7%, at $36.52 a barrel,
OIL PRICE: NEAR $40
2020, September, 8, 12:50:00
OIL PRICE: NOT BELOW $41
Brent fell 50 cents, or 1.2%, to $41.51 a barrel, WTI dropped $1.05, or nearly 3%, to $38.72.
OIL PRICE: NEAR $40
2020, September, 8, 12:45:00
OPEC+ STABILIZES MARKET
Saudi Arabia and Russia agreed to further closely coordinate their work on production cuts, trade and investments.
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Tags: OIL, PRICE, BRENT, WTI