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!

2022-06-01 11:00:00

OIL PRICE: BRENT NEAR $117, WTI NEAR $116

OIL PRICE: BRENT NEAR $117, WTI NEAR $116

REUTERS June 1 - Oil prices inched higher on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.

Brent crude for August delivery was up 35 cents, or 0.3%, at $115.95 a barrel at 0605 GMT. The contract settled down 1.7% on Tuesday.

The Brent contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%.

U.S. West Texas Intermediate (WTI) crude rose 37 cents, or 0.3%, to $115.04 a barrel.

Both benchmarks ended May higher, marking the sixth straight month of rising prices.

EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet on Moscow since the invasion of Ukraine three months ago, which Moscow calls a "special military operation". 

Once fully adopted, sanctions on crude will be phased in over six months and on refined products over eight months. The embargo exempts pipeline oil from Russia as a concession to Hungary and two other landlocked Central European states.

In China, Shanghai's strict COVID-19 lockdown ended on Wednesday after two months, prompting expectations of firmer fuel demand from the country. 

Capping gains were reports that some producers were exploring the idea of suspending Russia's participation in a production deal of OPEC+, a grouping of Organization of the Petroleum Exporting Countries members and their allies, on expectations such a move would increase supply.

"The full reopening of Shanghai from COVID-19 restrictions may boost sentiment at the periphery, but the possible exemption of Russia by OPEC, from the output agreement, is the bigger story," said Jeffrey Halley, senior market analyst at OANDA.

While there was no formal push for OPEC countries to pump more oil to make up for any potential Russian shortfall, some Gulf members had begun planning for an output increase sometime in the next few months, the Wall Street Journal reported, citing OPEC delegates. 

"The anticipation of more supply hitting the market, even after cutting Russia out, could be fuelling some of this sell-off as oil gave up its post-EU embargo bounce," said Stephen Innes, managing partner at SPI Asset Management, in a note.

U.S. crude oil production rose in March by more than 3% to the highest since November, according to a monthly report from the U.S. Energy Information Administration on Tuesday. 

Data from the U.S. government on stockpiles was expected on Thursday. Analysts, in a Reuters poll, expected U.S. crude oil inventories to fall last week, while gasoline and distillate stockpiles were seen up.

-----

 


Earlier:

OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 31, 13:40:00
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
Brent rose $2.31, or 1.9%, to $123.98 a barrel, WTI crude was trading at $119.34 a barrel.
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 31, 13:35:00
OPEC OIL PRICE: $120.01
The price of OPEC basket of thirteen crudes stood at $120.01 a barrel on Monday
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 31, 13:10:00
HUNGARY AGAINST THE BAN OF RUSSIAN OIL
Hungarian Prime Minister Viktor Orban said May 30 he wants a complete exemption from the European Union's plans to ban Russian oil imports
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 31, 13:05:00
EUROPE BANS RUSSIAN OIL
"The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned," Michel said in a tweet after a summit meeting.
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 30, 11:45:00
OIL PRICE: BRENT NEAR $120, WTI NEAR $115
Brent was up 47 cents, or 0.4%, at $119.90 a barrel, WTI jumped 72 cents, or 0.6%, to $115.79 a barrel.
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 30, 11:40:00
OPEC OIL PRICE: $118.84
The price of OPEC basket of thirteen crudes stood at $118.84 a barrel on Friday,
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
2022, May, 30, 11:35:00
EUROPEAN ENERGY DEADLOCK
The European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline
All Publications »
Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
Chronicle:
OIL PRICE: BRENT NEAR $117, WTI NEAR $116
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: BRENT NEAR $117, WTI NEAR $116
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: BRENT NEAR $117, WTI NEAR $116
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: BRENT NEAR $117, WTI NEAR $116
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: BRENT NEAR $117, WTI NEAR $116
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: BRENT NEAR $117, WTI NEAR $116
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: BRENT NEAR $117, WTI NEAR $116
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 »