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2021-02-04 16:45:00

OIL PRICE: NEAR $59

OIL PRICE: NEAR $59

REUTERS - FEBRUARY 4, 2021 -  Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new U.S. pandemic relief bill adding further price support.

Brent crude futures gained 25 cents, or 0.43%, to $58.71 a barrel by 1025 GMT, having earlier hit their highest since Feb. 21 last year.

U.S. West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.56%, to $56 a barrel after reaching its highest settlement level in a year on Wednesday.

“Supporting factors outweigh negative developments at the moment,” said PVM Oil Associates analyst Tamas Varga, citing high compliance with OPEC+ production cuts and its declared target to accelerate stock depletion.

“The extra 1 million barrel per day (bpd) Saudi cuts that started this month imply further stock draws until at least the end of the first quarter,” Varga added.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+, extended its oil supply pact at existing levels on Wednesday, suggesting that producers are happy the cuts are draining inventories while uncertainty remains over the outlook for a recovery in demand as the COVID-19 pandemic lingers.

A document seen by Reuters on Tuesday showed that OPEC expects output cuts to keep the market in deficit throughout 2021, even though the group reduced its demand forecast.

The market was further bolstered by news that Democrats in the U.S. Congress took the first steps toward advancing President Joe Biden’s proposed $1.9 trillion coronavirus aid plan.

Also supporting prices, U.S. crude oil stockpiles fell by 994,000 barrels last week to 475.7 million barrels, the lowest level since March, the U.S. Energy Information Administration said on Wednesday. Analysts in a Reuters poll had forecast a rise of 446,000 barrels.

In a separate development, the United States has filed a lawsuit to seize a cargo of oil it says came from Iran rather than Iraq, as stated on the bill of lading, contravening U.S. terrorism regulations.

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Earlier:

OIL PRICE: NEAR $59
2021, February, 3, 13:00:00
OIL PRICE: NEAR $58
Brent were up 48 cents, or 0.8%, to $57.94 a barrel. WTI were up 48 cents, or 0.8%, to $57.94 a barrel.
OIL PRICE: NEAR $59
2021, February, 2, 12:20:00
OIL PRICE: NOT BELOW $56
Brent was up 48 cents, or 0.9%, at $56.83 a barrel. WTI gained 52 cents, or 1%, to $54.07.
OIL PRICE: NEAR $59
2021, February, 1, 12:25:00
OIL PRICE: NOT BELOW $55
Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.
OIL PRICE: NEAR $59
2021, January, 29, 14:35:00
OIL PRICE: BELOW $56 YET
Brent rose 23 cents, or 0.4%, to $55.76 a barrel. WTI rose 7 cents, or 0.1%, to $52.41.
OIL PRICE: NEAR $59
2021, January, 28, 13:20:00
OIL PRICE: BELOW $56 AGAIN
Brent fell 46 cents, or 0.8%, to $55.35 a barrel. WTI fell 36 cents, or 0.7%, to $52.49 a barrel.
OIL PRICE: NEAR $59
2021, January, 28, 13:10:00
OPEC: DIALOGUE, COOPERATION, RESPECT
OPEC reaffirms its faith – time and time again – of the need for dialogue, cooperation, and respect.
OIL PRICE: NEAR $59
2021, January, 28, 13:05:00
SAUDI ARABIA'S BRILLIANT MOVE
"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
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2021, June, 25, 12:24:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
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OIL PRICE: NEAR $59
2021, June, 25, 12:23:00
ПЕРСПЕКТИВЫ РАЗВИТИЯ И МОДЕРНИЗАЦИЯ УГОЛЬНЫХ ПРЕДПРИЯТИЙ РОССИИ
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OIL PRICE: NEAR $59
2021, June, 25, 12:20:00
U.S. COAL PRODUCTION UPDOWN
Through 24 weeks, US output was approximately 279 million st, up 8.9% compared with the year-ago period. It is annualized to be 581 million st for the year, up 8.7% from the previous year.
OIL PRICE: NEAR $59
2021, June, 24, 12:20:00
OIL PRICE: NOT ABOVE $76 ANEW
Brent rose 30 cents, or 0.4%, to $75.49 a barrel, WTI climbed 31 cents, or 0.4%, to $73.39 a barrel.
OIL PRICE: NEAR $59
2021, June, 24, 12:15:00
U.S. LNG DEMAND UP
Wide spreads between the price of LNG in end-user markets in Asia and Europe and feedgas prices based on the US Henry Hub have been incentivizing robust export activity from the US Gulf and Atlantic coasts.
OIL PRICE: NEAR $59
2021, June, 24, 12:10:00
CHINA NEED COAL
A conservative estimate would be for coal consumption of around one billion metric tonnes in 2050, still contributing 10%-15% of China's total energy consumption
OIL PRICE: NEAR $59
2021, June, 24, 12:05:00
CHINA COAL PRICES UP
The most-traded coking coal futures contract on the Dalian Commodity Exchange , for September delivery, ended at 2,037 yuan ($314.24) per tonne.
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