2021-01-22 11:40:00
OIL PRICE: ABOVE $55 ANEW
REUTERS - JANUARY 22, 2021 - Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.
U.S. West Texas Intermediate (WTI) crude futures dropped 65 cents, or 1.2%, to $52.48 a barrel at 0740 GMT, after slipping 18 cents on Thursday.
Brent crude futures fell 58 cents, or 1.03%, to $55.52 a barrel, erasing a 2 cent gain on Thursday.
“In line with the more cautious tone displayed by financial markets today in Asia, both contracts have retreated,” said Jeffrey Halley, senior market analyst at OANDA.
“The fall this morning leaves both contracts in the middle of their two-week ranges. They could be potentially vulnerable to deeper corrections if this evening official U.S. crude inventory data shows an unexpected climb.”
The market is awaiting official oil inventory data from the U.S. Energy Information Administration on Friday, after industry data on Wednesday showed a surprise 2.6 million barrel increase in U.S. crude inventories last week compared with analysts’ forecasts for a 1.2 million barrel draw.
Recovering fuel demand in China underpinned market gains late last year while the United States and Europe lagged, but that source of support is fading as a fresh wave of COVID-19 cases has sparked new restrictions to contain the spread.
The commercial hub of Shanghai reported its first locally transmitted cases in two months on Thursday, and Beijing is urging people not to travel during the upcoming Lunar New Year holiday, when tens of millions of urban workers typically head back to their villages.
“Global oil demand could decline marginally in the first quarter of 2021 as many regions, including many European countries, have re-introduced mobility restrictions,” analysts at Fitch Ratings said in a note.
“The positive effects of vaccination programmes on the oil demand recovery may not be visible for several months until a critical mass of population is inoculated.”
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Earlier:
2021, January, 21, 14:40:07
OIL PRICE: ABOVE $56 YET
Brent fell 47 cents, or 0.8%, to $55.61 a barrel. WTI fell 43 cents, or 0.8%, to $52.88 a barrel.
2021, January, 20, 14:50:00
OIL PRICE: ABOVE $56 ANEW
Brent was up 42 cents, or 0.8%, to $56.32. WTI climbed 51 cents, or 1%, to $53.49.
2021, January, 19, 14:00:00
OIL PRICE: ABOVE $55 YET
Brent rose 46 cents to $55.21 a barrel. WTI was at $52.40 a barrel, up 4 cents.
2021, January, 19, 13:45:00
U.S. FOSSIL FUEL WILL UP
U.S. production of all fossil fuels—crude oil, coal, dry natural gas, and natural gas plant liquids (NGPL)—to increase in 2022, but forecast fossil fuel production will remain lower than the 2019 peak.
2021, January, 18, 13:15:00
OIL PRICE: NEAR $55 AGAIN
Brent fell 20 cents, or 0.4%, to $54.90 a barrel. WTI fell 20 cents, or 0.4%, to $54.90 a barrel.
2021, January, 15, 11:55:00
OPEC+ STABILIZATION
The OPEC+ alliance, led by Saudi Arabia and Russia, decided in December after days of heated negotiations to ease their stringent quotas by a collective 500,000 b/d for January, instead of the originally scheduled 2 million b/d tapering.
2020, December, 17, 14:05:00
OECD OIL PRODUCTION DOWN
Total OECD indigenous production of crude oil, NGL and refinery feedstocks decreased by 7.3% in September 2020 compared to September 2019.
