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2022-06-24 12:00:00

OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104

OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104

REUTERS - June 24 - Oil prices slipped on Friday and were heading for a second weekly fall, as tight supply was overshadowed by concern that rising interest rates could push the world economy into recession.

U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank's focus on curbing inflation was "unconditional," adding to fears about more interest rate hikes. 

Stephen Brennock of oil broker PVM said recession fears dominated sentiment, adding: "That being said, the consensus remains that the oil market will see high demand and tight supply over the summer months, thereby limiting the downside."

Brent crude fell 8 cents, or 0.1%, at $109.97 a barrel by 0815 GMT, while U.S. West Texas Intermediate (WTI) crude was also down 8 cents at $104.19. Both benchmarks were heading for their second weekly decline.

"Increasing recession fears appear to be prompting a culling of heavy speculative long positioning in both contracts, even as in the real world, energy tightness is as real as ever," said Jeffrey Halley, analyst at brokerage OANDA.

Oil came close this year to an all-time high of $147 reached in 2008 as Russia's invasion of Ukraine exacerbated tight supplies just as demand has been recovering from the COVID pandemic.

This month, output in OPEC member Libya was almost shut down by unrest but began rising this week.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, meet on June 30 and are expected to stick to an earlier plan to accelerate slightly hikes in oil production in July and August, rather than provide more oil. 

Official U.S. oil inventory figures were scheduled to be released on Thursday but technical problems will delay them until next week, the U.S. Energy Information Administration said, without giving a specific timeline.

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Earlier:

OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 23, 12:20:45
OIL PRICE: BRENT ABOVE $109, WTI ABOVE $103
Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 23, 12:15:00
OPEC OIL PRICE: $111.00
The price of OPEC basket of thirteen crudes stood at $111.00 a barrel
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 22, 10:05:00
OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
Brent dropped $3.87, or 3.4%, to $110.78 a barrel, WTI were off lows but still down $4.04, or 3.7%, to $105.48 a barrel.
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 22, 09:45:00
OPEC+ ZERO PRODUCTION
The final boost will come in August. By then, OPEC+ will be running out of spare production capacity.
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 21, 15:05:19
OIL PRICE: BRENT ABOVE $115, WTI ABOVE $110
Brent rose $1.23, or 1.1%, to $115.36 a barrel, WTI rose $1.57, or 1.4%, to $111.13.
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 21, 15:00:00
OPEC OIL PRICE: $113.54
The price of OPEC basket of thirteen crudes stood at $113.54 a barrel
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, June, 20, 12:30:00
OIL MARKET RECONFIGURATION
Non-sanctioning countries including India and China have significantly increased imports of Russian oil since the invasion began Feb. 24, taking advantage of major price discounts.
All Publications »
Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
Chronicle:
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 15, 12:14:00
6TH ANNUAL LNG SUMMIT USA
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OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 15, 12:13:00
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OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 15, 12:12:00
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OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 15, 12:10:00
SAUDI ARAMCO NET INCOME UP TO $87.9 BLN
The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 15, 12:05:00
U.S. RIGS DOWN 1 TO 763
U.S. Rig Count is down 1 from last week to 763, Canada Rig Count is down 2 from last week to 201.
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 12, 09:10:00
OIL PRICE: BRENT NEAR $99, WTI NEAR $94
Brent fell 49 cents, or 0.5%, to $99.11 a barrel, WTI fell 50 cents, or 0.5%, to $93.84 a barrel.
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
2022, August, 12, 09:05:00
OPEC OIL PRICE: $101.29
The price of OPEC basket of thirteen crudes stood at $101.29 a barrel
All Publications »