2021-05-25 12:40:00
OIL PRICE: NOT ABOVE $69 ANEW
REUTERS - MAY 25, 2021 - Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered expectations of an early return of oil exporter Iran to international crude markets.
Brent crude futures were down 1 cent at $68.45 a barrel by 0701 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures were off 8 cents at $65.97 a barrel, after gaining 3.9% the previous session.
Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Talks were given another life after Tehran and the U.N. nuclear agency extended a monitoring agreement on the Middle Eastern country’s atomic programme.
Worries that Iran was soon going to start selling oil if an agreement resulted in the lifting of U.N. and other sanctions on crude exports had previously pulled down prices, but talks have not been conclusive.
“U.S. Secretary of State (Antony) Blinken poured cold water over the prospect of a revival, stating that there was no indication that Iran is willing to comply with nuclear commitments,” Sophie Griffiths, market analyst at OANDA, said in a client note.
Blinken had on Sunday told CNN: “We’ve actually made progress.”
Still, the global recovery from the COVID-19 pandemic is patchy, indicating a mixed outlook for oil demand.
Parts of Europe and the United States are recording fewer infections and deaths, prompting governments to ease restrictions, but in other areas such as India - the world’s third-biggest oil importer - rates are still high.
New coronavirus infections in India rose by 222,315, government data showed on Monday, the world’s biggest 24-hour increase, though numbers have fallen off highs of over 400,000 earlier this month.
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Earlier:
2021, May, 24, 13:05:00
OIL PRICE: NOT ABOVE $68 ANEW
Brent rose $1.25, or 1.9%, to $67.69. WTI was at $64.73 a barrel, up $1.15, or 1.8%.
2021, May, 21, 10:10:00
OIL PRICE: NEAR $65
Brent fell $1.55, or 2.3%, to settle at $65.11 a barrel. WTI crudeended $1.31, or 2.1%, lower at $62.05 a barrel.
2021, May, 20, 14:10:00
OIL PRICE: ABOVE $65
Brent was down $1.40, or 2.1%, at $65.26 a barrel. WTI lost $1.12, or 1.7%, to $62.24 a barrel.
2021, May, 19, 14:55:00
OIL PRICE: NEAR $68 YET
Brent fell $1.08, or 1.5%, to $67.63 a barrel. WTI dropped $1.05 cents, or 1.6%, to $64.44 a barrel.
2021, May, 18, 13:20:00
OIL PRICE: NEAR $70 YET
Brent fwas up 55 cents, or 0.8%, at $70.01. WTI was up 37 cents, or 0.6%, at $66.64.
2021, May, 13, 17:55:00
GLOBAL OIL DEMAND WILL UP BY 6.0 MBD TO 96.5 MBD
For 2021, world oil demand is expected to increase by 6.0 mb/d, unchanged from last month’s estimate, to average 96.5 mb/d.
2021, May, 7, 14:55:00
OPEC+ OVERPRODUCTION 3.3 MBD
Russia, the largest non-OPEC partner in the alliance, has increasingly flouted its cap over the last several months, with its excess production soaring to 877,000 b/d.
