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2021-08-05 15:05:00

OIL PRICE: BELOW $71

OIL PRICE: BELOW $71

REUTERS - AUGUST 5, 2021 - Oil prices rose towards $71 a barrel on Thursday on rising Middle East tensions, while fresh movement restrictions imposed by countries to counter a surge in COVID-19 cases threatened the demand recovery. 

Brent crude oil futures rose by 50 cents, or 0.71%, to $70.88 a barrel by 0951 GMT after earlier dipping below $70 for the first time since July 21.

U.S. West Texas Intermediate (WTI) crude futures rose 66 cents, or 1%, to $68.81. Both benchmarks fell by more than $2 a barrel on Wednesday.

Israeli jets struck what its military said were rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities amid heightened tensions with Iran. 

The exchange came after an attack on a tanker off the coast of Oman last Thursday, which Israel blamed on Iran. Two crew members, a Briton and a Romanian, were killed. Iran denied any involvement. 

Asked if Israel was prepared to strike Iran, Israeli Defence Minister Benny Gantz told YNet news on Thursday "yes."

The growing tensions come as nuclear talks between Iran and Western powers that would ease sanctions on Tehran's oil exports appear to have stalled.

"With tensions brewing amongst Iran and world powers over last week's drone attack, it seems nuclear deal talks will be lengthy and unlikely to provide imminent sanction relief for Iran," said Edward Moya, senior analyst at OANDA.

Offsetting the Mideast tensions, concerns over the recovery of global oil demand grew amid a surge in coronavirus cases.

Japan is poised to expand emergency restrictions to more prefectures while China, the world's second-largest oil consumer, has imposed curbs in some cities and cancelled flights, threatening fuel demand. 

"China is now facing its most challenging COVID-19 crisis since the initial outbreak was brought under control," analysts at consultancy FGE said in a note on Thursday.

In the United States, the world's biggest oil consumer, COVID-19 cases hit a six-month high with more than 100,000 infections reported on Wednesday, according to a Reuters tally. 

-----


Earlier:

OIL PRICE: BELOW $71
2021, August, 4, 12:40:00
OIL PRICE: BELOW $73
Brent were up 33 cents, or 0.5%, to $72.74 a barrel, WTI rose 16 cents, or 0.2%, to $70.72 a barrel.
OIL PRICE: BELOW $71
2021, August, 2, 12:45:00
OIL PRICE: BELOW $75
Brent slid by 74 cents, or 1%, to $74.67 a barrel, WTI dropped 70 cents, or 1%, to $73.25 a barrel.
OIL PRICE: BELOW $71
2021, July, 30, 08:40:00
OIL PRICE: ABOVE $75
Brent fell 45 cents, or 0.6%, to $75.60 a barrel, WTIfell 43 cents, or 0.6%, to $73.19 a barrel.
OIL PRICE: BELOW $71
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.
OIL PRICE: BELOW $71
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.
OIL PRICE: BELOW $71
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.
OIL PRICE: BELOW $71
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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: BELOW $71
2022, May, 27, 12:14:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
OIL PRICE: BELOW $71
2022, May, 27, 12:13:00
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: BELOW $71
2022, May, 27, 12:10:00
ЭНЕРГОРЕСУРСЫ ДЛЯ ЕАЭС
Николай Шульгинов подчеркнул, что для обеспечения энергетической безопасности энергосистем Центральной Азии необходима совместная разработка мер нормативного, организационного и технического характера.
OIL PRICE: BELOW $71
2022, May, 27, 12:05:00
UAE, INDIA ENERGY COOPERATION
The UAE’s expanded cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy installed capacity by 2030 and aligns with the UAE’s ambitions to expand its low and zero-carbon energy capabilities.
OIL PRICE: BELOW $71
2022, May, 27, 12:00:00
U.S. OIL INVENTORIES DOWN BY 1.0 MB TO 419.8 MB
U.S. commercial crude oil inventories decreased by 1.0 million barrels to 419.8 million barrels.
OIL PRICE: BELOW $71
2022, May, 26, 12:40:00
OIL PRICE: BRENT ABOVE $114, WTI NEAR $111
Brent gained 47 cents, or 0.41%, to $114.50 a barrel , WTI climbed 53 cents, or 0.48%, to $110.86 a barrel.
OIL PRICE: BELOW $71
2022, May, 26, 12:35:00
ВЗАИМОДЕЙСТВИЕ РОССИИ, ИРАНА
Важную роль в развитии двусторонних отношений играют флагманские проекты сотрудничества, продолжил вице-премьер, такие как строительство атомной электростанции «Бушер» и теплоэлектростанции «Сирик».
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