2022-07-13 11:50:00
OIL PRICE: BRENT NEAR $100, WTI NEAR $97
REUTERS - July 13 - Oil edged up on Wednesday, a day after settling below $100 a barrel for the first time since April, and gains were limited by a U.S. supply report showing rising inventories and caution ahead of U.S. inflation data.
Despite a tight physical oil market, investors have sold oil futures on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand. Prices fell by more than 7% on Tuesday in volatile trade.
Brent crude was up 73 cents, or 0.7%, at $100.22 a barrel at 0813 GMT. U.S. West Texas Intermediate crude gained 68 cents, or 0.7%, to $96.52.
"Although I don't rule out more downside surprises, I believe the recent selloff could be getting a little overdone," said Jeffrey Halley of brokerage OANDA.
Brent is down sharply since hitting $139 in March, close to the all-time high reached in 2008. Renewed COVID-19 curbs in China have weighed on the market this week.
"The worry is that this could lead to a lockdown," said Naeem Aslam at Avatrade of the Chinese COVID developments. "In addition to this, traders are worried about economic slowdown around the globe."
On investors' radar on Wednesday is the U.S. June consumer prices data, which economists expect to show that U.S. inflation has accelerated to 1.1% monthly and 8.8% annually.
And for the oil market, the latest U.S. supply report from the Energy Information Administration will be in focus. Analysts expect a decline in crude and gasoline inventories.
Still, according to figures from industry group the American Petroleum Institute, cited by sources on Tuesday, crude stocks rose about 4.8 million barrels, weighing on prices.
The market also is watching U.S President Joe Biden's visit to the Middle East, where he is expected to ask Saudi Arabia and other Gulf producers to raise oil output to help stabilise prices.
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Earlier:
2022, July, 11, 13:40:00
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
Brent fell $1.29, or 1.2%, to $105.73 a barrel, WTI declined by $1.78, or 1.7%, to $103.01.
2022, July, 8, 14:50:00
OIL PRICE: BRENT NEAR $105, WTI NEAR $103
Brent rose 35 cents, or 0.3%, to $105.00 a barrel, WTI gained 19 cents, or 0.2%, to $102.92.
2022, July, 8, 14:40:00
OPEC+ PRODUCTION UP BY 390 TBD
Combined, OPEC+ crude production rose to a three-month high of 42.09 million b/d of June,
2022, July, 8, 14:30:00
RUSSIAN OIL FOR INDIA UP
In May, India imported 819,000 barrels per day (bpd), from 277,000 bpd in April and 33,000 bpd a year ago. Russia is now the second biggest supplier to India, replacing Saudi Arabia, while Iraq continues to be the largest.
2022, July, 7, 11:00:00
OIL PRICE: BRENT NEAR $101, WTI NEAR $99
Brent rose 16 cents, or 0.2%, to $100.85 a barrel, WTI climbed 18 cents, or 0.2%, to $98.71 a barrel.
2022, July, 6, 11:15:00
RUSSIA GOT $24 BLN
China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago.
2022, July, 6, 11:10:00
ДОХОДЫ РОССИИ +398.0 МЛРД. РУБ.
Таким образом, совокупный объем средств дополнительных нефтегазовых доходов составляет +398,0 млрд руб.
