2021-04-20 13:55:00
OIL PRICE: ABOVE $67 YET
REUTERS - APRIL 20, 2021 - Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited gains.
Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. Hariga is scheduled to load about 180,000 barrels per day (bpd) in April.
Brent crude was up 64 cents, or 1%, at $67.69 a barrel by 1004 GMT after hitting its highest since March 18 at $68.08. U.S. West Texas Intermediate (WTI) crude gained 60 cents, or 1%, to $63.98.
“Follow-through buying is pushing prices up further,” said Tamas Varga at oil broker PVM. “But the immediate upside potential could be limited by the relentless march higher in infection rates.”
Worldwide coronavirus cases have exceeded 141.7 million and a surge in infections in India, the world’s third-biggest oil importer, has dampened optimism for a sustained demand recovery.
Elsewhere in Asia, the Philippines has is experiencing a second wave of infections. Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 for two weeks.
Oil was underpinned by a weak U.S. dollar, which makes oil cheaper for buyers using other currencies.
“U.S. dollar weakness continues to offer support to the commodities complex,” ING Economics said in a report.
Brent has recovered from historic lows hit last year, helped by some demand recovery and huge output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+.
In focus later will be the American Petroleum Institute’s report on U.S. supplies, due at 2030 GMT. U.S. crude stockpiles are expected to drop by 2.9 million barrels.
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Earlier:
2021, April, 19, 16:55:00
OIL PRICE: NEAR $67
Brent was down 2 cents at $66.75 a barrel. WTI was up 1 cent at $63.14 a barrel.
2021, April, 19, 16:45:00
RUSSIAN OIL FOR U.S. 8%
Russian oil imports as a share of US total oil imports hit a record high of 8% in January 2021, according to data from the US Energy Information Administration, up from 4% during 2018.
2021, April, 16, 12:20:00
OIL PRICE: ABOVE $67
Brent rose 28 cents, or 0.4%, to $67.22 a barrel. WTI added 20 cents, or 0.3%, to $63.66.
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, 12:15:00
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.
