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2020-09-17 17:05:00

OIL PRICE: NOT BELOW $41 YET

OIL PRICE: NOT BELOW $41 YET

REUTERS - SEPTEMBER 17, 2020 -  Oil prices fell on Thursday as U.S. producers in the Gulf of Mexico prepared to resume output following Hurricane Sally, and on concerns about the slow recovery from the economic impact of the coronavirus pandemic.Oil prices fell on Thursday as U.S. producers in the Gulf of Mexico prepared to resume output following Hurricane Sally, and on concerns about the slow recovery from the economic impact of the coronavirus pandemic.

Brent crude LCOc1 was down 22 cents, or 0.5%, to $42.00 a barrel at 1219 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 fell 28 cents, or 0.7%, to $39.88 a barrel.

Both contracts rose more than 4% on Wednesday.

U.S. energy companies were starting to return crews to offshore oil platforms in the Gulf of Mexico after Hurricane Sally halted operations for five days, shutting down output of nearly 500,000 barrels per day (bpd).

“As producers prepare to resume production, oil prices are retreating from yesterday’s price spike,” said oil broker PVM’s Tamas Varga.

An OPEC+ technical panel warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to an internal document seen by Reuters.

Global coronavirus cases are expected to pass 30 million on Thursday, according to a Reuters tally.

Later on Thursday, OPEC and its allies led by Russia, are holding an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook.

“Mission is far from accomplished by OPEC+ and the need for deeper cuts or reining in sub-compliers to avoid global stock builds returning is overarching,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

“The market is fully aware of the strenuous situation in the short term, hence sending prices a bit down today,” he added.

Prices were also under pressure from the slow economic recovery from the pandemic.

The U.S. Labor Department’s weekly report, due at 8:30 a.m. ET, is expected to show about 850,000 Americans filed for unemployment benefits in the week ended Sept. 12, suggesting the labour market’s recovery from the COVID-19 was stalling.

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Earlier:

OIL PRICE: NOT BELOW $41 YET
2020, September, 16, 12:15:50
OIL PRICE: NOT BELOW $41 ANEW
Brent rose 85 cents, or 2.1%, to $41.38 a barrel, WTI rose 92 cents, or 2.4%, to $39.20.
OIL PRICE: NOT BELOW $41 YET
2020, September, 15, 16:35:00
OIL PRICE: BELOW $40
Brent was up 44 cents, or 1.1%, at $40.05 a barrel, WTI were up 52 cents, or 1.4%, at $37.78 a barrel.
OIL PRICE: NOT BELOW $41 YET
2020, September, 15, 16:30:00
U.S. PRODUCTION: OIL (-68) TBD, GAS (-428) MCFD
Crude oil production from the major US onshore regions is forecast to decrease 68,000 b/d month-over-month in September from 7,708 to 7,640 thousand barrels/day, gas production to decrease 428 million cubic feet/day from 81,026 to 80,598 million cubic feet/day .
OIL PRICE: NOT BELOW $41 YET
2020, September, 15, 16:25:00
U.S. FOSSIL FUELS 80%
In 2019, 80% of U.S. domestic energy production was from fossil fuels, and 80% of domestic energy consumption originated from fossil fuels.
OIL PRICE: NOT BELOW $41 YET
2020, September, 14, 10:30:00
OIL PRICE: NEAR $40
Brent gained 9 cents, or 0.2%, to $39.92 a barrel, WTI were up 18 cents, or 0.5%, at $37.51 a barrel
OIL PRICE: NOT BELOW $41 YET
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: NOT BELOW $41 YET
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
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Tags: OIL, PRICE, BRENT, WTI