RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2022-07-15 12:05:00

OIL PRICE: BRENT NEAR $99, WTI NEAR $95

OIL PRICE: BRENT NEAR $99, WTI NEAR $95

REUTERS - July 15 - Oil prices rose on Friday amid prospects of a less aggressive U.S. rate hike, although worries about a recovery in demand capped gains. 

Brent crude futures for September delivery rose 94 cents, or 1.0%, to $100.04 a barrel by 0630 GMT, while WTI crude rose 63 cents, or 0.7%, to $96.41 a barrel.

"Oil is trading very much to the beat of Federal Reserve policy and the implications it could have on both demand destruction and the U.S. dollar," said Stephen Innes, managing partner at SPI Asset Management.

"With the market falling back to base-case 75 (basis point) hike next week versus 100 (basis point) yesterday, oil prices and the broader market have a little more breathing room today," Innes said.

The Fed's most hawkish policymakers said on Thursday they favoured another 75-basis-point interest rate increase at the U.S. central bank's policy meeting this month, not the bigger rate raise that traders had raced to price in after a report on Wednesday showed inflation was accelerating.

The rate hike uncertainty and weak economic data pushed both oil contracts to lows on Thursday that were below the close on Feb. 23, the day before Russia invaded Ukraine in what Moscow calls "a special military operation".

Still, both Brent and WTI had clawed back nearly all losses by the end of the trading session.

However, concerns about the outlook for demand continue to keep a lid on oil prices.

"Sentiment hasn't been helped by renewed COVID-19 outbreaks in China, which threaten to halt the recovery in demand. High prices also appear to have blunted demand for gasoline in the U.S.," ANZ Research analysts said.

China's refinery throughput in June shrank nearly 10% from a year earlier, with output for the first half of the year down 6% in the first annual decline for the period since at least 2011, data showed on Friday. 

Meanwhile, U.S. President Joe Biden will on Friday fly to Saudi Arabia, where he will attend a summit of Gulf allies and call for them to pump more oil. 

However, spare capacity at members of the Organization of the Petroleum Exporting Countries is running low, with most producers pumping at maximum capacity, and it is unclear how much extra Saudi Arabia can bring into the market quickly.

-----


Earlier:

OIL PRICE: BRENT NEAR $99, WTI NEAR $95
2022, July, 14, 12:35:00
OIL PRICE: BRENT BELOW $98, WTI BELOW $94
Brent were down 18 cents to $99.39 a barrel, WTI was at $95.84 a barrel, down 43 cents.
OIL PRICE: BRENT NEAR $99, WTI NEAR $95
2022, July, 13, 11:50:00
OIL PRICE: BRENT NEAR $100, WTI NEAR $97
Brent was up 73 cents, or 0.7%, at $100.22 a barrel, WTI gained 68 cents, or 0.7%, to $96.52.
OIL PRICE: BRENT NEAR $99, WTI NEAR $95
2022, July, 13, 11:45:00
OIL PRICES 2022-23: $104 - $94
The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.
OIL PRICE: BRENT NEAR $99, WTI NEAR $95
2022, July, 13, 11:40:00
GLOBAL OIL DEMAND 2022 - 23: 100.3 - 103.0 MBD
Total oil demand is projected to average 100.3 mb/d. For 2023, world oil demand growth is expected to reach 2.7 mb/d to average 103.0 mb/d.
OIL PRICE: BRENT NEAR $99, WTI NEAR $95
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.
OIL PRICE: BRENT NEAR $99, WTI NEAR $95
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 $99, WTI NEAR $95
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS