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2021-06-07 12:30:00

OIL PRICE: ABOVE $71 ANEW

OIL PRICE: ABOVE $71 ANEW

REUTERS - June 7, 2021 - Oil eased after hitting a two-year peak on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. 

Demand is rebounding in the United States and Europe as COVID-19 restrictions are loosened. In another hopeful step for demand, India is easing its lockdown and OPEC and its allies are sticking to agreed supply restraints through July. 

Brent crude fell 35 cents, or 0.5%, to $71.54 a barrel by 0810 GMT, after earlier hitting $72.27, the highest since May 2019. U.S. West Texas Intermediate touched $70 for the first time since October 2018 but reversed course to trade at $69.22, down 40 cents or 0.6%.

"With some improvement in the pandemic situation in India and the recovery in the U.S., China and Europe remaining on track, oil should remain a buy on dips," said Jeffrey Halley, analyst at brokerage OANDA.

Crude has risen for the past two weeks, and Brent is up by over 37% this year, helped by supply curbs by the Organization of the Petroleum Exporting Countries and allies and demand recovering in part from the pandemic-induced collapse.

Investors may have sold off some contracts when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. Figures showing a drop in China's crude imports also weighed on sentiment.

"The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he said. The election is on June 18.

Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. 

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Earlier:

OIL PRICE: ABOVE $71 ANEW
2021, June, 4, 12:20:00
OIL PRICE: ABOVE $71
Brent rose 33 cents, or 0.5%, to $71.64 a barrel , WTI was up 22 cents, or 0.3%, at $69.03.
OIL PRICE: ABOVE $71 ANEW
2021, June, 4, 12:15:00
СТОИМОСТЬ ЭНЕРГОПЕРЕХОДА $200 ТЛН
Учитывая довольно высокую стоимость энергетического перехода – по отдельным расчётам, к 2050 году она может составить от 100 до 200 трлн долларов США, – реализация этого тренда и замена традиционных источников возобновляемыми находится под большим вопросом, считает вице-премьер.
OIL PRICE: ABOVE $71 ANEW
2021, June, 4, 12:10:00
GLOBAL ENERGY INVESTMENT WILL UP TO $1.9 TLN
In 2021, annual global energy investment is set to rise to USD 1.9 trillion, rebounding nearly 10% from 2020 and bringing the total volume of investment back towards pre-crisis levels. However, the composition has shifted towards power and end-use sectors – and away from traditional fuel production.
OIL PRICE: ABOVE $71 ANEW
2021, June, 2, 14:20:00
OIL PRICE: ABOVE $70
Brent settled up 93 cents, or 1.3%, to $70.25 a barrel , WTI was up $1.40, or 2.1%, to $67.72.
OIL PRICE: ABOVE $71 ANEW
2021, June, 2, 14:15:00
МИРОВОЙ СПРОС НА НЕФТЬ + 6 МБД
В апреле были пересмотрены в сторону повышения и прогноз роста мирового ВВП – до 5,5%, и прогноз по росту спроса на нефть в мире – теперь рост в 2021 году ожидается на уровне 6 млн баррелей, что выше изначального уровня на 5,5 млн баррелей.
OIL PRICE: ABOVE $71 ANEW
2021, June, 2, 14:10:00
ЦЕНА НЕФТИ $50 - $60
Наши оценки на ближайшие 2-3 года всё же где-то 50-60 долларов за баррель. А на далёкую перспективу оценки разные: прогнозируют и 50, и 70 долларов за баррель.
OIL PRICE: ABOVE $71 ANEW
2021, June, 2, 14:05:00
OPEC+ PRODUCTION: 114%, + 2 MBD
Overall conformity to the production adjustments was 114% in April (including Mexico), ... to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions.
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Tags: OIL, PRICE, BRENT, WTI