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2022-04-26 14:30:00

OIL PRICE: BRENT NEAR $103, WTI NEAR $99

OIL PRICE: BRENT NEAR  $103, WTI NEAR $99

REUTERS - April 26 - Oil prices fell on Tuesday as China's capital Beijing expanded its COVID mass testing, heightening demand concerns and outweighing the prospect of supply disruptions. 

Brent crude futures were down 56 cents, or 0.5%, at $101.76 a barrel at 0935 GMT, while U.S. West Texas Intermediate contracts were down 82 cents, or 0.8%, at $97.72 per barrel. 

China's capital Beijing has expanded its COVID-19 mass testing from one district this week to most of the city of nearly 22 million, as the population braced for an imminent lockdown similar to Shanghai's stringent curbs. China is the world's largest crude oil importer.

Both oil contracts rose over $1 a barrel earlier in the session following a statement from the People's Bank of China that it will step up monetary policy support to the real economy.

"I still expect more policy support, but not the flood-like policy deluge the markets have been hoping for, which could leave oil markets adrift over the short term, looking to the U.S. summer driving season and EU sanctions for support," Stephen Innes of SPI Asset Management said in a note.

The prospect of supply tightness in the physical market related to the phasing out of Russian oil capped the fall in prices.

The parliamentary parties of Germany's ruling coalition have called on the government to push ahead with a plan to phase out Russian oil and gas imports "as soon as possible".

But analysts said that the release of oil from emergency reserves has eased concerns of tight supply.

"Focus has shifted towards the demand side of the equation and worries about prolonged supply disruptions have greatly been mitigated by the release of 240 million bbls of SPR oil by IEA members and by the ostensible, albeit somewhat obscured, dealing in Russian oil," said Tamas Varga of oil broker PVM.

Separately, in a bearish signal for oil markets, five analysts polled by Reuters estimated on average that U.S. crude inventories had increased by 2.2 million barrels in the week to April 22.

The poll was conducted ahead of the release of the inventory report from the American Petroleum Institute at 4:30 p.m. EDT (2030 GMT) on Tuesday. The official government Energy Information Administration data will be out on Wednesday. 

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Earlier:

OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 25, 14:50:00
OIL PRICE: BRENT NEAR $102, WTI NEAR $98
Brent was down $4.91, or 4.6%, at $101.74 a barrel, WTI fell $5.00, or 4.9%, to $97.07.
OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 25, 14:45:00
OPEC OIL PRICE: $107.66
The price of OPEC basket of thirteen crudes stood at $107.66 a barrel on Friday,
OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 22, 11:40:00
OIL PRICE: BRENT BELOW $108, WTI BELOW $103
Brent was down 76 cents, or 0.7%, at $107.57 a barrel, WTI declined 32 cents, or 0.3%, to $103.47.
OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 22, 11:35:00
OPEC OIL PRICE: $108.81
The price of OPEC basket of thirteen crudes stood at $108.81 a barrel on Thursday, compared with $107.97 the previous day, according to OPEC Secretariat calculations
OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 22, 11:30:00
RUSSIA OIL EXPORTS UNCHANGED
Combined, Russia's seaborne crude and key oil products exports stood at 6.79 million b/d so far in April, down 640,000 b/d from 7.43 million b/d in February,
OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 22, 11:25:00
RUSSIA'S OIL PRODUCTION 10.1 MBD
Oil production averaged 10.1 million barrels a day between April 1 and April 19, with the average production for the month forecast at 10 million barrels a day, down from the March average of 11.01 million barrels a day.
OIL PRICE: BRENT NEAR  $103, WTI NEAR $99
2022, April, 21, 14:55:00
OIL PRICE: BRENT NEAR $108, WTI NEAR $103
Brent rose $1.04, or 1%, to $107.84 a barrel, WTI gained 61 cents, or 0.6%, to 102.80 a barrel.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA