2025-03-13 07:00:00
OIL PRICE: BRENT NEAR $71, WTI ABOVE $67
REUTERS - March 13, 2025 - Oil prices slipped on Thursday after a surge in the previous session on a larger-than-expected draw in U.S. gasoline stocks, as markets weighed macroeconomic concerns against firm near-term demand.
Brent futures fell 5 cents to $70.9 a barrel by 0426 GMT, while U.S. West Texas Intermediate crude futures shed 10 cents to $67.58 a barrel.
Both benchmarks rallied about 2% on Wednesday as U.S. government data showed tighter-than-expected oil and fuel inventories.
U.S. gasoline inventories fell by 5.7 million barrels, more than the 1.9 million-barrel draw expected by analysts, while distillate stocks also dropped more than anticipated - despite gains in crude stocks.
"Declining U.S. gasoline inventories raised expectations for a seasonal demand increase in spring, but concerns about the global economic impact of tariff wars weighed on the market," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.
"With strong and weak factors progressing simultaneously, it has become difficult for the market to lean decisively in one direction or the other," he added.
Donald Trump threatened on Wednesday to escalate a global trade war with further tariffs on European Union goods, as major U.S. trading partners said they would retaliate for trade barriers already erected by the U.S. president.
Trump's hyper-focus on tariffs has rattled investors, consumers and business confidence and raised U.S. recession fears.
Meanwhile, the Organization of the Petroleum Exporting Countries said on Wednesday that Kazakhstan led a sizeable jump in February crude output by the wider OPEC+, highlighting a challenge for the producer group in enforcing adherence to agreed output targets.
Worries about fumbling jet fuel demand weighed further on markets, JP Morgan analysts said, adding that U.S. Transportation Security Administration data showed passenger volumes for March have decreased by 5% year-over-year, following stagnant traffic in February.
However, firm demand expectations limited overall market weakness.
Signs of robust U.S. demand and Ukraine's deployment of 377 drones targeting Russian energy infrastructure and military installations supported prices, said JP Morgan analysts in a client note.
"As of March 11, global oil demand averaged 102.2 million barrels per day, expanding 1.7 million barrels per day year-over-year and exceeding our projected increase for the month by 60,000 barrels per day," they added.
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Earlier:
2025, March, 13, 06:55:00
OPEC+ OIL PRODUCTION WILL UP
Furthermore, the eight countries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. T
2025, February, 27, 07:00:00
OIL PRICE: BRENT NEAR $73, WTI NEAR $69
Brent rose 24 cents or 0.33% to $72.77 a barrel, WTI were up 18 cents or 0.26% at $68.80 per barrel.
2025, February, 20, 07:00:00
OIL PRICE: BRENT NEAR $76, WTI NEAR $72
Brent were down 22 cents, or 0.29%, at $75.82 a barrel, WTI dropped 30 cents, or 0.42%, to $71.95.
2025, February, 20, 06:50:00
U.S. ENERGY DOMINANCE
To compete globally, US must expand energy production and reduce energy costs for American families and businesses.
2025, February, 20, 06:45:00
BRAZIL, OPEC COOPERATION
OPEC welcomes the decision approved today by the National Energy Council of the Federative Republic of Brazil (CNPE) that formally paves the way for the participation of Brazil as a Member of the Charter of Cooperation (CoC) between oil producing countries.
2025, February, 13, 07:00:00
OIL PRICE: BRENT ABOVE $74, WTI NEAR $71
Brent were down 68 cents, or 0.9%, at $74.50 a barrel, WTI dropped 65 cents, or 0.9%, to $70.72.
2025, February, 13, 06:55:00
ПОСТАВКИ РОССИЙСКОЙ НЕФТИ
Россия не откажется от своих соглашений с дружественными странами.
2025, February, 7, 07:00:00
OIL PRICE: BRENT ABOVE $74, WTI ABOVE $70
Brent rose 32 cents to $74.61 a barrel, WTI was up 24 cents at $70.85 a barrel.