RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-11-16 14:55:00

OIL PRICE: ABOVE $82 YET

OIL PRICE: ABOVE $82 YET

REUTERS - Nov 16  - Oil prices rose on Tuesday, supported by the prospect of tight inventories across the globe, although the gains were capped by forecasts of an increase in global production in coming months and concerns over rising coronavirus cases in Europe.

Brent crude was 52 cents, or 0.6%, higher at $82.57 a barrel, by 1110 GMT, and U.S. West Texas Intermediate (WTI) crude climbed 42 cents, or 0.5%, to $81.30 a barrel.

“The oil market will remain tight in the short term, which should lend support to prices,” said Commerzbank analyst Carsten Fritsch.

Trafigura's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to return of demand to pre-pandemic levels. 

"It's not artificially tight because of what OPEC is doing. Demand is there," Weir said at the FT Commodities Asia Summit.

However, the International Energy Agency (IEA) said the oil market rally may ease off as high prices could provide a strong incentive to boost production, particularly in the United States. 

The IEA said it expected average Brent prices to be around $71.50 per barrel in 2021 and $79.40 in 2022.

OPEC Secretary General Mohammad Barkindo also said on Tuesday that he expects an oil supply surplus as early as December and the market to remain oversupplied next year. 

"The surplus is already beginning in December. These are signals that we have to be very, very careful," he said.

The Organization of the Petroleum Exporting Countries (OPEC) last week cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day (bpd) from last month's forecast, as high energy prices hampered economic recovery from the COVID-19 pandemic. 

Still, worries about demand destruction due to the COVID-19 pandemic weighed.

Europe has again become the epicentre of the COVID-19 pandemic, prompting some governments to consider re-imposing lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant. 

 

-----


Earlier:

OIL PRICE: ABOVE $82 YET
2021, November, 15, 12:00:00
OIL PRICE: NEAR $82 YET
Brent fell 63 cents, or 0.8%, to $81.54 a barrel, WTI lost 55 cents, or 0.7%, to $80.24 a barrel.
OIL PRICE: ABOVE $82 YET
2021, November, 12, 12:40:00
OIL PRICE: NEAR $82 ANEW
Brent gained 70 cents, or 0.85%, to $83.34 a barrel , WTI rose 79 cents, or 1%, to $82.13.
OIL PRICE: ABOVE $82 YET
2021, November, 12, 12:35:00
GLOBAL OIL DEMAND 2021: + 5.7 MBD
World oil demand growth in 2021 is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.
OIL PRICE: ABOVE $82 YET
2021, November, 11, 15:15:00
OIL PRICE: NEAR $82
Brent gained 70 cents, or 0.85%, to $83.34 a barrel , WTI rose 79 cents, or 1%, to $82.13.
OIL PRICE: ABOVE $82 YET
2021, November, 10, 12:25:00
OIL PRICE: NEAR $85 ANEW
Brent were at $85.22 a barrel, WTI rose 16 cents, or 0.2%, to $84.31 a barrel.
OIL PRICE: ABOVE $82 YET
2021, November, 10, 12:20:00
OIL PRICES 2021-22: $82-$72
We expect Brent prices will remain near current levels for the rest of 2021, averaging $82/b in the fourth quarter of 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b.
OIL PRICE: ABOVE $82 YET
2021, November, 9, 17:20:00
GLOBAL OIL DEMAND GROWTH
This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019. Demand has grown faster than supply, reducing inventories and contributing to higher prices for crude oil and petroleum products.
All Publications »
Tags: OIL, PRICE, BRENT, WTI