2021-07-30 08:40:00
OIL PRICE: ABOVE $75
REUTERS - July 30, 2021 - Oil prices dropped on Friday but remained on track to post steep weekly gains with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a resurgence in COVID-19 infections across the globe.
Brent crude futures for September , which expires on Friday, fell 45 cents, or 0.6%, to $75.60 a barrel by 0506 GMT, following a 1.75% jump on Thursday.
The more active Brent contract for October was down 48 cents, or 0.6% to $74.62 per barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.6%, to $73.19 a barrel, whittling down a 1.7% rise from Thursday.
"Oil prices pulled back slightly amid cautious sentiment across the Asia Pacific markets as investors weighed virus concerns and weaker-than-expected U.S. GDP and jobs data," said Margaret Yang, a strategist at Singapore-based DailyFX.
But both benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.
"This week, oil prices were buoyed by a weaker U.S. dollar and strong U.S. corporate earnings. But rising COVID-19 cases attributed to the Delta variant in the United States may cast a shadow over the demand outlook," Yang said.
U.S. refiners Valero Energy (VLO.N) and PBF Energy (PBF.N) have reported quarterly results that surpassed analysts' expectations.
Even with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said higher vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.
"The global recovery remains on track, and by association, oil consumption even if that recovery will be much more geographically uneven than previously expected," said Jeffrey Halley, analyst at brokerage OANDA.
Analysts also point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.
"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that," said Commonwealth Bank commodities analyst Vivek Dhar.
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Earlier:
2021, July, 29, 13:55:00
OIL PRICE: NEAR $75 YET
Brent gained 43 cents, or 0.6%, to trade at $75.17, WTI climbed 51 cents, or 0.7 %, to $72.90.
2021, July, 28, 11:05:00
OIL PRICE: NOT ABOVE $75 AGAIN
Brent rose 38 cents, or 0.5%, to $74.86 a barrel , WTI were up 42 cents, or 0.6%, at $72.07 a barrel.
2021, July, 27, 11:10:00
OIL PRICE: NOT ABOVE $75 ANEW
Brent climbed 34 cents, or 0.46%, to $74.84 a barrel , WTI rose 20 cents, or 0.28%, to $72.11 a barrel.
2021, July, 27, 11:05:00
OPEC+ 400 TBD
После длительных консультаций страны ОПЕК+ договорились о продлении Соглашения о сотрудничестве ОПЕК+ до конца 2022 года, при этом начиная с августа этого года все страны соглашения будут ежемесячно увеличивать добычу нефти на 400 тыс. баррелей в сутки.
2021, July, 9, 12:30:00
OIL PRICE: NOT ABOVE $75
Brent were up 60 cents, or 0.8%, at $74.72 a barrel , WTI were up 69 cents, or 1%, at $73.63.
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
2021, July, 7, 11:25:00
OPEC+ NO QUOTAS
The OPEC+ had failed to agree to increase production quotas from August onward after the UAE objected to Saudi Arabia's plan to tie the production increases to a lengthening of the supply management pact through to the end of 2022.
