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2021-07-09 12:30:00

OIL PRICE: NOT ABOVE $75

OIL PRICE: NOT ABOVE $75

REUTERS July 9, 2021 - Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were heading for a weekly loss amid uncertainty over global supplies after an OPEC+ impasse. 

Brent crude oil futures were up 60 cents, or 0.8%, at $74.72 a barrel by 0845 GMT. U.S. West Texas Intermediate futures were up 69 cents, or 1%, at $73.63.

Prices on both sides of the Atlantic were on track for a weekly loss of nearly 2%, dragged down by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+. 

U.S. crude and gasoline stocks fell and gasoline demand reached its highest since 2019, the U.S. Energy Information Administration said on Thursday, signalling increasing strength in the economy. 

"A bullish EIA stock report helped the oil market rebound into the black," said Stephen Brennock of oil broker PVM.

"Clearly, U.S. oil markets are tight. However ... the only way to prevent further losses is for the threat of an OPEC+ price war to be contained," he added.

Gains in oil prices were capped by worries that members of the OPEC+ group could be tempted to abandon output limits that they have followed during the COVID-19 pandemic, with talks breaking down because of an impasse between major producers Saudi Arabia and the United Arab Emirates.

The two Gulf OPEC allies are at odds over a proposed deal that would have brought more oil to the market.

Russia was trying to mediate in an effort to strike a deal to raise output, OPEC+ sources said on Wednesday. The United States had high level conversations with officials in Saudi Arabia and the UAE, the White House said on Tuesday. 

The global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery also weighed on oil prices. 

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Earlier:

OIL PRICE: NOT ABOVE $75
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.
OIL PRICE: NOT ABOVE $75
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).
OIL PRICE: NOT ABOVE $75
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,
OIL PRICE: NOT ABOVE $75
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.
OIL PRICE: NOT ABOVE $75
2021, July, 6, 12:20:00
OIL PRICE: NOT BELOW $77
Brent climbed 18 cents or 0.2% to stand at $77.34 a barrel, WTI were at $76.57 a barrel, up $1.41 or 1.9% from Friday’s close.
OIL PRICE: NOT ABOVE $75
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).
OIL PRICE: NOT ABOVE $75
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $75
2022, August, 9, 14:14:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: NOT ABOVE $75
2022, August, 9, 14:13:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
OIL PRICE: NOT ABOVE $75
2022, August, 9, 14:12:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL PRICE: NOT ABOVE $75
2022, August, 9, 14:10:00
RUSSIA FOR ITER FUSION
The 25th batch of Russian electrical equipment was successfully delivered to the construction site of the international thermonuclear experimental reactor Iter in France,
OIL PRICE: NOT ABOVE $75
2022, August, 8, 12:50:00
OIL PRICE: BRENT ABOVE $94, WTI ABOVE $88
Brent were down 51 cents, or 0.5%, at $94.41 a barrel, WTI was at $88.58 a barrel, down 43 cents, or 0.5%.
OIL PRICE: NOT ABOVE $75
2022, August, 8, 12:45:00
OPEC OIL PRICE: $100.01
The price of OPEC basket of thirteen crudes stood at $100.01 a barrel
OIL PRICE: NOT ABOVE $75
2022, August, 8, 12:35:00
CHINA OIL IMPORTS UPDOWN
China's crude stocks stood at an 11-month high of 945 million barrels in May, accounting for 63% of the country's crude storage capacity
All Publications »