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2022-08-26 12:15:00

OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN

OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN

REUTERS - Aug 26 - Oil prices rose as much as $1 on Friday as fresh U.S. data lowered recession fears, although an upcoming speech from the U.S. Federal Reserve chairman capped further gains.

Brent crude futures climbed 73 cents, or 0.73%, to $100.07 a barrel by 0825 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 78 cents, or 0.84%, to $92.93.

Both contracts jumped by as much as $1 in early trade after slumping by about $2 on Thursday.

Better-than-expected figures concerning the U.S. economy helped dispel fears that a recession was underway, putting the benchmark oil contracts on track for gains of around 3% for the week.

The U.S. economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation.

Additional price support came from the prospect of the Organization of the Petroleum Exporting Countries (OPEC) curbing output to offset the return of Iranian barrels to oil markets should Tehran clinch a nuclear deal with the West.

On Friday, the United Arab Emirates became the latest OPEC+ member to back a possible cut in oil production. 

"The producer group is intent on safeguarding the $100/bbl price floor and as such, the downside potential appears limited," PVM analyst Stephen Brennock said.

Tehran is reviewing Washington's response to a European Union-drafted final offer to revive a nuclear deal, with the EU expecting a response soon. It is unclear, though, how quickly Iranian oil exports would resume if a deal is reached.

The market awaits fresh signals on the outlook for rate hikes from a speech from Federal Reserve Chair Jerome Powell later on Friday.

"Fed policymakers have been making hawkish overtures of late, and this stance will likely be reiterated by Powell's message," Brennock said.

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Earlier:

OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 25, 10:25:00
OIL PRICE: BRENT ABOVE $101, WTI ABOVE $95
Brent rose 45 cents, or 0.4%, to $101.67 a barrel, WTI was up 32 cents, or 0.3%, at $95.21 a barrel.
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 25, 10:20:00
RUSSIAN OIL DISCOUNTS
The EU’s sixth round of sanctions over the invasion of Ukraine includes a ban on Russian oil, as well as the use by third countries of the bloc’s companies for insurance and financial services.
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 23, 11:00:00
OIL PRICE: NEAR $97, WTI NEAR $91
Brent gained 42 cents, or 0.4%, to $96.90 a barrel, WTI rose 40 cents, or 0.4%, to $90.76 a barrel.
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 23, 10:55:00
OPEC OIL PRICE: $99.66
The price of OPEC basket of thirteen crudes stood at $99.66 a barrel
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 22, 13:35:00
OIL PRICE: BRENT NEAR $96, WTI NEAR $90 ANEW
Brent fell $1.60, or 1.6%, to $95.12 a barrel, WTI were down $1.56, or 1.7%, at $89.21 a barrel.
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 22, 13:25:00
U.S. OIL INDUSTRY LIQUIDATION
There is no indication that such orderly liquidations would be offset by orderly installation of replacement facilities,
OIL PRICE: BRENT NEAR $100, WTI ABOVE $93 AGAIN
2022, August, 19, 09:15:00
OIL PRICE: BRENT NEAR $96, WTI NEAR $90 YET
Brent fell 36 cents, or 0.4%, to $96.23 a barrel, WTI was at $90.29 a barrel, down 21 cents.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS