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Oil prices rise as demand improves, supplies tighten
  + stars: | 2021-06-14 | by ( Bozorgmehr Sharafedin | ) www.reuters.com sentiment -0.82   time to read: +2 min
LONDON (Reuters) -Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. REUTERS/Nick OxfordBrent was up 85 cents, or 1.2%, at $73.54 a barrel by 0908 GMT, their highest since April 2019. IEA urged the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to increase output to meet the rising demand. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May. [RIG/U]It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Nick Oxford Brent, , , Stephen Brennock, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum Locations: Midland , Texas, U.S, North America, Europe, OPEC, . U.S
Column: Hedge funds bullish as oil prices hit multi-year highs: Kemp
  + stars: | 2021-06-14 | by ( John Kemp | ) www.reuters.com + 0.00   time to read: +3 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford/File PhotoHedge funds boosted their position in petroleum last week to pre-pandemic levels, encouraged by signs of a rapidly recovering global economy and continued output restraint among U.S. shale producers. Money managers purchased the equivalent of 52 million barrels in the six most important petroleum futures and options contracts in the week to June 8, exchange and regulatory data shows. The net position climbed to 919 million barrels, the highest since January 2020 before the pandemic took hold. Related columns:- Oil output restraint draws hedge fund buying (Reuters, June 7) read more- U.S. shale restraint pushes oil prices to multi-year high (Reuters, June 4) read more- Empty supply chain will keep global economy booming (Reuters, June 3)- Oil funds trim positions as prices approach post-pandemic high (Reuters, June 1)Our Standards: The Thomson Reuters Trust Principles.
Persons: Nick Oxford, Brent, WTI Organizations: REUTERS, ICE, . diesel, diesel, Reuters, Thomson Locations: Cushing , Oklahoma, U.S, United States, China, OPEC, Iran
Oil drops again on doubts over demand rebound
  + stars: | 2021-06-08 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +1 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. U.S. oil was off by 44 cents, or 0.6%, at $68.79 a barrel, having dropped by 0.6% in the previous session. "Chinese oil imports at a five-month low ... would tend to confirm weakness in the Asia market," said Bob Yawger, director of energy futures at Mizhuo Securities. China's crude imports were down 14.6% in May, from a high level a year earlier, with daily arrivals at the lowest level this year, as maintenance at refineries limited demand for oil purchases. But major oil importers like India have been going through waves of infections that continue to threaten the expected pickup in global demand in the second half of this year.
Persons: Nick Oxford, Brent, Bob Yawger, Avtar Sandu Organizations: REUTERS, Mizhuo Securities, Organization of, Petroleum, Phillip Futures, Thomson Locations: Cushing , Oklahoma, U.S, Asia, India, Europe, Singapore
Oil prices retreat but outlook remains positive
  + stars: | 2021-06-08 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -0.98   time to read: +2 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File PhotoOil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about strong demand recovery kept a floor under prices. "A previous price surge that was probably premature, coupled with a stronger U.S. dollar and a correction on the stock markets, are weighing on oil prices," Commerzbank said. Also weighing on prices was data showing China's crude imports were down 14.6% in May on a yearly basis. "This deficit, however, is delusive because China was taking advantage of low oil prices a year ago, so the base is uncharacteristically high," oil brokerage PVM said.
Persons: Nick Oxford, Brent, Commerzbank, PVM, WTI Organizations: REUTERS, Organization of, Petroleum, Thomson Locations: Cushing , Oklahoma, . U.S, China, Europe, Britain
Oil rises on expectation that Iranian supply won't return soon
  + stars: | 2021-06-08 | by ( Stephanie Kelly | ) www.reuters.com + 0.00   time to read: +2 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. That could mean additional Iranian oil supply would not be re-introduced into the market soon. Barriers to the revival of Iran's nuclear deal remain ahead of talks due to resume this week between Tehran and world powers, four diplomats, two Iranian officials and two analysts said. read moreIn China, data showing China's crude imports were down 14.6% in May on a yearly basis weighed on futures. Restraint on supply by the Organization of the Petroleum Exporting Countries and allies has also helped buttress prices.
Persons: Nick Oxford, Trump, Antony Blinken, Brent, Phil Flynn, WTI, Commerzbank Organizations: REUTERS, . West Texas, Price Futures Group, Organization of, Petroleum, American Petroleum Institute, Thomson Locations: Cushing , Oklahoma, United States, Iran, U.S, Tehran, Chicago, China, Europe, Britain
Oil rises on expectations Iranian supply won't return soon
  + stars: | 2021-06-08 | by ( Stephanie Kelly | ) www.reuters.com + 0.00   time to read: +3 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. That could mean additional Iranian oil supply would not be re-introduced into the market soon. read moreBrent crude rose 73 cents, or 1%, to close at $72.22 a barrel, the highest it has settled since May 2019. U.S. West Texas Intermediate oil rose 82 cents, or 1.2%, to settle at $70.05 a barrel, highest since October 2018. read moreBarriers to the revival of Iran's nuclear deal remain ahead of talks due to resume this week between Tehran and world powers, four diplomats, two Iranian officials and two analysts told Reuters.
Persons: Nick Oxford, Trump, Antony Blinken, Brent, Phil Flynn, WTI, Commerzbank Organizations: REUTERS, . West Texas, Price Futures Group, United, Reuters, Organization of, Petroleum, U.S . Energy Information Administration, American Petroleum Institute, Thomson Locations: Cushing , Oklahoma, United States, Iran, U.S, Tehran, Chicago, China, Europe, Britain
Oil prices slip as coronavirus gloom festers
  + stars: | 2021-06-04 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. U.S. oil also fell 29 cents, or 0.4%, to $68.52, having dropped 2 cents in the previous session, while heading for a gain of more than 2% this week. "We continue to view oil demand recovery as largely a function of vaccinations," JPMorgan Chase commodities analysts said in a note. OPEC+ agreed on Tuesday to continue with supply restraint through July, lifting prices. Meanwhile U.S. crude inventories dropped more than forecast last week although fuel stocks rose, suggesting demand for end-products is not matching refinery output.
Persons: Nick Oxford, Brent Organizations: REUTERS, JPMorgan, of, Petroleum, Thomson Locations: Cushing , Oklahoma, U.S, America, Europe, OPEC, Brazil, India
Oil hits two-year high on OPEC+ discipline, demand hopes
  + stars: | 2021-06-04 | by ( Devika Krishna Kumar | ) www.reuters.com + 0.00   time to read: +3 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. The U.S. dollar weakened after the report, making oil cheaper for holders of other currencies and lending support to oil prices. read moreBrent crude rose 58 cents, or 0.8%, to settle at $71.89 a barrel, after touching $72.17, its highest since May 2019. U.S. West Texas Intermediate crude rose 81 cents, or 1.2%, to settle at $69.62. "Summer and the reopening of the global economy is bullish for oil demand in the second half of the year."
Persons: Nick Oxford, nonfarm, Brent, Baker Hughes, Stephen Brennock, Edward Moya, OANDA, Louise Dickson Organizations: REUTERS, Brent, of, Petroleum, U.S, . West Texas, Energy, Thomson Locations: Cushing , Oklahoma, United States, Iran, Tehran, Brazil, India
Departure of U.S. oilfield service firms could help margins return
  + stars: | 2021-06-01 | by ( Liz Hampton | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Nick OxfordDENVER (Reuters) - Small U.S. oilfield service companies are selling equipment and shutting their doors as business activity shrank last year and contract prices have remained below profitable levels despite oil-price gains. The departures of loss-making businesses have raised the hopes of larger firms that industry margins will rise. Discounted prices offered by less powerful competitors have hurt what larger service companies can charge, said Chris Wright, chief executive of hydraulic fracturing company Liberty Oilfield Services, in an interview. The company operates oilfield equipment in Texas and North Dakota. “We’re at about the bottom for pricing that we expected,” said Mark Chapman, vice president of oilfield services intelligence at consultancy Enverus.
Persons: Nick Oxford DENVER, Chris Wright, “ You’re, , Wright, , Mark Chapman, Chapman Organizations: REUTERS, U.S, Oilfield Services, Energy Services, ABC, Superior Energy, Legend Energy, Services Locations: Lea County , New Mexico, U.S, Oklahoma, Longview , Texas, Texas, North Dakota, New Mexico, In Louisiana
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. "Iranian oil entering in the international crude market may take some more time and hence the prices are still holding firm in the short term." Citi predicted OPEC+ would stick to plans to bring back 700,000 barrels per day (bpd) of oil supply in June, but the group's plan to step up supply by a further 840,000 bpd in July "might now be in question". While the market was supported on Wednesday by a bigger-than-expected drawdown in U.S. oil inventories, there are still concerns about demand shrinking in India, the world's third-largest oil consumer. "However, we don't think demand concerns in India will derail the narrative of global oil demand recovering," said Vivek Dhar, commodities analyst at Commonwealth Bank.
Persons: Nick Oxford, Brent, Sunilkumar Katke, Vivek Dhar Organizations: REUTERS, Nick, . West Texas, Axis Securities, Citi, Organization of, Petroleum, JPMorgan, Commonwealth Bank ., Thomson Locations: Cushing , Oklahoma, United States, Europe, India, OPEC, Iran
Global oil deficit seen at 1 mln bpd, Russia's Novak says
  + stars: | 2021-05-26 | by ( ) www.reuters.com sentiment -0.96   time to read: 1 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick OxfordGlobal oil deficit is currently seen at around 1 million barrels per day, Russia's deputy prime minister Alexander Novak told reporters on Wednesday. He added that the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, should take into account possible increase in oil production by Iran when considering its further steps. Our Standards: The Thomson Reuters Trust Principles.
Persons: Nick Oxford, Alexander Novak Organizations: REUTERS, Nick, Nick Oxford Global, Organization of Petroleum, Thomson Locations: Cushing , Oklahoma, OPEC, Iran
Oil steady near one week high as prospect of Iran glut wanes
  + stars: | 2021-05-25 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Nick Oxford/File PhotoTOKYO (Reuters) - Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered expectations of an early return of oil exporter Iran to international crude markets. Brent crude futures were down 1 cent at $68.45 a barrel by 0701 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures were off 8 cents at $65.97 a barrel, after gaining 3.9% the previous session. Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Parts of Europe and the United States are recording fewer infections and deaths, prompting governments to ease restrictions, but in other areas such as India - the world’s third-biggest oil importer - rates are still high.
Persons: Nick Oxford, Antony, Blinken, ” Sophie Griffiths, “ We’ve, Organizations: REUTERS, Brent, . West Texas, U.S, State, Sunday, CNN Locations: Midland , Texas, U.S, TOKYO, Iran, ., United States, Vienna, Tehran, Europe, India
Oil near one-week high as prospect of Iran glut wanes
  + stars: | 2021-05-25 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Nick Oxford/File PhotoLONDON (Reuters) - Oil prices slipped on Tuesday, but were near one-week highs after jumping more than 3% the previous session as investors tempered expectations of an early return of oil exporter Iran to international crude markets. Brent crude futures were down 30 cents, or 0.4%, at $68.16 a barrel by 1004 GMT, having jumped 3% on Monday. Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Still, the global recovery from the COVID-19 pandemic is patchy, indicating a mixed outlook for oil demand. Parts of Europe and the United States are recording fewer infections and deaths, prompting governments to ease restrictions, but in other areas such as India - the world’s third-biggest oil importer - rates are still high.
Persons: Nick Oxford, Antony Blinken, ” Commerzbank Organizations: REUTERS, Brent, . West Texas Locations: Midland , Texas, U.S, Iran, ., United States, Vienna, Tehran, Europe, India
Oil boom in New Mexico could stick taxpayers with cleanup costs -study
  + stars: | 2021-05-20 | by ( Nichola Groom | ) www.reuters.com sentiment -1.00   time to read: +2 min
A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. The issue is front and center in New Mexico, which has rapidly grown into the nation's third-largest oil producer. But those requirements are too low, according to the study, conducted by economics research firm The Center for Applied Research with cooperation from New Mexico state agencies that oversee oil and gas development. For plugging and abandoning individual oil and gas wells on state lands, the funding gap is about $86,100 per well. The shortfall in funding to close and clean up pipelines on state lands was about $211,000 per mile, the report said.
Persons: Nick Oxford, Stephanie Garcia Richard Organizations: REUTERS, Drillers, drillers, Applied Research, New, Thomson Locations: Lea County , New Mexico, U.S, New Mexico, United States, New
REUTERS/Nick OxfordTraders also noted that oil prices were reacting to rumors that the Iran nuclear talks were making progress, which could boost global crude supplies. [EIA/S]U.S. gasoline demand jumped to 9.2 million barrels per day (bpd) last week, its highest since March 2020. On Tuesday, Brent’s intraday rise to $70 a barrel came on optimism that oil demand would surge with the reopening of U.S. and European economies. Russian Deputy Prime Minister Alexander Novak, however, said oil prices were stable and the market had roughly balanced. A stronger dollar can weigh on oil prices because it makes the commodity more expensive for holders of other currencies.
Persons: Nick Oxford, WTI, , , John Kilduff, Sophie Griffiths, Alexander Novak Organizations: YORK, Federal, REUTERS, Nick, Nick Oxford Traders, U.S, West Texas, Colonial Pipeline, OANDA, U.S . Locations: COVID, Asia, Midland , Texas, U.S, Iran, Brent, New York, India, Taiwan, Vietnam, Thailand
Column: Oil prices capped by hedge fund profit-taking: Kemp
  + stars: | 2021-05-17 | by ( John Kemp | ) www.reuters.com + 0.00   time to read: +3 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford/File PhotoHedge funds cut their petroleum positions last week as oil prices neared the top of recent trading ranges and the cyberattack on the Colonial fuel pipeline looked set to cut crude processing and diesel output. The previous week’s bullishness faded as the market was hit by one of the largest waves of selling since the start of the year, probably a sign of profit-taking rather than a reassessment of the medium-term price outlook. The hedge fund community is still very bullish on oil prices, with the combined position across all six contracts amounting to 871 million barrels, putting it in the 80th percentile for all weeks since 2013. Benchmark crude prices have inched up by less than $4 per barrel over the last three months, after rising by almost $30 over the previous period.
Persons: Nick Oxford, Brent Organizations: REUTERS, ICE, U.S, Fund, Thomson Locations: Cushing , Oklahoma, U.S
Welcome back to 10 Things in Politics, your weekday look at the biggest stories in DC and beyond. President Joe Biden at the White House on April 6. MORE JOBS-REPORT FALLOUT: President Joe Biden said Americans receiving unemployment benefits must either take a job that is "suitable" or lose the support. Gina Raimondo; Official White House Photo by Adam Schultz; Jennifer Granholm; Deb Haaland. Today's trivia question: Dogs have had their days at the White House.
Persons: Anthony Fauci, Republican Sen, Rand Paul teeing, Joe Biden, Evan Vucci, Biden, Nick Oxford, Chipotle, Ghaith, Glenn Youngkin, Pete Snyder, Youngkin, Terry McAuliffe, Liz Cheney, Sen, Joni Ernst of Iowa, Cheney's, Ernst, Donald Trump, Cheney, Kevin McCarthy, McCarthy, Joe Biden's, Gina Raimondo, Adam Schultz, Jennifer Granholm, Deb Haaland, Team Biden, Major aren't, Biden's, Tedros Adhanom Ghebreyesu, Lo, Ben Affleck Organizations: Republican, White, Republicans, Reuters, Democratic, Costco, Washington Post, Politico, Drug Administration, Pfizer, BioNTech's, Former Carlyle Group, GOP, Gov, House Republicans, US Conference of Catholic, Team, New York Times, Health, Big Sky, Service Locations: Fauci, South Carolina , Montana, Arkansas, Fayetteville , Arkansas, Gaza, Jerusalem, Israel, Canada, Washington, India, Japan, Tokyo, Montana
Major airline CEOs call for summit to speed UK-US travel
  + stars: | 2021-05-11 | by ( David Shepardson | ) www.reuters.com sentiment -1.00   time to read: +2 min
American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. REUTERS/Nick Oxford/File PhotoThe chief executives of major U.S. and UK passenger airlines on Tuesday called for a summit with the two governments to speed the reopening of transatlantic travel. Since March 2020, the United States has barred nearly all non-U.S. citizens who have recently been in the UK. A coalition of U.S. and European travel, airline, union, business and airport groups called last week for a full reopening of the U.S.-UK air travel market "as soon as safely possible." read moreThe U.S. State Department on Monday eased its UK travel advisory ratings, lowering it to a "Level 3: Reconsider Travel" rating.
Persons: Nick Oxford, Pete Buttigieg Organizations: American Airlines, Tulsa International Airport, REUTERS, Delta Air Lines, United Airlines, British Airways, Virgin Atlantic, JetBlue Airways, Transportation, British Embassy, U.S, U.S ., U.S . State Department, Thomson Locations: Tulsa , Oklahoma, U.S, Washington, United States, Europe, Britain
Ark's Cathie Wood predicts 'serious correction' in commodities
  + stars: | 2021-05-11 | by ( David Randall | ) www.reuters.com + 0.00   time to read: +2 min
Fears of inflation have weighed heavily on growth stocks since the start of the year and helped bolster value stocks, which tend to benefit from rising commodities and higher interest rates. Deflation, rather than inflation, will likely be the dominant theme in global markets in the years ahead due to technological innovation, Wood said. Yields for the benchmark 10-year Treasury will likely stay within a range between 1.5% and 3%, she said, while oil prices are unlikely to go above $70 per barrel. While the investor rotation into value stocks has been "powerful," high-growth stocks remain attractive, Wood said. Wood, however, remains bullish that growth stocks such as Tesla Inc will continue to outperform over the next 5 years despite their recent declines.
Persons: Nick Oxford, Wood Organizations: REUTERS, Russell, Treasury, Investors, ARK Invest, Tesla Inc, Thomson Locations: Cushing , Oklahoma, U.S
Oil prices rise as U.S. crude oil inventory draws down
  + stars: | 2021-05-06 | by ( Jessica Jaganathan | ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Nick OxfordOil prices rose on Thursday, recouping early losses, as crude stockpiles in the United States, the world's largest oil consumer, fell more sharply than expected as refining output rose and exports surged. Brent crude oil futures rose by 17 cents, or 0.3%, to $69.13 a barrel by 0343 GMT, and U.S. West Texas Intermediate (WTI) crude futures gained by 8 cents, or 0.1%, to $65.71 a barrel. U.S. crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday. U.S. gasoline stocks rose by 737,000 barrels in the week, the EIA said, against a forecast for a 652,000-barrel draw. Pandemic-related restrictions in the United States and parts of Europe are easing, but infections are still on the rise in major crude oil importers India and Japan, capping price gains.
Persons: Nick Oxford, recouping Organizations: REUTERS, Nick, Brent, U.S . West Texas, Citi Group, Energy Information Administration, EIA, Commonwealth Bank of Australia, Commonwealth Bank, Thomson Locations: Midland , Texas, U.S, United States, Europe, India, Japan, Iraqi, Kirkuk
Oil prices slip despite big U.S. inventory fall
  + stars: | 2021-05-06 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Nick OxfordOil prices slipped after earlier gains on Thursday, weighed by rising COVID-19 infections in India and elsewhere, and despite a much sharper than expected fall in U.S. crude inventories. Brent crude oil futures fell by 28 cents, or 0.4%, to $68.68 a barrel by 0939 GMT, and West Texas Intermediate (WTI) U.S. crude futures lost31 cents, or 0.5%, to $65.32 a barrel. read more S/EIACrude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a 2.3 million barrel drop. This fall was chiefly due to "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years," Commerzbank said. They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.
Persons: Nick Oxford, Commerzbank Organizations: REUTERS, Nick, Brent, West Texas, Citi, Energy Information Administration, Thomson Locations: Midland , Texas, U.S, India, Europe
Oil prices slip despite hefty U.S. inventory fall
  + stars: | 2021-05-06 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Nick OxfordOil prices slipped after early gains on Thursday, pressured by rising COVID-19 infections in India and elsewhere and despite a much sharper than expected fall in U.S. crude inventories. Brent crude oil futures fell by 50 cents, or 0.7%, to $68.46 a barrel by 1236 GMT. read more S/EIACrude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels. This fall was chiefly attributable to "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years", Commerzbank analysts said. They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.
Persons: Nick Oxford, Commerzbank Organizations: REUTERS, Nick, Brent, West Texas, Citi, Energy Information Administration, Thomson Locations: Midland , Texas, U.S, India, Europe
Oil prices slip on worries of pandemic surge in India
  + stars: | 2021-05-06 | by ( Jessica Resnick-Ault | ) www.reuters.com sentiment -1.00   time to read: +2 min
Brent crude oil futures fell by 43 cents, or 0.6%, to $68.54 a barrel by 11:47 a.m. West Texas Intermediate (WTI) U.S. crude futures slipped 54 cents, or 0.8%, to $65.09. Yet easing restrictions in Europe and falling U.S. crude inventories supported prices. read more S/EIACrude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels. Commerzbank analystscited "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years".
Persons: Nick Oxford, Phil Flynn, Commerzbank Organizations: REUTERS, Nick, Brent, West Texas, Price Futures Group, Citi, Energy Information Administration, Thomson Locations: Midland , Texas, U.S, India, Saudi Arabia, Chicago, Europe
Oil prices fall 1% on worries of pandemic surge in India
  + stars: | 2021-05-06 | by ( Jessica Resnick-Ault | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Nick OxfordOil prices settled lower on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report a day earlier that U.S. crude inventories fell more sharply than expected. Brent crude oil settled lower by 87 cents, or 1.3%, at $68.09 a barrel. Yet easing restrictions in Europe and falling U.S. crude inventories supported prices. Commerzbank analysts cited "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years." They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.
Persons: Nick Oxford, Phil Flynn, Commerzbank Organizations: REUTERS, Nick, Brent, Texas, Price Futures Group, Citi, Energy Information Administration, EIA, Thomson Locations: Midland , Texas, U.S, India, Saudi Arabia, Chicago, Europe
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. "Crude oil prices appear to be supported by a large draw in crude and gasoline inventories, according to API figures," said Margaret Yang, a strategist at Singapore-based DailyFX. The upcoming summer driving season may further boost fuel demand and support oil prices." The rise in oil prices to nearly two-month highs has been supported by COVID-19 vaccine rollouts in the United States and Europe, paving the way for pandemic lockdowns to be lifted and air travel to pick up. So far that has more than offset a drop in fuel demand in India, which is battling a surge in infections.
Persons: Nick Oxford, Margaret Yang, Vivek Dhar Organizations: Midland , Texas U.S, REUTERS, Nick, U.S . West Texas, Brent, American Petroleum Institute, Reuters . Traders, U.S . Energy, EIA, Commonwealth Bank, COVID, ING, Thomson Locations: Midland , Texas, U.S, Singapore, India, Japan, United States, Europe
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