2021-10-29 14:30:00
OIL PRICE: NOT BELOW $84
REUTERS - Oct 29 - Oil rose further above $84 a barrel on Friday, within sight of a multi-year high hit this week, as expectations OPEC and its allies will keep supply tight countered rising U.S. inventories and the prospect of more Iranian exports.
Algeria said on Thursday a crude output increase by OPEC and its allies in December should not exceed 400,000 barrels per day because of risks. The alliance, which is gradually unwinding last year's record output cuts, meets on Nov. 4.
"Supply will therefore continue to play catch-up with demand in the immediate term," said Stephen Brennock of oil broker PVM. "In short, OPEC+ is intent on continuing to act as a key pillar of price support."
Brent crude rose 21 cents, or 0.3%, to $84.53 a barrel by 0822 GMT, while U.S. West Texas Intermediate crude added 10 cents, or 0.1%, to $82.91. Both benchmarks touched multi-year highs on Monday.
Crude has surged in 2021 as economies recover from the pandemic. Still, prices are on track to fall this week - the first weekly drop in about two months for Brent.
The heat came out of the rally due to easing concern about surging natural gas and coal prices that have spurred fuel-switching in power generation, and from signs of more oil supply.
This week's U.S. inventory figures showed crude stocks rose by a more-than-expected 4.3 million barrels.
Iran said talks with world powers on reviving its 2015 nuclear deal will resume by the end of November, bringing it a step closer to boosting oil exports currently under U.S. sanctions. Still, expectations of Iran supply returning to the market in the short term look to have faded.
"The potential restart of nuclear talks with Iran, and the potential return of Iranian crude to markets legally, seems to have run its course," said Jeffrey Halley of brokerage OANDA.
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Earlier:
2021, October, 28, 14:10:00
OIL PRICE: NOT BELOW $83
Brent dropped $1.07, or 1.3%, to $83.51 a barrel, WTI was down $1.20, or 1.5%, at $81.46.
2021, October, 28, 14:00:00
OPEC+ OIL DELIVERIES +400 TBD
OPEC+ has been sticking to its script of bringing on 400,000 b/d of crude to the market each month, with the Saudi energy minister suggesting panic buying is causing much of the market tightness.
2021, October, 27, 13:10:00
OIL PRICE: NOT ABOVE $86 ANEW
Brent fell $1.13 cents, or 1.3%, to $85.27 a barrel, WTI were down $1.44, or 1.7%, to $83.21 per barrel.
2021, October, 26, 13:30:00
OIL PRICE: NOT ABOVE $86
Brent was down 55 cents, or 0.6%, at $85.44 a barrel, WTI dropped 56 cents, or 0.7%, to $83.20.
2021, October, 25, 12:30:00
OIL PRICE: ABOVE $86
Brent increased 56 cents, or 0.7%, to $86.09 a barrel, WTI rose 62 cents, or 0.7%, to $84.38 a barrel.
2021, October, 22, 11:30:00
OIL PRICE: NOT ABOVE $85 ANEW
Brent dropped 50 cents, or 0.6%, to $84.11 a barrel. WTI fell 49 cents, or 0.6%, to $82.01 a barrel.
2021, October, 22, 11:25:00
IMPORTANT OIL FOR INDIA
Since India's per-capita energy consumption is about one-third the global average, demand is expected to rise exponentially, creating the need to push both refining expansion as well as clean energy initiatives,
