2023-12-15 07:00:00
OIL PRICE: BRENT NEAR $77, WTI NEAR $72
REUTERS - Dec 15, 2023 - Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.
Brent futures rose 40 cents to $77.01 a barrel at 0335 GMT. U.S. West Texas Intermediate (WTI) crude climbed 40 cents to $71.98.
Both benchmarks are on course for a modest weekly gain, having been lifted by a mid-week announcement from the U.S. Federal Reserve that it is likely to cut borrowing costs next year.
"Oil prices may see a bit of a 'demand pull' due to improved liquidity conditions after the Fed's dovish pivot," said Kelvin Wong, an analyst at OANDA in Singapore.
The dollar fell to a four-month low on Thursday after the U.S. central bank indicated interest rate hikes have likely ended and lower borrowing costs are coming in 2024.
A weak dollar makes dollar-denominated oil cheaper for foreign purchasers.
The European Central Bank, meanwhile, pushed back against bets on imminent cuts to interest rates on Thursday by reaffirming that borrowing costs would remain at record highs despite lower inflation expectations.
World oil consumption will rise by 1.1 million barrels per day (bpd) in 2024, the IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for U.S. demand and lower oil prices.
The 2024 estimate is less than half of the Organization of the Petroleum Exporting Countries' (OPEC) demand growth forecast of 2.25 million bpd.
Weak economic data from China, the world's second-largest oil consumer, has added pressure on oil prices in recent weeks.
Data released by the country's statistics bureau on Friday showed refinery runs in November dropped to their lowest level since the start of 2023, as margin pressure on non-state owned refiners saw them cut back production, while sluggish diesel consumption weighed on national fuel demand.
Despite ongoing woes in China's property market, the data also showed a better-than-expected performance in industrial output and improving retail sales, lending some relief to market sentiment amid the country's anaemic post-COVID economic recovery.
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Earlier:
2023, December, 6, 07:00:00
OIL PRICE: BRENT ABOVE $77, WTI ABOVE $72
Brent climbed 1 cents to $77.21 a barrel, WTI were down 4 cents at $72.28 a barrel.
2023, December, 6, 06:55:00
ОПЕК+ В ПОЛНОМ ОБЪЕМЕ
Россия, Саудовская Аравия и другие взявшие на себя обязательства по добровольному сокращению добычи нефти страны – участницы соглашения выполняют свои договорённости в рамках ОПЕК+ в полном объёме.
2023, December, 6, 06:50:00
OPEC+ CUTS 2.2 MBD
These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024.
2023, December, 6, 06:45:00
РОССИЯ МИНУС 500 ТБД
Россия углубит дополнительное добровольное сокращение поставок нефти на 300 тыс. баррелей в день ещё на 200 тыс. баррелей в день, чтобы достичь 500 тыс. баррелей в день, и продлит это добровольное сокращение поставок до конца I квартала 2024 года в координации с некоторыми странами ОПЕК+.
2023, November, 27, 07:00:00
OIL PRICE: BRENT NEAR $80, WTI ABOVE $75
Brent fell 37 cents, or 0.5%, to $80.21 a barrel, WTI were at $75.18 a barrel, down 36 cents, or 0.5%.
2023, November, 27, 06:55:00
OPEC+ ONLINE MEETING
With global oil demand set to moderate in the first quarter of 2024, the OPEC+ alliance appears set to extend its production cuts, though the duration is yet to be determined, analysts say. As well, deeper cuts could be considered, some OPEC+ officials have hinted.
2023, November, 22, 07:00:00
OIL PRICE: BRENT ABOVE $82, WTI NEAR $78
Brent rose 11 cents, or 0.1%, to $82.56 a barrel, WTI rose 14 cents, or 0.2%, to $77.91.
