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2021-05-06 13:40:00

OIL PRICE: NEAR $70 ANEW

OIL PRICE: NEAR $70 ANEW

REUTERS - MAY 6, 2021 - Oil prices slipped after earlier gains on Thursday, weighed by rising COVID-19 infections in India and elsewhere, and despite a much sharper than expected fall in U.S. crude inventories. 

Brent crude oil futures fell by 28 cents, or 0.4%, to $68.68 a barrel by 0939 GMT, and West Texas Intermediate (WTI) U.S. crude futures lost 31 cents, or 0.5%, to $65.32 a barrel. 

Both benchmarks hit their highest since mid-March on Wednesday, before retreating to end little changed following two days of gains. 

Hopes that India’s deadly second wave was about to peak were swept away on Thursday as it posted record daily infections and deaths and as the virus spread from cities to villages across the world’s second-most populous nation.

“The record numbers of new infections in India have been making the headlines and fuelling fears that demand may recover more slowly,” Commerzbank said.

At the same time, easing restrictions in Europe and falling U.S. crude inventories lent prices support.

“As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story,” analysts from Citi said in a note.

U.S. crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday. 

Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a 2.3 million barrel drop.

This fall was chiefly due to “a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years,” Commerzbank said. 

They added that gasoline demand in the world’s largest oil importer has proved disappointing, with stocks rising slightly last week.

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Earlier:

OIL PRICE: NEAR $70 ANEW
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 $70 ANEW
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 $70 ANEW
2021, May, 4, 12:35:00
RUSSIA'S OIL PRODUCTION UP TO 10.46 MBD
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OIL PRICE: NEAR $70 ANEW
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 $70 ANEW
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.
OIL PRICE: NEAR $70 ANEW
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.
OIL PRICE: NEAR $70 ANEW
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.
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Tags: OIL, PRICE, BRENT, WTI
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2022, June, 28, 11:44:00
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OIL PRICE: NEAR $70 ANEW
2022, June, 28, 11:43:00
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OIL PRICE: NEAR $70 ANEW
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
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OIL PRICE: NEAR $70 ANEW
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
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OIL PRICE: NEAR $70 ANEW
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
OIL PRICE: NEAR $70 ANEW
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
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OIL PRICE: NEAR $70 ANEW
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »