2021-04-16 12:20:00
OIL PRICE: ABOVE $67
REUTERS - APRIL 16, 2021 - Oil rose above $67 a barrel on Friday, gaining for a fifth session, as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.
China’s gross domestic product jumped 18.3% in the first quarter from a year earlier, official data showed on Friday.
On Thursday, figures showed a rise in U.S. retail sales and a drop in unemployment claims.
“Given the improving outlook for the world’s two biggest economies, there is little chance of the market’s feel-good glow being extinguished any time soon,” said Stephen Brennock of oil broker PVM.
Brent crude rose 28 cents, or 0.4%, to $67.22 a barrel at 0750 GMT, heading for a weekly gain of about 7%. U.S. West Texas Intermediate (WTI) crude added 20 cents, or 0.3%, to $63.66.
Helping prices rally this week, reports from the International Energy Agency and the Organization of the Petroleum Exporting Countries both made upward revisions to oil demand growth forecasts for 2021.
Figures on Wednesday also showed U.S. crude inventories fell by 5.9 million barrels.
Demand hopes offset concern about rising coronavirus cases in other big economies. India’s infection rate hit a record while Germany’s chancellor on Friday said a third virus wave has the country in its grip.
Oil has recovered from record lows hit last year as demand collapsed due to the pandemic. It has been helped by record cuts to oil output by OPEC+ producers.
OPEC+ agreed on April 1 to ease its oil output cuts from May to July and will meet to consider further tweaks on April 28.
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Earlier:
2021, April, 15, 13:35:00
OIL PRICE: ABOVE $66
Brent was up by 16 cents at $66.74 a barrel. WTI rose 12 cents to $63.27 a barrel.
2021, April, 15, 13:25:00
RUSSIA'S OIL WILL UP
Russia outlined protection of its market share in the international market as one of its main goals for 2021.
2021, April, 14, 12:19:58
OIL PRICE: ABOVE $64 STILL
Brent rose 85 cents, or 1.3%, to $64.52 a barrel. WTI added 82 cents, or 1.4%, to $61 a barrel.
2021, April, 14, 12:15:00
GLOBAL OIL DEMAND WILL UP BY 6 MBD
In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report.
2021, April, 14, 12:10:00
U.S. OIL PRODUCTION WILL UP
Higher prices are buoying drillers’ confidence. Benchmark Nymex oil gained nearly 35% in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The fossil fuel is also getting a bump as Covid-19 vaccinations progress and Americans travel again, boosting gasoline consumption.
2021, April, 13, 13:40:00
OIL PRICE: ABOVE $63 STILL
Brent were up 37 cents, or 0.6%, at $63.65 a barrel. WTI gained 32 cents, or 0.5%, to $60.02 a barrel.
2021, April, 12, 10:15:00
U.S. OIL TAX BREAKS $35 BLN
Removing this specific tax measure could generate US$13bn over 10 years. Overall, eliminating fossil fuel subsidies could increase government receipts by US$35bn over 10 years.
