RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2022-02-01 14:55:00

OIL PRICE: NEAR $89 ANEW

OIL PRICE: NEAR $89 ANEW

REUTERS - Feb 1 - Oil slipped on Tuesday, staying close to a seven-year high, weighed by speculation OPEC+ could go further than expected to add supply at a meeting this week and expectations of a rise in U.S. inventories.

While the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, has been expected to maintain its policy of gradual production hikes at a meeting on Wednesday, Goldman Sachs said there was a chance of further steps.

"We view growing potential for a faster ramp-up at this meeting, given the pace of the recent rally and the likely pressure from importing nations," the bank said in a Jan. 31 report, adding the outcome remained "evenly balanced" between an accelerated response and a status quo increase.

Brent crude was down 74 cents, or 0.8%, at $88.52 a barrel at 1030 GMT. U.S. West Texas Intermediate crude slipped 83 cents, or 0.9%, to $87.32.

Oil was also pressured by expectations this week's U.S. supply reports will show an increase in crude stockpiles. Analysts expect crude stocks to have risen by 1.8 million barrels.

The first of this week's two supply reports, from the American Petroleum Institute, is out at 2130 GMT.

Brent and U.S. crude hit their highest levels since October 2014 on Friday, at $91.70 and $88.84 respectively. They gained about 17% in January amid a supply shortage and tensions between Russia and the West over Ukraine, and in the Middle East.

OPEC undershot its promised output boost in January, a Reuters survey found, and the rally was still expected by other analysts to persist.

"The oil market is currently unreservedly bullish," said Tamas Varga of oil broker PVM. "It is international tension, the perception of tight supply and the cold winter that are the most important factors behind the strength."

Rising differentials in the physical crude market imply concern about tight supply, Varga said. One of the North Sea crudes that underpins Brent, Ekofisk, was bid on Monday at the highest in over a decade.

-----


Earlier:

OIL PRICE: NEAR $89 ANEW
2022, January, 31, 12:45:00
OIL PRICE: NEAR $91
Brent futures contract was up $1.30/b (1.44%) from the previous close at $91.33/b, WTI rose $1.21/b (1.39%) at $88.03/b.
OIL PRICE: NEAR $89 ANEW
2022, January, 31, 12:40:00
THE NEW RUSSIA SANCTIONS
Oil, gas and resources companies, and trading desks, are fretting about the provisions around sanctions on Russian extractive industries, financial institutions and banks, Russian leaders and businessmen, and the use of global services, such as wire transfers.
OIL PRICE: NEAR $89 ANEW
2022, January, 26, 12:45:00
OIL PRICE: NEAR $89
Brent rose 61 cents, or 0.7%, to $88.81, WTI was up 25 cents, or 0.3%, to $85.85.
OIL PRICE: NEAR $89 ANEW
2022, January, 26, 12:40:00
U.S. RELEASES 13.4 MB
Today, the U.S. Department of Energy (DOE) approved seven additional exchanges of 13.4 million barrels of crude oil for release from the Strategic Petroleum Reserve (SPR).
OIL PRICE: NEAR $89 ANEW
2022, January, 25, 13:10:00
OIL PRICE: NOT ABOVE $88
Brent rose 61 cents, or 0.7%, to $86.88 a barrel, WTI climbed 44 cents, or 0.5%, to $83.75 a barrel.
OIL PRICE: NEAR $89 ANEW
2022, January, 24, 12:25:00
OIL PRICE: ABOVE $88
Brent rose 58 cents, or 0.7%, to $88.47 a barrel, WTI gained 57 cents, or 0.7%, to $85.71 a barrel.
OIL PRICE: NEAR $89 ANEW
2022, January, 18, 13:10:00
OIL PRICE: ABOVE $87
Brent rose $1.02, or 1.2%, to $87.50 a barrel, WTI jumped $1.36, or 1.6%, to $85.18 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $89 ANEW
2023, February, 1, 12:04:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OIL PRICE: NEAR $89 ANEW
2023, February, 1, 12:03:00
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: NEAR $89 ANEW
2023, February, 1, 12:00:00
GLOBAL GROWTH WILL DOWN
Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
OIL PRICE: NEAR $89 ANEW
2023, February, 1, 11:55:00
S.KOREAN NUCLEAR FOR TURKEY
KEPCO CEO Seung-il Jeong presented the proposal to Fatih Dönmez, Turkey's Minister of Energy and Natural Resources, on 30 January during a meeting in which they discussed plans for KEPCO to participate in the nuclear power plant project.
OIL PRICE: NEAR $89 ANEW
2023, February, 1, 11:50:00
OIL AND GAS AUTOMATION AND DIGITALIZATION 2023
Event Title: Oil and Gas Automation and Digitalization 2023 Conference Date: 03 - 04 May 2023 Event Type: In-Person Event Event Organizer: PTN Events
OIL PRICE: NEAR $89 ANEW
2023, February, 1, 11:45:00
СПГ КОНГРЕСС РОССИЯ 2023
СПГ Конгресс Россия – это международная инвестиционная площадка, где традиционно собираются лидеры индустрии. Ежегодно в мероприятии принимают участие более 250 операторов крупно-, средне- и малотоннажных СПГ-проектов, водородных проектов, правительство и технологические лидеры СПГ-индустрии.
OIL PRICE: NEAR $89 ANEW
2023, January, 30, 11:45:00
OIL PRICE: BRENT NEAR $86, WTI NEAR $79
Brent fell 74 cents, or 0.8%, to $85.92 a barrel , WTI was at $79.07 a barrel, down 61 cents, or 0.8%.
All Publications »