2021-03-09 13:10:00
OIL PRICE: NEAR $69
REUTERS - MARCH 9, 2021 - Oil prices rose on Tuesday on expectations of a recovery in the global economy after the U.S. Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in the United States, the world’s biggest fuel consumer.
But a stronger dollar and receding fears of a supply disruption from Saudi Arabia, the world’s biggest oil exporter, after an attack on its export facilities capped price gains.
Brent crude futures for May rose by 53 cents, or 0.8 %, to $68.77 a barrel by 0436 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 44 cents, or 0.7%, to $65.49.
“Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy,” Stephen Innes, chief global markets strategist at Axi said in a note.
On Monday, Brent crude oil prices rose above $70 a barrel after Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports.
But a stronger dollar and receding fears of a supply disruption from Saudi Arabia, the world’s biggest oil exporter, after an attack on its export facilities capped price gains.
Brent crude futures for May rose by 53 cents, or 0.8 %, to $68.77 a barrel by 0436 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 44 cents, or 0.7%, to $65.49.
“Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy,” Stephen Innes, chief global markets strategist at Axi said in a note.
On Monday, Brent crude oil prices rose above $70 a barrel after Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports.
U.S. Treasury Secretary Janet Yellen said on Monday that President Joe Biden’s $1.9 trillion coronavirus aid package will provide enough resources to fuel a “very strong” U.S. economic recovery. The House of Representatives must still pass the Senate version of the package for it to become law.
U.S. crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for fifth straight week, a preliminary Reuters poll showed on Monday.
“The fundamentals have not changed at all for oil and some investors might be automatically buying crude on any dip,” said Edward Moya, senior market analyst at OANDA.
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Earlier:
2021, March, 5, 11:55:00
OIL PRICE: ABOVE $67
Brent rose 83 cents, or 1.2%, to $67.57 a barrel. WTI were up 77 cents, or 1.2%, to $64.60 per barrel.
2021, March, 5, 11:50:00
OPEC+ CONTINUED REDUCTIONS
According to the agreement, the OPEC+ alliance, which controls about half of the world's production capacity, will mostly maintain its quotas, with Russia allowed a 130,000 b/d increase and Kazakhstan a 20,000 b/d rise, while Saudi Arabia said it would continue implementing its voluntary cut
2021, March, 3, 12:55:00
GLOBAL OIL MARKET: CAUTIOUS OPTIMISM
“We must emphasize in strong terms: cautious optimism, cautious optimism, cautious optimism.”
2021, March, 3, 12:50:00
GLOBAL OIL DEMAND WILL UP TO 99 MBD
Current oil demand of 94 million b/d, rising to 99 million b/d in 2022.
2021, March, 2, 12:35:00
OPEC+ EXTREME CAUTION
Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil.
2021, March, 2, 12:30:00
OIL DEMAND WILL UP
Oil demand may continue to climb over the next decade even as countries work to comply with the Paris climate agreement’s goals for cutting emissions,
2021, March, 2, 12:25:00
ЦЕНА URALS: $57,6
Средняя цена на нефть марки Urals в январе-феврале 2021 года сложилась в размере $57,6 за баррель, в январе-феврале 2020 года - $58,13 за баррель.
