2024-05-14 07:00:00
OIL PRICE: BRENT BELOW $84, WTI ABOVE $79
REUTERS - May 14, 2024 - Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week.
Brent crude futures inched 4 cents higher to $83.40 a barrel at 0315 GMT, while U.S. West Texas Intermediate crude futures rose 5 cents to $79.17 a barrel.
The benchmark contracts settled higher on Monday on signs of improving demand in the U.S. and China, world's top two oil consumers.
"Oil prices were slightly higher overnight but remain in a broad holding pattern over the past week, with the lead-up to the upcoming U.S. inflation data keeping some reservations in place," said Yeap Jun Rong, market strategist at IG.
Investors are watching the U.S. Consumer Price Index data due on Wednesday for clues to when the Federal Reserve will consider cutting interest rates.
"Ahead, the OPEC monthly oil report will be in focus to provide any updates on global oil demand, with some eyes on whether the previous optimistic guidance around the summer travel season will continue to hold," said Yeap.
The latest OPEC monthly oil market report is due to come later Tuesday, based on OPEC's website.
Meanwhile, the market is also watching wildfires in remote western Canada that could disrupt the country's oil supply.
Firefighters on Monday were racing to contain one blaze in British Columbia and two in Alberta near the heart of the country's oil sands industry.
No operational disruptions had been reported. But Alex Hodes, analyst at energy brokerage StoneX, said Canada's 3.3 million barrel per day production capacity is "very likely to be affected".
The market also continued to react to bullish comments from Iraq's oil minister, Hayyan Abdul Ghani, over the weekend, according to a note from ANZ analysts.
Ghani said on Sunday that Iraq would honour voluntary output cuts made by OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers, at its upcoming meeting on June 1.
That reversed course from his Saturday comments that Iraq had made enough voluntary reductions and would not agree to any new output cuts.
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Earlier:
2024, May, 8, 07:00:00
OIL PRICE: BRENT BELOW $83, WTI ABOVE $78
Brent fell 30 cents, or 0.36%, to $82.86 a barrel, WTI fell 25 cents, or 0.32%, to $78.13 a barrel.
2024, May, 8, 06:55:00
RUSSIAN OIL REVENUE UP TWICE
Proceeds for the Russian budget from oil-related taxes jumped to 1.053 trillion rubles ($11.5 billion) last month compared to nearly 497 billion rubles in April 2023, according to Bloomberg calculations based on Finance Ministry data. Total oil and gas revenues in April increased nearly 90% year-on-year, to 1.23 trillion rubles, according to the data.
2024, May, 7, 07:00:00
OIL PRICE: BRENT BELOW $84, WTI NEAR $79
Brent were up 23 cents, or 0.28%, at $83.56 per barrel , WTI rose 24 cents, or 0.31%, to $78.72 a barrel.
2024, May, 7, 06:55:00
SAUDI'S OIL PRICES UP
Differentials for the flagship Arab Light grade were priced at Platts Dubai/DME Oman +$2.90 per barrel, up from +$2 a barrel in April.
2024, May, 7, 06:50:00
ДОХОДЫ РОССИИ + 183,6 МЛРД. РУБ.
Ожидаемый объем дополнительных нефтегазовых доходов федерального бюджета прогнозируется в мае 2024 года в размере 183,58 млрд руб.
2024, May, 7, 06:45:00
RUSSIAN DEMOGRAPHIC, ENERGY PROBLEMS
This problem isn’t entirely new — Russia has faced a shrinking working-age population for almost two decades.
2024, May, 6, 07:00:00
OIL PRICE: BRENT ABOVE $83, WTI ABOVE $78
Brent climbed 28 cents, or 0.3%, to $83.24 a barrel , WTI were at $78.40 a barrel, up 29 cents, or 0.4%.
