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2022-11-14 13:20:00

OIL PRICE: BRENT NEAR $96, WTI NEAR $89 ANEW

OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW

REUTERS - Nov 14 - Oil prices pared earlier gains and fell on Monday, dragged down by a firmer U.S. dollar and record high coronavirus cases in major Chinese cities that dashed hopes of the reopening of the economy of the world's biggest crude importer.

Contracts for Brent crude and U.S. West Texas Intermediate had edged up nearly 1% earlier in the session but later reversed their trajectory and headed lower.

Brent crude futures were down 32 cents, or 0.3%, to $95.67 a barrel by 0725 GMT after settling up 1.1% on Friday while WTI crude futures fell 39 cents, or 0.4%, to $88.57 a barrel after closing Friday's session 2.9% higher.

"USD strength appears to be weighing on oil and the broader commodities complex this afternoon," said Warren Patterson, head of commodities strategy at ING. "There probably is also an element where the market got a bit ahead of itself on Friday following an easing in China's COVID related quarantine measures."

Commodities prices rallied on Friday after China's National Health Commission adjusted its COVID prevention and control measures to shorten quarantine times for close contacts of cases and inbound travellers and eliminate a penalty on airlines for bringing in infected passengers.

But COVID cases climbed in China over the weekend, with Beijing and other big cities reporting record infections on Monday.

China's demand for oil from world's top exporter, Saudi Arabia, also remained weak as several refiners have asked to lift less crude in December.

Separately, U.S. Treasury Secretary Janet Yellen said on Friday that India can continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap.

A firm dollar after comments from U.S. Federal Reserve Governor Christopher Waller also weighed on oil. Waller said on Sunday that the Federal Reserve may consider slowing the pace of rate increases at its next meeting, but that should not be seen as a "softening" in its commitment to lower inflation.

"This leans towards the sticky inflation or recession narrative which is negative for oil and other risk markets," said SPI Asset Management managing director Stephen Innes.

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Earlier:

OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 11, 11:10:00
OIL PRICE: BRENT NEAR $96, WTI NEAR $89
Brent rose $2.39, or 2.6%, to $96.06 a barrel, WTI gained $2.24, or 2.6%, to $88.71 a barrel.
OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 9, 11:10:00
OIL PRICE: BRENT NEAR $95, WTI NEAR $89 AGAIN
Brent fell 9 cents, or 0.1%, to $95.27 a barrel, WTI fell 20 cents, or 0.2%, to $88.71 a barrel.
OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 9, 11:05:00
RUSSIAN OIL EXPORTS UP
China and India remain the main destination for Russian crudes in the wake of the Ukraine war, accounting for 58% of all seaborne Russian crude exports in October.
OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 9, 11:00:00
OIL PRICES 2023: $94 - $98
Growth in OPEC and non-OPEC oil production—most notably production in the United States— keeps the Brent crude oil price in our forecast lower on an annual average basis in 2023 than in 2022. Brent crude oil price will begin rising in 2H23.
OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 7, 12:10:00
OIL PRICE: BRENT NEAR $98, WTI NEAR $92
Brent dropped $1.24 or 1.26% to trade at $97.33 a barrel, WTI was at $91.17 a barrel, down $1.44.
OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 7, 12:05:00
OPEC MARKET DECISIONS
OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels.
OIL PRICE: BRENT NEAR  $96, WTI NEAR $89 ANEW
2022, November, 7, 12:00:00
OPEC+, U.S. OIL RELATIONS
The US reaction to the Saudi-led decision was swift. President Joe Biden has warned of "consequences," and the country has announced more releases of crude from its strategic reserves.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS