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2021-11-23 12:30:00

OIL PRICE: NEAR $79 ANEW

OIL PRICE: NEAR $79 ANEW

REUTERS - Nov 23  - Oil prices fell on Tuesday, reversing gains the previous session on talk the United States, Japan and India will release crude reserves to tame prices despite the threat of faltering demand as COVID-19 cases flare up in Europe. 

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said. 

Brent crude futures fell 67 cents, or 0.8%, to $79.03 a barrel at 0721 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 88 cents, or 1.2%, to $75.87 a barrel.

"U.S. President Biden is said to be preparing to announce a release of oil from its strategic petroleum reserve in concert with several other countries ...," ANZ said in a note.

Brent and WTI had both risen 1% on Monday on reports the Organization of the Petroleum Exporting Countries, Russia and their allies, an alliance known as OPEC+, could adjust their plan to raise oil output if large consuming countries release crude from their reserves or if the pandemic dampens demand.

With talk of a coordinated crude release having succeeded in driving prices back below $80 a barrel and an actual release only expected to have a temporary impact, analysts are turning their attention to the potential hit to demand from a fourth wave of COVID-19 cases in Europe.

"With speculative positioning somewhat more balanced, international travel reopening and lifting fuel demand, and with OPEC+ constraints in mind, any further sell-offs are likely to be short-term in nature and not sustained," said Jeffrey Halley, senior market analyst at OANDA.

He said only Europe could pressure prices and bearish bets should be off if the Northern Hemisphere experiences a cold winter.

"As Europe, and in particular Eastern Europe, struggles to halt the spread of COVID-19, the risk of lockdown-like measures looms large," said Rystad Energy analyst Louise Dickson.

She said demand in November for road and jet fuel in Europe was expected to fall to 7.8 million barrels per day (bpd) from 8.1 million bpd in October, although part of that is a normal decline for this time of year.

"If a new wave of lockdowns are enacted in Europe, oil prices will not be spared during the remainder of the flu season in the North Hemisphere," Dickson said in emailed comments.

 

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Earlier:

OIL PRICE: NEAR $79 ANEW
2021, November, 22, 12:35:00
OIL PRICE: NEAR $79
Brent lost 26 cents, or 0.3%, to $78.63 a barrel, WTI were down 12 cents, or 0.2%, at $75.82 a barrel.
OIL PRICE: NEAR $79 ANEW
2021, November, 19, 11:50:00
OIL PRICE: NEAR $82 AGAIN
Brent was up 77 cents, or 0.9%, at $82.01 a barrel, WTI was up 79 cents, or 1%, at $79.80 a barrel.
OIL PRICE: NEAR $79 ANEW
2021, November, 18, 13:35:00
OIL PRICE: NEAR $80
Brent was down 83 cents, or 1%, to $79.87 a barrel, WTI were down $1.13, or 1.4%, at $77.23 a barrel.
OIL PRICE: NEAR $79 ANEW
2021, November, 18, 13:30:00
ЭНЕРГЕТИЧЕСКОЕ СОТРУДНИЧЕСТВО РОССИИ, КИТАЯ
«Благодаря совместным усилиям сотрудничество в энергетике поступательно развивается и вышло на беспрецедентно высокий уровень.», – сообщил вице-премьер.
OIL PRICE: NEAR $79 ANEW
2021, November, 17, 13:55:00
OIL PRICE: ABOVE $81
Brent dropped 50 cents, or 0.6%, to $81.93, WTI fell 57 cents, or 0.7%, to $80.19 a barrel.
OIL PRICE: NEAR $79 ANEW
2021, November, 17, 13:50:00
GLOBAL ENERGY DEMAND WILL UP BY 28%
Global energy demand is set to increase from 275.4 mboe/d in 2020 to 352 mboe/d by 2045
OIL PRICE: NEAR $79 ANEW
2021, November, 16, 14:55:00
OIL PRICE: ABOVE $82 YET
Brent was 52 cents, or 0.6%, higher at $82.57 a barrel, WTI climbed 42 cents, or 0.5%, to $81.30 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $79 ANEW
2021, December, 2, 12:09:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
OIL PRICE: NEAR $79 ANEW
2021, December, 2, 12:08:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
OIL PRICE: NEAR $79 ANEW
2021, December, 2, 12:07:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
OIL PRICE: NEAR $79 ANEW
2021, December, 2, 12:06:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
OIL PRICE: NEAR $79 ANEW
2021, December, 2, 12:05:00
GAZPROM GAS PRODUCTION +14.7%
Brent rose $3.25, or 4.7%, to $72.48 a barrel, WTI rose $3.01, or 4.6%, to $69.19 a barrel.
OIL PRICE: NEAR $79 ANEW
2021, December, 2, 12:00:00
RENEWABLES FOR POLAND
The measure was initially approved in 2017, with a budget of approximately €9.4bn (PLN40bn), and was set to expire on 30 June 2021.
OIL PRICE: NEAR $79 ANEW
2021, December, 1, 16:15:00
OIL PRICE: NOT BELOW $72
Brent rose $3.25, or 4.7%, to $72.48 a barrel, WTI rose $3.01, or 4.6%, to $69.19 a barrel.
All Publications »