2023-02-15 14:00:00
OIL PRICE: BRENT BELOW $85, WTI ABOVE $78
REUTERS - Feb 15, 2023 - Oil dropped for a second day on Wednesday, as an industry report pointed to ample supplies in the United States and anticipation of further interest rate hikes sparked concerns over weaker fuel demand and the economic outlook.
U.S. crude stocks rose by a more-than-forecast 10.5 million barrels, according to market sources citing American Petroleum Institute (API) figures, ahead of official Energy Information Administration (EIA) data out at 1530 GMT.
"Simply put, the U.S. is swimming in oil," said Stephen Brennock of oil broker PVM.
Brent crude futures slid $1.13, or 1.3%, to $84.45 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.31, or 1.7% to $77.75.
U.S. inflation data and remarks from central bank officials that have spurred investor worries that interest rates are going to be higher for longer also weighed on the market.
Federal Reserve officials said on Tuesday the U.S. central bank will need to keep gradually raising interest rates to beat inflation and suggested price pressures driven by a hot jobs market may push borrowing costs higher than they once thought.
Also putting downward pressure on crude was the U.S. announcement this week that it would sell 26 million barrels of oil from the nation's strategic reserve, which is already at its lowest level in roughly four decades.
Lending some support was Tuesday's Organization of the Petroleum Exporting Countries report, in which the group made its first upward revision to global oil demand growth in months and trimmed the non-OPEC supply outlook, pointing to a tighter market in 2023.
The International Energy Agency, in its report on Wednesday, also boosted its 2023 demand forecast.
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Earlier:
2023, February, 13, 13:50:00
OIL PRICE: BRENT BELOW $86, WTI BELOW $79
Brent fell 86 cents, or 1%, to $85.53 a barrel, WTI was at $78.83 a barrel, down 89 cents, or 1.1%.
2023, February, 13, 13:45:00
РОССИЯ СНИЗИТ ДОБЫЧУ НЕФТИ
Россия в марте добровольно сократит добычу на 500 тыс. баррелей в сутки. Это будет способствовать восстановлению рыночных отношений.
2023, February, 10, 12:50:00
OIL PRICE: BRENT NEAR $87, WTI ABOVE $80
Brent rose $2.17, or 2.57%, to $86.67 a barrel, WTI were up $2.01, or 2.57%, at $80.07.
2023, February, 10, 12:45:00
RUSSIAN OIL CUTTING 0.5 MBD
Moscow’s move deepens the 2 million barrel-a-day production cut announced late last year by OPEC+, which Russia leads along with Saudi Arabia.
2023, February, 8, 13:05:00
OIL PRICE: BRENT NEAR $85, WTI ABOVE $78
Brent rose 99 cents, or 1.2%, to $84.68 a barrel, WTI climbed 93 cents, or 1.2%, to $78.07.
2023, February, 8, 12:50:00
RUSSIAN OIL FOR INDIA WILL UP
India's oil imports from Russia are likely to continue to rise this year mainly because of the steeply discounted prices it is selling at, he said, and assuming there are "no further stringent actions by the Western countries targeting Russian oil."
2023, February, 8, 12:45:00
OIL PRICES 2023-24: $82 - $78
spot price of Brent crude oil falls to an average of $82/b in 2H23 and $78/b in 2024.
