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2021-09-01 14:20:00

OIL PRICE: BELOW $72 ANEW

OIL PRICE: BELOW $72 ANEW

REUTERS - Sept 1 - Oil prices rose on Wednesday before an OPEC+ meeting in which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month through to December. 

The Organization of the Petroleum Exporting Countries, Russia and allies, a group known as OPEC+, is set to meet at 1500 GMT. It raised its forecast for oil demand next year, OPEC+ sources said, a move that might help build a case for raising output. 

Brent crude for November delivery gained 36 cents, or 0.5%, to touch $71.99 a barrel by 0850 GMT. U.S. West Texas Intermediate (WTI) crude for October was at $68.81 a barrel, up 31 cents, or 0.5%. 

U.S. President Joe Biden's administration has urged OPEC+ to boost output to tackle rising gasoline prices that it views as a threat to the global economic recovery.

"One foregone conclusion is that they will not add additional barrels as per Washington's recent request. Nor will they press the pause button on easing supply curbs," said Stephen Brennock of oil broker PVM.

"There is no reason to think (OPEC+) will rock the boat when it comes to its production strategy," he said.

Also supporting prices, a U.S. industry report showed crude inventories fell more than expected last week, steadying after overnight losses caused by Hurricane Ida on U.S. refineries.

U.S. crude stocks fell by 4 million barrels for the week ended Aug. 27, according to two market sources, citing American Petroleum Institute (API) figures on Tuesday.

Ahead of the weekly Energy Information Administration report due at 10:30 a.m. EDT (1430 GMT) on Wednesday, a Reuters poll of analysts estimated crude stocks would drop 3.1 million barrels.

But U.S. crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually recovers, although refinery operations will likely take longer to return to normal, analysts say. 

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Earlier:

OIL PRICE: BELOW $72 ANEW
2021, August, 30, 14:00:00
OIL PRICE: NOT ABOVE $73
Brent was down 21 cents or 0.3% at $72.49, WTI fell 50 cents or 0.7% to $68.24.
OIL PRICE: BELOW $72 ANEW
2021, August, 27, 12:10:00
OIL PRICE: NOT ABOVE $72 ANEW
Brent rose 98 cents, or 1.4%, to $72.05 a barrel, WTI climbed 93 cents, or 1.4%, to $68.35 a barrel.
OIL PRICE: BELOW $72 ANEW
2021, August, 27, 12:05:00
OPEC+ RUSSIA UNCERTAINTY
OPEC, Russia and nine other countries agreed in July to increase crude production by 400,000 b/d starting August through the end of 2022, a quantity that many analysts said would be insufficient to meet demand in the short-term, given seasonal consumption patterns and the world's recovery from the pandemic.
OIL PRICE: BELOW $72 ANEW
2021, August, 26, 16:30:00
OIL PRICE: NOT ABOVE $72
Brent was down 71 cents, or 1%, at $71.54 a barrel, WTI was down 77 cents, or 1.10%, at $67.59 a barrel.
OIL PRICE: BELOW $72 ANEW
2021, August, 25, 12:50:00
OIL PRICE: NEAR $71
Brent dropped 9 cents, or 0.1%, to $70.96 a barrel, WTI fell 19 cents, or 0.3%, to $67.35.
OIL PRICE: BELOW $72 ANEW
2021, August, 9, 12:05:00
OIL PRICE: BELOW $69
Brent fell by $2.43, or 3.5%, to $68.27 a barrel, WTI fell by $2.43, or 3.5%, to $68.27 a barrel.
OIL PRICE: BELOW $72 ANEW
2021, August, 6, 11:45:00
OIL PRICE: BELOW $72
Brent rwere up 47 cents at $71.76 a barrel, WTI rose 45 cents to $69.54 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: BELOW $72 ANEW
2022, June, 28, 11:44:00
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 $72 ANEW
2022, June, 28, 11:43:00
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: BELOW $72 ANEW
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
OIL PRICE: BELOW $72 ANEW
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
OIL PRICE: BELOW $72 ANEW
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
OIL PRICE: BELOW $72 ANEW
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
OIL PRICE: BELOW $72 ANEW
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »