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2022-06-22 10:05:00

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

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

REUTERS - June 22 - Oil prices dived more than $4 a barrel on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on the country's major energy firms to help ease the pain for drivers during peak summer consumption.

By 0425 GMT U.S. West Texas Intermediate (WTI) crude futures were off lows but still down $4.04, or 3.7%, to $105.48 a barrel. Similarly Brent crude futures dropped $3.87, or 3.4%, to $110.78 a barrel.

As the United States struggles to tackle soaring gasoline prices and inflation, President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters. 

"I think the non-stop Biden headlines, with the administration seemingly in inflation panic mode, have played a part in the latest sell-off as investors hate any uncertainty, even if irrational in the context of the known supply concerns," said Stephen Innes, managing partner at SPI Asset Management, in a note.

Seven oil companies are set to meet Biden on Thursday, under pressure from the White House to drive down fuel prices as they make record profits.

Chevron Chief Executive Michael Wirth, however, on Tuesday, said criticising the oil industry was not the way to bring down fuel prices. 

"These actions are not beneficial to meeting the challenges we face," Wirth said in a letter addressed to Biden, which sparked a response from Biden saying the industry was being too sensitive.

Despite worries about inflation, demand is still on the road to recovery to pre-COVID levels and supply is expected to lag demand growth, keeping the market tight, as flagged by trading giant Vitol and Exxon Mobil Corp this week. 

"The market is still coming to terms with the increasing disruption to Russian oil. European sanctions have yet to kick in," ANZ Research analysts said in a note, pointing to data showing that so far there has only been a relatively limited drop in Russian fuel supply to Europe since the conflict began.

Meanwhile, U.S. oil refining capacity fell in 2021 for the second year in a row, the latest government data showed on Tuesday, as plant shutdowns kept whittling away at their ability to produce gasoline and diesel.

The official data showed a capacity decline of 125,790 barrels per day (bpd) last year on top of the 800,000 bpd drop in 2020.

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Earlier:

OIL PRICE: BRENT NEAR $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 NEAR $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 NEAR $110, WTI ABOVE $104
2022, June, 20, 12:55:00
OIL PRICE: BRENT NEAR $113, WTI NEAR $110
Brent rose 42 cents, or 0.4%, to $113.54 a barrel, WTI was at $109.85 a barrel, up 29 cents, or 0.3%.
OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 20, 12:50:00
OPEC OIL PRICE: $118.97
The price of OPEC basket of thirteen crudes stood at $118.97 a barrel
OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 20, 12:45:00
КОНКУРЕНЦИЯ ЗА ЭНЕРГОРЕСУРСЫ РАСТЕТ
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OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 20, 12:40:00
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OIL PRICE: BRENT NEAR $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.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
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OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
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2022, June, 24, 11:33:00
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OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 24, 11:30:00
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OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 24, 11:20:00
U.S. LNG EXPORTS DOWN BY 17%
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OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 24, 11:10:00
U.S. SMR FOR POLAND
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OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 24, 11:05:00
PAKISTAN ENERGY CRISIS
This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.
OIL PRICE: BRENT NEAR $110, WTI ABOVE $104
2022, June, 24, 11:00:00
INDONESIAN OIL PRODUCTION UP
The Indonesian state-owned oil and natural gas company Pertamina released its results for 2021, posting a total revenue of US$57.5bn (+39% compared to 2020) and a profit of US$2.2bn
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