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2022-07-04 13:10:00

OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108

OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108

REUTERS - July 4 - Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia.

Figures on Friday showed Euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. 

U.S. consumer sentiment hit a record low in June.

Brent crude fell 33 cents, or 0.3%, to $111.30 a barrel at 0815 GMT, after falling over $1 in early trade. U.S. West Texas Intermediate (WTI) crude slipped 40 cents, or 0.4%, to $108.03.

"The risk is tilted to the downside as traders are concerned about slowing oil demand due to a strong possibility of an economic recession taking place in the U.S. and in other parts of the world," said Naeem Aslam of Avatrade.

Brent came close this year to an all-time high of $147 a barrel reached in 2008 as Russia's invasion of Ukraine added to supply concerns. Despite concern of a recession, tight supply is limiting losses.

The Organization of the Petroleum Exporting Countries missed a target to boost output in June, a Reuters survey found. Ecuador's production has been hit by unrest recently, and a strike in Norway could cut supply this week.

"This backdrop of mounting supply outages is colliding with a possible spare production capacity shortage among Middle Eastern oil producers," said Stephen Brennock of oil broker PVM.

"And without new oil production hitting markets soon, prices will be forced higher."

-----


Earlier:

OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 27, 11:40:00
INDIA NEED MORE OIL
"Today, nobody is bothering who is buying what from where. We are quite happy to source from as far as we can," a leading Indian oil ministry source said.
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 24, 11:55:00
OPEC OIL PRICE: $111.09
The price of OPEC basket of thirteen crudes stood at $111.09 a barrel
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 24, 11:50:00
OPEC+ OIL PRODUCTION WILL UP
"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, June, 24, 11:45:00
PAN-ATLANTIC ENERGY RECESSION
The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
Chronicle:
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 25, 10:19:00
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OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 25, 10:18:00
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OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 25, 10:15:00
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OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 25, 10:10:00
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OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 25, 10:05:00
OIL AND GAS AUTOMATION AND DIGITALIZATION 2023
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OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 23, 12:40:53
OIL PRICE: BRENT BELOW $88, WTI BELOW $82
Brent was down 11 cents, or 0.1%, to $87.52, WTI fell 8 cents, or 0.1%, to $81.56 a barrel.
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2023, January, 23, 12:35:00
EUROPEAN GAS PRICES UPDOWN
Dutch front-month futures, were 0.2% lower at €66.80 a megawatt-hour by 8:58 a.m. in Amsterdam, after rising as much as 3.1% earlier.
All Publications »