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2022-06-03 13:25:00

OIL PRICE: BRENT NEAR $118, WTI NEAR 116

OIL PRICE: BRENT NEAR $118, WTI NEAR 116

REUTERS - June 3 - Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID restrictions limited the decline.

The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday increased their output boost to 648,000 barrels per day (bpd) in July and August rather than 432,000 bpd as previously agreed.

Brent crude fell 85 cents, or 0.7%, to $116.76 a barrel by 0925 GMT, after rising $2 intra-day on Thursday. U.S. West Texas Intermediate (WTI) crude slipped 88 cents, or 0.8%, to $115.99.

"I believe it's just a technical move lower after yesterday's giant post-OPEC+ rally," said Jeffrey Halley of brokerage OANDA. "Holidays in China, Hong Kong, Taiwan and the UK are impacting trading volumes."

Although Brent was on track to fall for the week, U.S. crude was heading for a sixth weekly gain on tight U.S. supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers.

Still, expectations that supply will stay tight limited losses. OPEC+ divided the hike across its members and still included Russia, whose output is falling due to sanctions and some buyers avoiding its oil over the invasion of Ukraine, suggesting the boost will undershoot.

"OPEC+ is still likely to supply considerably less oil to the market than agreed and thus not bring the relief that had been hoped," said Commerzbank analyst Carsten Fritsch in a report.

A weekly inventory report on Thursday showed U.S. crude stockpiles fell by a more-than-expected 5.1 million barrels and gasoline inventories also dropped, underlining the tight supply.

Support also came from rising demand. With daily COVID-19 cases falling, China's financial hub Shanghai and capital, Beijing, have relaxed COVID-19 restrictions this week. The Chinese government has vowed support to stimulate the economy.

In focus later on Friday will be U.S. employment data for May. Investors are looking to the report for confirmation of a slowdown in the job market, which could convince the Federal Reserve to go slow on interest rate hikes.

-----


Earlier:

OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 2, 11:55:00
OIL PRICE: BRENT NEAR $116, WTI ABOVE 112
Brent was down $2.07, or 1.8%, at $114.22 a barrel, WTI dropped $2.21, or 1.9%, to $113.05 a barrel.
OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 2, 11:50:00
OPEC OIL PRICE: $122.94
The price of OPEC basket of thirteen crudes stood at $122.94 a barrel on Tuesday,
OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 2, 11:45:00
ЦЕНА URALS: $83,48
Средняя цена на нефть марки Urals в январе-мае 2022 года сложилась в размере $83,48 за баррель, в январе-мае 2021 года - $61,62 за баррель.
OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 2, 11:35:00
OPEC + RUSSIA STRENGTHENING
Meanwhile those with spare capacity – primarily Saudi Arabia and the UAE – have held off on breaching their quotas to maintain OPEC+ unity rather than spark a market share battle.
OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 1, 10:45:00
OPEC EXPLORING THE IDEA
Oil still posted its longest run of monthly gains in more than a decade.
OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 1, 10:40:00
RUSSIAN OIL FOR CHINA UP AGAIN
In late April, Urals cargoes for late May or early June delivery were trading at a discount of around $5-6/b to benchmark ICE Brent crude futures on a DES Shandong basis,
OIL PRICE: BRENT NEAR $118, WTI NEAR 116
2022, June, 1, 10:35:00
RUSSIAN OIL FOR INDIA UP
While many Western buyers are avoiding Russian crude in response to its invasion of Ukraine, Indian private refiners such as Reliance and Nayara have been among the biggest buyers this year of discounted Russian supplies.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS