2023-11-22 07:00:00
OIL PRICE: BRENT ABOVE $82, WTI NEAR $78
REUTERS - Nov 22 - Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group.
Brent crude futures rose 11 cents, or 0.1%, to $82.56 a barrel by 0004 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $77.91.
Both benchmarks have fallen for four straight weeks, and investors remained cautious ahead of Sunday's scheduled OPEC+ meeting, when the producer group may discuss deepening supply cuts due to slowing global economic growth.
On Monday, both contracts climbed about 2% after three OPEC+ sources told Reuters the group, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider additional oil supply cuts when it meets on Nov. 26.
OPEC+ is likely to extend or even deepen oil supply cuts into next year, analysts have predicted.
Even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024, the head of the International Energy Agency's (IEA) oil markets and industry division said on Tuesday.
U.S. crude stocks rose by nearly 9.1 million barrels in the week ended Nov. 17, according to market sources citing American Petroleum Institute figures on Tuesday.
Gasoline inventories dropped by about 1.79 million barrels, while distillate inventories fell by about 3.5 million barrels.
U.S. government data on stockpiles is due on Wednesday.
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Earlier:
2023, November, 17, 07:00:00
OIL PRICE: BRENT ABOVE $77, WTI NEAR $73
Brent were up 10 cents, or 0.1%, at $77.52 a barrel, WTI was nearly flat at $72.95.
2023, November, 17, 06:50:00
OIL PRICES 2023-24: $90 - $93
The Brent crude oil price will increase from an average of $90 per barrel (b) in the fourth quarter of 2023 to an average of $93/b in 2024.
2023, November, 3, 07:00:00
OIL PRICE: BRENT NEAR $87, WTI NEAR $83
Brent rose 6 cents to $86.91 a barrel, WTI gained 12 cents, or 0.2%, to $82.58 a barrel.
2023, November, 3, 06:55:00
RUSSIAN OIL, GAS FOR CHINA
Russia is counting on a planned new pipeline to China as it seeks to make up for lost gas sales in Europe, but industry insiders see major political risks around a project that is overly dependent on one buyer and question whether it will justify the huge costs.
2023, November, 3, 06:45:00
INDIA NEED VENEZUELA'S OIL
India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill.
2023, November, 3, 06:40:00
VENEZUELA: LIFTING SANCTIONS
However, there are growing signs of a thaw in relations between the Biden administration and Caracas, with the sides holding talks to explore temporarily lifting sanctions to encourage Venezuela to hold competitive presidential elections next year.
2023, October, 27, 06:55:00
GLOBAL OIL WILL STAY
Prince Abdulaziz said that the energy transition will require hydrocarbons including petrochemicals.
