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2021-08-04 12:40:00

OIL PRICE: BELOW $73

OIL PRICE: BELOW $73

REUTERS - AUGUST 4, 2021 - Oil prices edged higher on Wednesday, supported by a fall in U.S. inventories and Mideast geopolitical tensions, but the increasing spread of the coronavirus Delta variant in top consuming countries capped gains. 

Brent crude oil futures were up 33 cents, or 0.5%, to $72.74 a barrel by 0815 GMT. U.S. West Texas Intermediate (WTI) crude rose 16 cents, or 0.2%, to $70.72 a barrel.

"[Oil] bulls have drawn support from U.S. inventory dynamics, with commercial stocks falling to their lowest since January 2020 and indications that the tightening is set to continue," oil brokerage PVM said.

U.S. crude inventories fell by 879,000 barrels for the week ended July 30, according to two market sources, citing American Petroleum Institute figures.

Gasoline inventories fell by 5.8 million barrels and distillate stocks fell by 717,000 barrels, the data showed, according to the sources, who spoke on condition of anonymity.

Tensions in the Mideast Gulf also lent prices some support.

On Tuesday, three maritime security sources clamed Iranian-backed forces seized an oil product tanker off the coast of the United Arab Emirates, though Iran denied the reports.

This is the second attack on a tanker since Friday in the region, which includes the Strait of Hormuz. The UK and the U.S. are also blaming Iran for the earlier incident, in which drones crashed into the vessel and killed two sailors.

Both futures contracts fell on Tuesday to their lowest since July 21 before regaining some ground by the close, weighed down by the virus spread.

"Worries continue to grow over the spread of the Delta variant in China, which has weighed heavily on oil prices in recent days," bank ING said.

The United States and China, the world's two biggest oil consumers, are grappling with rapidly spreading outbreaks of the highly contagious Delta variant that analysts fear will limit fuel demand at a time when it traditionally rises in both countries.

In China, the spread of the variant from the coast to inland cities has prompted authorities to impose strict measures to bring the outbreak under control. 

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Earlier:

OIL PRICE: BELOW $73
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 $73
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 $73
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 $73
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 $73
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 $73
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.
OIL PRICE: BELOW $73
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: BELOW $73
2021, September, 22, 12:25:00
ENERGY TRANSITION TO CARBON NEUTRALITY AS A FACTOR OF UNPRECEDENTED ACCELERATION OF GLOBAL WARMING
The article reveals the reasons for the unprecedented acceleration of global warming, which was reported by the IPCC in the report "Climate Change 2021", offers proposals for their elimination, as well as for eliminating their consequences.
OIL PRICE: BELOW $73
2021, September, 21, 13:10:00
OIL PRICE: NEAR $75
Brent gained 95 cents or 1.3% to $74.87 a barrel , WTI was up 91 cents or 1.3% at $71.20.
OIL PRICE: BELOW $73
2021, September, 21, 12:50:00
RUSSIAN GAS FOR TURKEY +153%
From January 1 through September 19, 2021, Gazprom delivered 20.3 billion cubic meters of gas to Turkey. This is an all-time high amount of gas for this period and an increase of 153 per cent (or 12.3 billion cubic meters) against 2020 (8 billion cubic meters).
OIL PRICE: BELOW $73
2021, September, 21, 12:45:00
MORE RUSSIAN GAS
"Gazprom delivers natural gas to its customers in full accordance with existing contractual obligations, and does everything within its capabilities to meet additional requests,"
OIL PRICE: BELOW $73
2021, September, 21, 12:40:00
SPANISH HYDROGEN GRID
Spain approved in October 2020 a Hydrogen Roadmap through to 2030 with an expected investment of Eur8.9 billion in the sector with targets to reach 4 GW of electrolyzers and other targets.
OIL PRICE: BELOW $73
2021, September, 21, 12:35:00
AUSTRALIA'S HYDROGEN UP
Australia's hydrogen industry said more is needed from the government to help the industry reach commercial scale.
OIL PRICE: BELOW $73
2021, September, 21, 12:30:00
SHELL, CONOCO AGREEMENT $9.5 BLN
Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash.
All Publications »