2021-12-08 16:25:00
OIL PRICE: BELOW $75
REUTERS - Dec 8 - Oil prices fell below $75 a barrel on Wednesday, taking a breather after strong gains this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy and fuel demand.
Brent crude futures were down 83 cents, or 1.1%, to $74.61 a barrel at 1113 GMT, after settling 3.2% higher on Tuesday.
U.S. West Texas Intermediate crude was at $71.07 a barrel, down 98 cents or 1.4%, having gained 3.7% in the previous session.
After falling by more than 16% since Nov. 25 to around $69 a barrel, Brent crude prices have rebounded by over 8% since Dec. 1 on signs Omicron has had only a limited impact on oil demand.
"Around two thirds of the previous price slide (has) been corrected, a downswing that had been brought about by demand concerns sparked by the new Omicron variant. These now appear to be exaggerated," Commerzbank said in a note.
"There has been no noticeable slowing effect on oil demand as yet. Even aviation, the sector that should have been hit first, has seen only a marginal decrease in seating capacity."
But reports that British Prime Minister Boris Johnson was set to tighten COVID restrictions, including advice to work from home, revived fears of a slow down in activity.
The market was also focused on rising geopolitical tensions as talks between Washington and Tehran over Iran's nuclear programme were set to resume this week as Western officials voiced dismay at sweeping Iranian demands.
An easing of U.S. sanctions is expected to lead to higher exports of Iranian oil, which could add downward pressure on oil prices.
Meanwhile, tensions between Western powers and Russia over Ukraine also remained high after President Joe Biden warned Russian President Vladimir Putin on Tuesday that the West would impose "strong economic and other measures" on Russia if it invades Ukraine, while Putin demanded guarantees that NATO would not expand farther eastward.
Oil markets reacted little to U.S. weekly inventory data.
U.S. crude stocks fell last week while gasoline and distillate inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday.
Analysts polled by Reuters forecast U.S. crude inventory data would show a second straight weekly decline.
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Earlier:
2021, December, 7, 18:05:00
OIL PRICE: NEAR $75
Brent were up $1.49, or 2%, at $74.57 a barrel, WTI was up $1.71, or 2.5%, at $71.20.
2021, December, 6, 13:05:00
OIL PRICE: NOT BELOW $71 ANEW
Brent gained $1.77, or 2.5%, to $71.65 a barrel, WTI advanced $1.69, or 2.6%, to $67.95.
2021, December, 3, 12:10:00
OIL PRICE: NOT BELOW $71
Brent rose $1.34 cents, or 1.9%, to $71.01 a barrel, WTI rose $1.38, or 2.1%, to $67.88 a barrel.
2021, December, 3, 12:05:00
ОПЕК + РОССИЯ: + 400 ТБД
Страны – участницы заседания подтвердили свои планы сохранить ранее утверждённые договорённости о продолжении увеличения добычи на суммарно 400 тыс. баррелей в сутки в январе 2022 года, сообщил Александр Новак по итогам заседания.
2021, December, 3, 12:00:00
OPEC + RUSSIA: + 400 TBD
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of January 2022, as per the attached schedule.
2021, December, 3, 11:50:00
ЦЕНА URALS: $68,66
Средняя цена на нефть марки Urals в январе-ноябре 2021 года сложилась в размере $68,66 за баррель, в январе-ноябре 2020 года - $41,04 за баррель.
2021, December, 2, 12:30:00
OPEC REMAIN PRUDENT
In these uncertain times, it is imperative that we – together with the non-OPEC countries in the DoC – remain prudent in our approach and prepared to be proactive as market conditions warrant.
