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2021-03-16 13:00:00

OIL PRICE: NEAR $68

OIL PRICE: NEAR $68

REUTERS - MARCH 16, 2021 -  Oil prices dropped on Tuesday, extending declines to three consecutive days, as rising stockpiles in the United States added to the risks to a demand recovery after countries including Germany and France halted COVID-19 vaccinations.

Brent crude was down 69 cents, or 1%, at $68.19 by 0531 GMT, having dropped 0.5% on Monday. U.S. crude was down 69 cents, or 1.1%, at $64.70 a barrel, after declining 0.3% in the previous session.

Germany, France and Italy plan to suspend AstraZeneca PLC COVID-19 injections after reports of possible serious side effects, although the World Health Organization said there was no established link to the vaccine.

These moves are deepening concerns about a slow pace of vaccinations in the region, which may delay any economic recovery from the pandemic in one of the hardest-hit areas.

The pandemic eviscerated demand for oil but prices have recovered to levels before the global health crisis, only to be capped as vaccination rollouts have been slow in most countries.

In the United States, stockpiles are also rising because of last month’s “big freeze” which halted refining operations that have taken time to fully return.

“Prices are pressured by expectations that last month’s winter storm in Texas could keep boosting crude inventories,” said Avtar Sandu, senior manager commodities at Phillip Futures in Singapore.

The American Petroleum Institute, an industry group, will report crude stock pile levels later on Tuesday, followed by official numbers from the Department of Energy on Wednesday, with analysts expecting another week of gain.

Crude inventories increased by 12.8 million barrels in the week to March 5, against analysts’ expectations for a rise of less than 1 million barrels.

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Earlier:

OIL PRICE: NEAR $68
2021, March, 15, 11:00:00
OIL PRICE: ABOVE $69 ANEW
Brent gained 47 cents, or 0.7%, to $69.69 a barrel. WTI was at $66.10 a barrel, up 49 cents, or 0.8%.
OIL PRICE: NEAR $68
2021, March, 15, 10:55:00
OPTIMISTIC OPEC
With non-OPEC supply forecast to bounce back by 950,000 b/d in 2021 to 63.8 million b/d, OPEC lowered the estimated demand for its crude by 240,000 b/d to 27.26 million b/d.
OIL PRICE: NEAR $68
2021, March, 15, 10:50:00
RUSSIA'S OIL FLEXIBILITY
Moscow sees global oil supply in a deficit of 1 million-2 million b/d at the moment, as the world economy continues to recover driving oil demand up by 5.5 million b/d this year.
OIL PRICE: NEAR $68
2021, March, 12, 12:00:00
OIL PRICE: ABOVE $69
Brent slipped 33 cents, or 0.5%, to $69.30 a barrel. WTI was at $65.65 a barrel, down 37 cents, or 0.6%.
OIL PRICE: NEAR $68
2021, March, 12, 11:55:00
GLOBAL OIL DEMAND WILL UP BY 5.9 MBD
For 2021, world oil demand is expected at 5.9 mb/d, to stand at 96.3 mb/d.
OIL PRICE: NEAR $68
2021, March, 12, 11:50:00
U.S. OIL INVENTORIES UP 13.8 MB TO 498.4 MB
U.S. commercial crude oil inventories increased by 13.8 million barrels to 498.4 million barrels.
OIL PRICE: NEAR $68
2021, March, 11, 13:55:00
OIL PRICES RISKS
"As uncertainty, we note a possible increase in production by countries that are not members of OPEC+, as a result of rising prices," Novak said at the meeting with Putin, who praised his "efficient work" protecting Russia's share in the market.
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Tags: OIL, PRICE, BRENT, WTI