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2021-01-25 14:40:00

OIL PRICE: NOT ABOVE $56 YET

OIL PRICE: NOT ABOVE $56 YET

REUTERS - JANUARY 25, 2021 - Oil prices edged up on Monday as supply jitters and U.S. stimulus plans offset fresh concerns about the hit to global fuel demand from renewed lockdowns to curb spikes in COVID-19 infections.

Brent crude futures for March rose 34 cents, or 0.6%, to $55.75 a barrel by 1008 GMT. U.S. West Texas Intermediate crude for March was up 37 cents, or 0.7%, at $52.64.

“Even though the pandemic is not yet slowing down, oil prices have good reasons to start the week with gains, as traders capitalise on a bullish cocktail of news on Monday morning,” said Bjornar Tonhaugen, Rystad Energy’s head of oil markets.

Indonesia on Sunday said its coast guard had seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal fuel transfers, raising the prospect of more tensions in the oil-exporting Gulf.

“A development that always benefits prices is the market turbulence that conflicts create,” Tonhaugen added.

Libyan oil guards halted exports from several main ports in a pay dispute on Monday, while output from Kazakhstan’s giant Tengiz field was disrupted by a power outage on Jan. 17.

Meanwhile, U.S. lawmakers are set to lock horns over the size of a $1.9 trillion pandemic relief package porposed by new President Joe Biden.

“Sentiment was buoyed by expectations for a blockbuster coronavirus relief package ... (but) the tug of war between stimulus optimism and virus woes is set to continue,” said Stephen Brennock of broker PVM.

China reported an increase in new COVID-19 cases on Monday, casting a pall over demand prospects in the world’s largest energy consumer, the main pillar of strength for global oil consumption.

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Earlier:

OIL PRICE: NOT ABOVE $56 YET
2021, January, 22, 11:40:00
OIL PRICE: ABOVE $55 ANEW
Brent fell 58 cents, or 1.03%, to $55.52 a barrel. WTI dropped 65 cents, or 1.2%, to $52.48 a barrel.
OIL PRICE: NOT ABOVE $56 YET
2021, January, 22, 11:35:00
OIL PRICES 2021-22: $50-$55
The price of Brent crude oil to increase from its December 2020 average of $50 per barrel (b) to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022.
OIL PRICE: NOT ABOVE $56 YET
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.
OIL PRICE: NOT ABOVE $56 YET
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.
OIL PRICE: NOT ABOVE $56 YET
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.
OIL PRICE: NOT ABOVE $56 YET
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.
OIL PRICE: NOT ABOVE $56 YET
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.
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Tags: OIL, PRICE, BRENT, WTI