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2022-04-05 13:50:00

OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104

OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104

REUTERS - April 5 - Oil prices rose on Tuesday as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns over tighter global supply, while Iran's nuclear talks with world powers stalled.

Brent crude was up $1.17, or 1.1%, to $108.70 a barrel at 0952 GMT. U.S. West Texas Intermediate was up $1.15, or 1.1%, at $104.43.

"With the European Union working on new sanctions that may target Russia’s oil industry, crude prices could edge up in the near term," said FXTM analyst Lukman Otunuga.

The West is planning new sanctions against Russia over civilian killings in Ukraine, with U.S President Joe Biden's national security adviser saying that new U.S. sanctions against Moscow would be announced this week.

There were mounting expectations that Europe would take action to reduce transactions with Russia's energy sector, further squeezing supplies, said OANDA senior analyst Jeffrey Halley.

To calm oil prices, U.S.-allied countries agreed last week to a coordinated oil release from strategic reserves for the second time in a month. However, Japanese industry minister Koichi Hagiuda on Tuesday said that the International Energy Agency (IEA) was still examining details of the release.

Oil prices jumped by more than $2 after his comments.

Ole Hansen, head of commodity strategy at Saxo Bank, expects oil prices to trade between $90 and $120 a barrel during the second quarter.

"Key events that could trigger additional uncertainty remain the prospect for an Iran nuclear deal, Venezuela being allowed to increase production and, not least, an increase in U.S. shale oil production," he said.

The United States still believes there is an opportunity to overcome the remaining differences with Iran in talks over its nuclear programme, State Department spokesman Ned Price said on Monday.

Any signs that the United States and Iran are moving closer to a nuclear deal, which would return up to 1.3 million barrels per day of Iranian oil to global markets, would weigh on oil prices, BCA research said.

The end of the refinery maintenance period in Europe also lent some support to oil prices, analysts said, because it will allow higher crude intake.

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Earlier:

OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, April, 4, 12:35:00
OIL PRICE: BRENT ABOVE $104, WTI ABOVE $99
Brent was up 63 cents, or 0.6%, to $105.02 a barrel , WTI gained $1.08, or 1.1%, to $100.35.
OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, April, 4, 12:25:00
OPEC OIL PRICE: $107.74
The price of OPEC basket of thirteen crudes stood at $107.74 a barrel
OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, April, 4, 12:20:00
ЦЕНА URALS: $88,95
Средняя цена на нефть марки Urals в январе-марте 2022 года сложилась в размере $88,95 за баррель, в январе-марте 2021 года - $59,80 за баррель.
OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, April, 1, 11:50:00
OIL PRICE: BRENT BELOW $104, WTI BELOW $100
Brent slid by 79 cents to $103.92 a barrel, WTI were down $1.02 at $99.26 a barrel.
OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, April, 1, 11:40:00
OPEC+ 432 TBD
Reconfirm the baseline adjustment, the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of May 2022, as per the attached schedule.
OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, April, 1, 11:35:00
OPEC OIL PRICE: $110.46
The price of OPEC basket of thirteen crudes stood at $110.46 a barrel on Wednesday,
OIL PRICE: BRENT ABOVE $108, WTI ABOVE $104
2022, March, 31, 14:05:00
OPEC OIL PRICE: $110.05
the price of OPEC basket of thirteen crudes stood at $110.46 a barrel
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA