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2021-05-12 13:05:00

OIL PRICE: NEAR $69

OIL PRICE: NEAR $69

REUTERS - MAY 12, 2021 - Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat predictions for energy demand in light of progress with vaccinations against COVID-19, though waves of infections in India and Brazil weighed on gains.

Brent crude climbed 18 cents, or 0.3% to $68.73 a barrel at 0846 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $65.48.

The International Energy Agency (IEA) said in its monthly report that demand for oil will exceed the output of the top producers.

"The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said.

Oil prices were also supported by the outlook from the Organization of the Petroleum Exporting Countries (OPEC), which on Tuesday stuck to a forecast for a strong recovery in world oil demand in 2021, with growth in China and the United States outweighing the impact of the coronavirus crisis in India.

Data from the American Petroleum Institute industry group showed that U.S. crude oil stocks fell by 2.5 million barrels in the week to May 7, two market sources said, representing a slightly lower than expected decline.

The drawdown came before the Colonial Pipeline was hit by a cyber attack last Friday, forcing the shutdown of a pipeline that transports more than 2.5 million barrels of fuel per day.

Gasoline stations from Florida to Virginia began running out of fuel on Tuesday as drivers rushed to top up their tanks, sending pump prices soaring.

U.S. unleaded gasoline prices hit an average $2.99 a gallon, the highest since November 2014, the American Automobile Association said.

"While a prolonged outage would be supportive for refined product prices, it could start to weigh on crude oil prices if refiners on the U.S. Gulf Coast are forced to reduce run rates due to a build-up of refined product inventories," ING analysts said.

Colonial Pipeline has said it hopes to restart a large portion of the network by the end of the week.

Oil also found support from positive economic data in the United Kingdom. All eyes will be on U.S. consumer price data for April, due later in the day. Numbers for Germany and France were largely in line with estimates.

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Earlier:

OIL PRICE: NEAR $69
2021, May, 7, 15:00:00
OIL PRICE: NEAR $68
Brent fwere up 1 cent at $68.12 a barrel. WTI eased by 2 cents to $64.69.
OIL PRICE: NEAR $69
2021, May, 7, 14:55:00
OPEC+ OVERPRODUCTION 3.3 MBD
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OIL PRICE: NEAR $69
2021, May, 6, 13:40:00
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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.
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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 $69
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 $69
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 $69
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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $69
2021, June, 10, 12:39:00
Which Actions Can Fuel The Industry: The 7th International LNG Congress Summary
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OIL PRICE: NEAR $69
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.
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2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
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OIL PRICE: NEAR $69
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 $69
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 $69
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,
OIL PRICE: NEAR $69
2021, June, 9, 12:40:00
EUROPEAN TRANSITION FUND €17.5BLN
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