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2021-05-07 15:00:00

OIL PRICE: NEAR $68

OIL PRICE: NEAR $68

REUTERS - MAY 7, 2021 - Oil prices steadied on Friday and were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India capped prices.

Brent crude futures were up 1 cent at $68.12 a barrel by 0813 GMT and U.S. West Texas Intermediate (WTI) crude eased by 2 cents to $64.69.

Both Brent and WTI are on track for second consecutive weekly gains as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand.

In China, data showed export growth accelerated unexpectedly in April while a private survey pointed to strong expansion in service sector activity.

However, crude imports by the world's biggest buyer fell 0.2% in April from a year earlier to 40.36 million tonnes, or 9.82 million barrels per day (bpd), the lowest since December.

In the United States, the world's largest oil consumer, jobless claims have dropped, signalling the labour market recovery has entered a new phase as the economy recovers.

The recovery in oil demand, however, has been uneven as surging COVID-19 cases in India reduce fuel consumption in the world's third-largest oil importer and consumer.

"Brent came within a whisker of breaking past $70 a barrel this week but failed at the final hurdle as demand uncertainty dragged on prices," said Stephen Brennock at oil brokerage PVM.

The resurgence of COVID-19 in countries such as India, Japan and Thailand is hindering gasoline demand recovery, energy consultancy FGE said in a client note, though some of the lost demand has been offset by countries such as China, where recent Labour Day holiday travel surpassed 2019 levels.

"Gasoline demand in the U.S. and parts of Europe is faring relatively well," FGE said.

"Further out, we could see demand pick up as lockdowns are eased and pent-up demand is released during the summer driving season."

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Earlier:

OIL PRICE: NEAR $68
2021, May, 6, 13:40:00
OIL PRICE: NEAR $70 ANEW
Brent fell by 28 cents, or 0.4%, to $68.68 a barrel. WTI lost 31 cents, or 0.5%, to $65.32 a barrel.
OIL PRICE: NEAR $68
2021, May, 6, 13:35:00
ЦЕНА URALS: $ 60,47
Средняя цена на нефть марки Urals в январе-апреле 2021 года сложилась в размере $60,47 за баррель, в январе-апреле 2020 года - $41,04 за баррель.
OIL PRICE: NEAR $68
2021, May, 5, 16:45:00
OIL PRICE: NEAR $70
Brent rose 75 cents, or 1.1%, to $69.63 a barrel. WTI was up 67 cents, or 1%, to $66.36 a barrel.
OIL PRICE: NEAR $68
2021, May, 4, 12:40:46
OIL PRICE: ABOVE $68
Brent were 65 cents, or 0.96%, higher at $68.21 a barrel. WTI ticked up 62 cents, or 0.1%, to $65.11 a barrel.
OIL PRICE: NEAR $68
2021, May, 4, 12:35:00
RUSSIA'S OIL PRODUCTION UP TO 10.46 MBD
Daily average production was up 2% from 10.26 million b/d in March. Total output in March was 43.4 million mt. Increases in month-on-month output volumes in early 2021 reflect gradual increases in Russia's crude production quota agreed under the OPEC + deal from the beginning of the year.
OIL PRICE: NEAR $68
2021, April, 23, 11:40:00
OIL PRICE: NEAR $66
Brent rose 42 cents, or 0.6%, to $65.82 a barrel. WTI jumped 51 cents, or 0.8%, to $61.94 a barrel.
OIL PRICE: NEAR $68
2021, April, 20, 13:55:00
OIL PRICE: ABOVE $67 YET
Brent was up 64 cents, or 1%, at $67.69 a barrel. WTI gained 60 cents, or 1%, to $63.98.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $68
2021, June, 10, 12:39:00
Which Actions Can Fuel The Industry: The 7th International LNG Congress Summary
Global view on the LNG industry future, actions in frames of IMO Regulations, alternative fuels for trucks and fleet, opportunities of LNG increase in Europe, and Bio-LNG and LNG-to-Power initiatives have become some of the topics of the 7th International LNG Congress. It was held at the BGS online platform on the 7-8 of June, and gathered more than 500 decision-makers of the LNG industry.
OIL PRICE: NEAR $68
2021, June, 10, 12:38:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИИ И СНГ"
Более 150 руководителей ведущих предприятий угольной промышленности России и СНГ соберет Международная конференция и выставка «Уголь России и СНГ», которая будет проходить 16-17 ноября 2021 в г. Москва Организатор мероприятия: Vostock Capital
OIL PRICE: NEAR $68
2021, June, 10, 12:35:00
U.S. OIL INVENTORIES DOWN 5.2 MB TO 474.0 MB
U.S. commercial crude oil inventories decreased by 5.2 million barrels from the previous week to 474.0 million barrels.
OIL PRICE: NEAR $68
2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project (the Project).
OIL PRICE: NEAR $68
2021, June, 9, 12:55:00
OIL PRICE: ABOVE $72
Brent rose 73 cents, or 1%, to close at $72.22 a barrel, WTI rose 82 cents, or 1.2%, to settle at $70.05 a barrel,
OIL PRICE: NEAR $68
2021, June, 9, 12:50:00
OIL PRICES 2021-22: $68-60
EIA forecasts that Brent prices will remain near current levels in 3Q21, averaging $68/b., and $60/b in 2022.
OIL PRICE: NEAR $68
2021, June, 9, 12:45:00
OPEC+ OIL PRODUCTION UP 430 TBD
Despite the production gains, the looser quotas meant OPEC+ compliance stayed mostly steady at 111.45% compared to 111.16% in April,
All Publications »