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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."

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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.”
All Publications »
Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
Chronicle:
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, August, 15, 12:14:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, August, 15, 12:13:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
2022, August, 15, 12:12:00
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 ABOVE $111, WTI ABOVE $108
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 $111, WTI ABOVE $108
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 $111, WTI ABOVE $108
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 $111, WTI ABOVE $108
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 »