2021-11-11 15:15:00
OIL PRICE: NEAR $82
REUTERS - Nov 11 - Oil prices rose above $83 a barrel on Thursday, recovering from sharp falls triggered by concerns that rising U.S. inflation could prompt Washington to release more strategic crude stockpiles to drive down prices.
Brent crude futures gained 70 cents, or 0.85%, to $83.34 a barrel at 0956 GMT. U.S. West Texas Intermediate (WTI) futures rose 79 cents, or 1%, to $82.13.
Wednesday's data showing U.S. inflation increased at the fastest rate in 30 years had pushed the dollar higher and sent Brent and WTI crude down by 2.5% and 3.3% respectively, with further pressure applied by a rise in U.S. oil stocks after a government release of some strategic reserves.
"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the Strategic Petroleum Reserve (SPR)," said Edward Moya, senior analyst at OANDA.
"Energy traders know that an SPR release will only deliver a very short-term drop in prices that won't provide much relief for the American consumer."
Data on Wednesday showed U.S. consumer inflation at 6.2%, driven largely by higher energy prices. That strengthened the dollar on the potential for higher interest rates and tighter monetary policy to curb inflation. Oil typically trades inversely to the dollar.
U.S. President Joe Biden said he asked the National Economic Council to work to reduce energy costs and the Federal Trade Commission to push back on market manipulation in the energy sector to reverse inflation.
The Brent crude price has gained more than 60% this year and hit a three-year high of $86.70 on Oct. 25, supported by recovering demand and supply restraint by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+.
But oil prices appear to be consolidating below $85 a barrel, Norbert Rucker, head of economics at Julius Baer, said in a note.
"We could be looking at early signs of a fundamental transition towards an easing market, not least as oil demand should only grow gradually going forward with the pick-up in U.S. shale and petro-nation supply."
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Earlier:
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.
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.
2021, November, 9, 17:25:00
OIL PRICE: NOT ABOVE $84
Brent rose 31 cents, or 0.4%, to $83.74 a barrel, WTI advanced 36 cents, or 0.4%, to $82.29
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.
2021, November, 8, 12:30:00
OIL PRICE: ABOVE $83 ANEW
Brent was up by 86 cents or 1% at $83.60 a barrel, WTI gained 89 cents or 1.1% to $82.16.
2021, November, 8, 12:25:00
ОПЕК+ 400 ТБД
Страны – участницы заседания приняли решение сохранить ранее утверждённые договорённости в рамках ОПЕК+ о продолжении наращивания суммарной добычи по 400 тыс. баррелей в сутки ежемесячно.
2021, November, 3, 12:15:00
OIL PRICE: NEAR $83
Brent fell $1.03, or 1.2%, to $83.69 a barrel, WTI umbled $1.30, or 1.6%, to $82.61 a barrel.
