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2022-08-08 12:50:00

OIL PRICE: BRENT ABOVE $94, WTI ABOVE $88

OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88

REUTERS - Aug 8 - Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.

Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5%, at $94.41 a barrel by 0816 GMT. U.S. West Texas Intermediate crude was at $88.58 a barrel, down 43 cents, or 0.5%.

Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.

"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.

Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.

On Sunday, China also surprised markets with faster-than-expected growth in exports.

China, the world's top crude importer, brought in 8.79 million barrels per day (bpd) of crude in July, up from a four-year low in June, but still 9.5% less than a year earlier, customs data showed.

In Europe, Russian crude and oil products exports continued to flow ahead of an impending embargo from the European Union that will take effect on Dec. 5.

Last week, the Bank of England warned of a protracted recession in Britain.

Gasoline demand in the United States continues to weaken despite falling prices at the pump, and stockpiles are rising.

In terms of U.S. production, energy firms last week cut the number of oil rigs by the most since September in the first drop in 10 weeks.

The U.S. clean energy sector received a boost after the Senate on Sunday passed a sweeping $430 billion bill.

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Earlier:

OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 4, 11:00:00
OIL PRICE: BRENT ABOVE $96, WTI ABOVE $90
Brent rose 10 cents, or 0.1%, at $96.88 a barrel, WTI was up 21 cents, a 0.2% gain, at $90.87.
OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 4, 10:55:00
OPEC OIL PRICE: $104.86
The price of OPEC basket of thirteen crudes stood at $104.86 a barrel
OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 4, 10:50:00
OPEC + RUSSIA + 100 TBD
Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022
OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 4, 10:45:00
RUSSIAN OIL WITHOUT LIMITS
While the U.S. and European Union have already moved to ban imports of Russian oil into their ports, officials are now scrambling to curb Russia’s revenue from its oil sales globally and also avoid soaring energy prices during a time of high inflation.
OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 3, 12:45:00
OIL PRICE: BRENT ABOVE $99, WTI ABOVE $93
Brent were down $1.34, or 1.3%, at $99.20 a barrel, WTI fell $1.28, or 1.4%, to $93.14 a barrel.
OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 3, 12:40:00
OPEC OIL PRICE: $106.80
The price of OPEC basket of thirteen crudes stood at $106.80 a barrel
OIL PRICE: BRENT ABOVE $94, WTI ABOVE  $88
2022, August, 3, 12:25:00
OPEC+ PRODUCTION IS STABLE
The Joint Technical Committee of OPEC+, which includes Russia, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day to 800,000 bpd
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS