2020-09-08 12:50:00
OIL PRICE: NOT BELOW $41
REUTERS - SEPTEMBER 8, 2020 - Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world.
Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed on the Labor Day holiday weekend. New infections are also increasing in India and Britain.
Brent crude LCOc1 fell 50 cents, or 1.2%, to $41.51 a barrel at 0818 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 dropped $1.05, or nearly 3%, to $38.72.
On Monday, crude fell after Saudi Arabia's state oil company Aramco cut the October official selling prices for its Arab light oil, a sign demand may be stuttering.
"The combination of coming out of summer peak driving season in the U.S., which is a seasonal factor, has refocused the market's attention on whether the demand recovery is strong enough - and clearly there are some doubts, as Aramco's price move has demonstrated," said Lachlan Shaw, National Australia Bank's head of commodity research.
Both oil benchmarks have dropped out of the ranges they were trading in throughout August. Brent has fallen almost 8% since the end of August.
On Monday, crude fell after Saudi Arabia's state oil company Aramco cut the October official selling prices for its Arab light oil, a sign demand may be stuttering.
"The combination of coming out of summer peak driving season in the U.S., which is a seasonal factor, has refocused the market's attention on whether the demand recovery is strong enough - and clearly there are some doubts, as Aramco's price move has demonstrated," said Lachlan Shaw, National Australia Bank's head of commodity research.
Both oil benchmarks have dropped out of the ranges they were trading in throughout August. Brent has fallen almost 8% since the end of August.
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Earlier:
2020, September, 7, 11:40:00
OIL PRICE: NOT BELOW $42
Brent was at $42.11 a barrel, WTI skidded 64 cents, or 1.6%, to $39.13 a barrel
2020, September, 7, 11:35:00
БАЛАНС НЕФТЯНОГО РЫНКА
в июле нефтяной рынок достиг баланса, снижение спроса компенсировалось сокращением добычи, запасы нефти в странах ОЭСР снизились на 34 млн баррелей
2020, September, 7, 11:30:00
OIL PRICES 2021: $50-$55
"My forecast is that the average oil price will be $50-$55/b. But we should expect volatility in general," Novak said.
2020, September, 4, 12:30:00
OIL PRICE: NOT BELOW $44
Brent was up 5 cents, or 0.1%, to $44.12, WTI fell 3 cents to $41.34
2020, September, 3, 12:50:00
OIL PRICE: BELOW $44
Brent fell 79 cents, or 1.8%, to $43.64 a barrel, WTI were down 67 cents, or 1.6%, at $40.84 a barrel.
2020, September, 2, 13:15:00
OIL PRICE: BELOW $46 YET
Brent was up 37 cents, or 0.8%, to $45.95 a barrel, WTI rose 34 cents, or 0.8%, to $43.10.
2020, September, 1, 15:05:00
OIL PRICE: BELOW $46 AGAIN
Brent climbed 61 cents to $45.89 a barrel, WTI rose 53 cents, hitting $43.14 a barrel.
