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2022-08-04 11:00:00

OIL PRICE: BRENT ABOVE $96, WTI ABOVE $90

OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90

REUTERS - Aug 4 - Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.

Brent crude futures rose 10 cents, or 0.1%, at $96.88 a barrel at 0653 GMT, while West Texas Intermediate (WTI) crude futures was last up 21 cents, a 0.2% gain, at $90.87.

Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most members have already exhausted their output potential.

"OPEC+ agreed to increase production by 100,000 barrels per day in September, far lower than previous months' production. The global energy market still faces supply shortages," said Leon Li, an analyst at CMC Markets.

He added that WTI oil prices are "likely to oscillate" between $90 and $100 a barrel.

While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up production at the expense of Russia, hit by sanctions over the Ukraine invasion that Moscow calls "a special operation".

Ahead of the meeting, OPEC+ had trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates told Reuters.

"It looks like OPEC+ is resisting calls to boost output because the crude demand outlook continues to get slashed. The world is battling the ongoing global energy crisis and it won't be getting any help from OPEC+," Edward Moya, senior analyst with OANDA, said in a note.

"The oil market will remain tight over the short term and that means we should still have limited downside here. Crude prices should find strong support around the $90 level and eventually will rebound towards the $100 barrel level even as the global economic slowdown accelerates."

Oil's demand outlook remains clouded by rising fears of an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world's largest oil importer.

U.S. crude oil inventories had also rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.

Supporting prices on Thursday, however, the Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said that supplies were significantly down, without providing figures.

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Earlier:

OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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
OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90
2022, August, 2, 12:40:00
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93
Brent was down $1.40, or 1.4%, to $98.63 a barrel, WTI fell $1.00, or 1.1%, to $92.89.
OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90
2022, August, 2, 12:35:00
OPEC OIL PRICE: $110.9
The price of OPEC basket of thirteen crudes stood at $110.90 a barrel
OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90
2022, August, 2, 12:30:00
ЦЕНА URALS: $83,27
Средняя цена на нефть марки Urals в январе-июле 2022 года сложилась в размере $83,27 за баррель, в январе-июле 2021 года – $64,68 за баррель.
OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90
2022, August, 2, 12:25:00
RUSSIAN OIL EXPORTS UP
The boom in STS activity involving Russian crude came as Moscow's seaborne oil exports defied Western sanctions to hit post-pandemic highs of 4 million b/d in April 2022.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
Chronicle:
OIL PRICE: BRENT ABOVE $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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 $96, WTI ABOVE  $90
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
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