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2022-07-11 13:40:00

OIL PRICE: BRENT NEAR $105, WTI ABOVE $102

OIL PRICE: BRENT NEAR $105, WTI ABOVE $102

REUTERS - July 11 - Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a concern that outweighed ongoing concerns about tight supply.

Brent crude futures fell $1.29, or 1.2%, to $105.73 at 0900 GMT, after climbing 2.3% on Friday. U.S. West Texas Intermediate (WTI) crude futures declined by $1.78, or 1.7%, to $103.01, paring a 2% gain from Friday.

The market was rattled by news that China had discovered its first case of a highly transmissible Omicron subvariant in Shanghai and that new cases had jumped to 63 in the country's largest city from 52 a day earlier. 

"The market's just responding to news flow and China has grabbed the most attention so far," said Commonwealth Bank commodities analyst Vivek Dhar.

Traders were nervous that the discovery of the new subvariant and the highest number of daily new cases in Shanghai since May could lead to another round of mass testing, which would hurt fuel demand, he said.

"Net long positions in WTI crude futures are now at their lowest level since March 2020, when demand collapsed amid the initial outbreak of COVID-19. This is despite ongoing signs of tightness," ANZ Research analysts said in a note.

The market remains jittery about plans by Western nations to cap Russian oil prices, with President Vladimir Putin warning further sanctions could lead to "catastrophic" consequences in the global energy market.

Questions also remain about how long more crude will flow from Kazakhstan via the Caspian Pipeline Consortium (CPC). Supply has continued so far on the pipeline, which carries about 1% of global oil, even after it was ordered by a Russian court last week to suspend operations.

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Earlier:

OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
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.
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
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,
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
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.
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
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.
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
2022, July, 6, 11:20:00
ЦЕНА URALS: $84.09
Средняя цена на нефть марки Urals в январе-июне 2022 года сложилась в размере $84,09 за баррель, в январе-июне 2021 года - $63,35 за баррель.
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
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.
OIL PRICE: BRENT NEAR $105, WTI ABOVE $102
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.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS