2021-07-27 11:10:00
OIL PRICE: NOT ABOVE $75 ANEW
REUTERS - July 27, 2021 - Oil prices rose on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide.
Brent crude futures climbed 34 cents, or 0.46%, to $74.84 a barrel at 0508 GMT, extending a 0.5% gain on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.28%, to $72.11 a barrel, after losing 16 cents on Monday.
Benchmark prices rose even after the United States issued travel warnings to Spain and Portugal due to rising COVID-19 cases and a White House official told Reuters that wider travel curbs will not be lifted due to the highly infectious Delta variant and rising domestic infections.
“Oil prices are set to range this week after recovering all of the “delta-dip” losses from the last Monday week,” Jeffrey Halley, a senior Asia Pacific market analyst at OANDA, wrote in a note. “Both contracts should continue to consolidate their gains, with volatility much reduced from last week.”
In one encouraging sign for fuel demand, Britain reported its lowest daily total of new COVID-19 cases since July 4 on Monday, suggesting the recent surge in infections has passed its peak.
Analysts tracking mobility data remain confident about fuel demand, counting on vaccinations to guard against strict new lockdowns.
Global oil markets are expected to remain in deficit despite a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to raise production through the rest of the year.
ANZ Research analysts said “robust road traffic data across most major regions suggests rising infections are having minimal impact”.
“Investors are also encouraged by the continued restraint by U.S. shale oil producers. So far they have maintained discipline, with a focus on returns rather than growth,” ANZ Research analysts said in a note.
Investors are awaiting inventory data from the American Petroleum Institute industry group on Tuesday and the U.S. Energy Information Administration on Wednesday for further evidence that demand is holding up.
Five analysts polled by Reuters estimated, on average, that U.S. crude stocks fell by about 3.4 million barrels and gasoline stocks fell by 400,000 barrels in the week to July 23.
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Earlier:
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, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
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, 11:30:00
OIL PRICE: NEAR $75
Brent was up 74cents, or 1%, at $75.27 a barrel , WTI was up 88 cents, or 1.2%, at $74.25 a barrel,
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.
2021, July, 6, 12:15:00
OPEC+ NO DECISION
“The 18th OPEC and non-OPEC Ministerial Meeting has been called off,” OPEC Secretary General, HE Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC).
2021, July, 6, 12:10:00
UAE SUPPORT OPEC
The Ministry of Energy and Infrastructure has affirmed that the UAE is a longstanding and committed member of OPEC, and OPEC+, and have been a reliable partner in the current OPEC+ agreement, delivering compliance of 103% throughout its 2-year term.
