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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
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. Portfolio managers were big buyers of both NYMEX and ICE WTI (+28 million barrels) and Brent (+23 million) and small purchasers of European gas oil (+4 million), but sellers of U.S. diesel (-1 million) and gasoline (-2 million). In NYMEX WTI, the number of bearish short positions has fallen to its lowest for more than two years as the renewed uptrend in prices forces short sellers to buy back their positions (tmsnrt.rs/3xf8Eyw). Related columns:- Oil output restraint draws hedge fund buying (Reuters, June 7)- U.S. shale restraint pushes oil prices to multi-year high (Reuters, June 4)- Empty supply chain will keep global economy booming (Reuters, June 3)- Oil funds trim positions as prices approach post-pandemic high (Reuters, June 1) (Editing by David Goodman)
Persons: John Kemp, Brent, WTI, David Goodman Organizations: ICE, . diesel, diesel, Reuters Locations: United States, China, U.S, OPEC, Iran
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
Oil prices climb as demand outlook improves, supplies tighten
  + stars: | 2021-06-14 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -0.96   time to read: +2 min
The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. U.S. West Texas Intermediate gained 47 cents, or 0.7%, to $71.38 a barrel, the highest since October 2018. read moreThe 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. read more"OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the IEA said. It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Alexey Malgavko, Brent, Avtar Sandu, Goldman Sachs, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, Phillip Futures, of, Petroleum, International Energy Agency, Thomson Locations: Omsk, Russia, North America, Europe, India, Singapore, OPEC
Oil holds near multi-year highs amid demand recovery
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -0.99   time to read: +1 min
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020. U.S. oil rigs rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report. It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Brent, Goldman Sachs, Baker Hughes Organizations: . West Texas, of, Petroleum, International Energy Agency Locations: Dyurtyuli, Republic of Bashkortostan, Russia, 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
IEA sees OPEC+ spare capacity gaining slightly in 2022
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Dado Ruvic/File PhotoThe International Energy Agency expects spare capacity in the OPEC+ alliance to rise by 180,000 barrels per day (bpd) next year to 50.55 million bpd, driven by hikes from Mideast Gulf producers. Capacity is expected to slip for some West African producers, IEA data shows. The IEA anticipates the call on OPEC+ crude to rise by 1.2 million bpd to 43.3 million bpd next year. For the fourth quarters of this year and next, however, the agency expects the figure to rise to 44 million bpd. "OPEC+ effective spare capacity (excluding shut-in Iranian crude) in 2021 would fall to 5 million bpd in the fourth quarter but in 2022 it could stand at 5.1 million bpd given the planned capacity expansions," the IEA said.
Persons: Dado Organizations: REUTERS, International Energy Agency, Mideast Gulf, Organization of, Petroleum Export, West, IEA, ING, Thomson Locations: OPEC, Saudi Arabia, Kuwait, UAE, Iraq, Russia
Oil rises to fresh multi-year highs on demand recovery
  + stars: | 2021-06-11 | by ( Dmitry Zhdannikov | ) www.reuters.com sentiment -0.98   time to read: +1 min
Oil prices rose on Friday to fresh multi-year highs and were set for their third weekly jump on expectations of a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. read moreThe International Energy Agency said in its monthly report that OPEC+ oil producers would need to boost output to meet demand set to recover to pre-pandemic levels by the end of 2022. "OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the Paris-based energy watchdog said. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. "Even the jet fuel market is showing signs of improvement, with flights in Europe rising 17% over the past two weeks, according to Eurocontrol," ANZ analysts said.
Persons: Goldman Sachs, Brent, Eurocontrol Organizations: Brent, . West Texas, International Energy Agency, OPEC, ANZ Research, ANZ, Thomson Locations: Europe, China, United States, OPEC, Paris, Saudi Arabia, Russia, North America
Oil hits fresh multi-year highs on demand recovery
  + stars: | 2021-06-11 | by ( Laila Kearney | ) www.reuters.com + 0.00   time to read: +2 min
Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs. Brent crude futures rose 35 cents to $72.87 a barrel by 11:20 a.m. EDT (1520 GMT), a day after closing at their highest since May 2019. U.S. West Texas Intermediate (WTI) crude futures were up 70 cents at $70.99 a barrel, a day after their highest close since October 2018. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. U.S. investment bank Goldman Sachs said it expects Brent crude prices to reach $80 per barrel this summer as vaccine rollouts boost global economic activity.
Persons: Brent, Phil Flynn, Goldman Sachs, Eurocontrol, Baker Hughes Organizations: Brent, U.S . West Texas, Price Futures Group, The International Energy Agency, Organization of Petroleum, OPEC, ANZ Research, ANZ, Energy, Thomson Locations: U.S, Chicago, OPEC, Paris, Saudi Arabia, Russia, North America, Europe
Oil hits multi-year highs in third weekly gain on demand recovery
  + stars: | 2021-06-11 | by ( Laila Kearney | ) www.reuters.com + 0.00   time to read: +2 min
Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. U.S. West Texas Intermediate (WTI) crude futures settled at$70.91 a barrel,up 62 cents, settling at their highest since October 2018. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. U.S. investment bank Goldman Sachs (GS.N) said it expects Brent crude prices to reach $80 per barrel this summer as vaccine rollouts boost global economic activity.
Persons: Brent, WTI, Phil Flynn, Goldman Sachs, Andy Lipow, Eurocontrol, Baker Hughes Organizations: Brent, U.S . West Texas, Price Futures Group, The International Energy Agency, of, Petroleum, OPEC, Lipow Oil Associates, ANZ Research, ANZ, Thomson Locations: U.S, Chicago, OPEC, Paris, Saudi Arabia, Russia, North America, Europe, Houston
Oil rally has more room to run, Brent expected to hit $80/bbl - Goldman
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.89   time to read: +2 min
A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations of stronger demand. Brent futures were trading at $72.21 a barrel on Friday, while U.S. West Texas Intermediate (WTI) crude was around $70 a barrel. Goldman, which has longstanding commodity sector expertise, expects recovery in oil demand to continue and sees global demand reaching 99 mb/d in August. Iran and global powers have been negotiating since April to lift sanctions on Tehran, which have hit its economy hard by cutting its vital oil exports.
Persons: Angus Mordant, Goldman Sachs, Brent, Goldman, Antony Blinken Organizations: REUTERS, U.S, West Texas, Thomson Locations: Mentone, Loving County , Texas, U.S, Europe, Iran, Tehran, United States, OPEC
OPEC+ will need to boost output to meet 2022 demand recovery -IEA
  + stars: | 2021-06-11 | by ( Noah Browning | ) www.reuters.com sentiment -0.99   time to read: +2 min
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. "If sanctions on Iran are lifted, an additional 1.4 million bpd could be brought to market in relatively short order." "This roadmap notes that most pledges by countries are not yet underpinned by near‐term policies and measures," the IEA said on Friday. "Oil demand looks set to continue to rise, underlining the enormous effort required to get on track to reach stated ambitions."
Persons: Ramzi Boudina Organizations: Organization of, Petroleum, REUTERS, International Energy Agency, OPEC, IEA, Thomson Locations: Algiers, Algeria, OPEC, Paris, Saudi Arabia, Russia, Iran,
OPEC+ complies with 115% of agreed oil curbs in May - source
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.99   time to read: 1 min
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File PhotoOPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, according to figures given by an OPEC+ source on Friday. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, complied with 115% of agreed output curbs in May, the source said. OPEC said this week the April figure was 114%. read moreOPEC+ is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs, as demand recovers from the pandemic.
Persons: Dado Ruvic Organizations: REUTERS, OPEC, of, Petroleum, Thomson Locations: OPEC
OPEC sticks to forecast of oil demand surge in second half of 2021
  + stars: | 2021-06-10 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
LONDON, June 10 (Reuters) - OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China, although it cited uncertainties around the path of the pandemic. “Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half,” it said. The price has gained 39% this year on rising demand and supply cuts by OPEC and its allies, known as OPEC+. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. Output in May rose 390,000 bpd to 25.46 million bpd, OPEC said.
Persons: Edmund Blair Organizations: Organization of, Petroleum, OPEC Locations: United States, China, Japan, India, OPEC, Iran
REUTERS/Dado RuvicOPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group. "Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," it said. TOWARDS REBALANCEOPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. Output in May rose 390,000 bpd to 25.46 million bpd, OPEC said. In theory this allows for more of the OPEC+ cuts to be unwound in the second half.
Persons: Dado Organizations: REUTERS, Organization of, Petroleum, OPEC, Thomson Locations: United States, China, Japan, India, OPEC, Iran, Saudi Arabia, Saudi
Accelerating Oil Demand Will Shrink Global Glut, OPEC Says
  + stars: | 2021-06-10 | by ( David Hodari | ) www.wsj.com sentiment -0.82   time to read: +1 min
The rebound in global oil demand is set to accelerate in the second half of 2021 as the world continues to burn through the supply glut it accrued last year, the Organization of the Petroleum Exporting Countries said Thursday. In its monthly market report, OPEC highlighted data showing that the crude inventories of the world’s developed countries had slipped to around 34 million barrels above the average level for 2015-19. OPEC’s report on Thursday confirmed its expectations that vaccination rollouts, stimulus measures and pent-up demand will add momentum to a resurgence in oil demand. Rising consumption of transportation fuels like gasoline mean oil demand will increase to 99 million barrels a day in the second half of 2021, a 5% increase on its level in the first six months of the year, OPEC said. Demand in the fourth quarter is expected to be 99.82 million barrels a day, just 150,000 barrels below 2019’s pre-pandemic average.
Organizations: Organization of, Petroleum Locations: Vienna
Oil hits two-year highs on rising demand expectations
  + stars: | 2021-06-10 | by ( Scott Disavino | ) www.reuters.com + 0.00   time to read: +2 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The market shook off a brief plunge after media reports suggested the United States lifted sanctions on Iranian oil officials. The Organization of the Petroleum Exporting Countries said oil demand would rise by 6.6%, or 5.95 million barrels per day (bpd), this year. The demand outlook continues to strengthen and supplies are not necessarily keeping up," said John Kilduff, partner at Again Capital LLC in New York. Analysts have said Iran could provide about 1 million to 2 million barrels per day (bpd) in additional oil supply if a deal is struck and sanctions lifted.
Persons: Brent, Louise Dickson, John Kilduff, Kilduff Organizations: REUTERS, Drone, U.S . Treasury, U.S, Reuters, West Texas, Rystad Energy, of, Petroleum, Thomson Locations: Cushing , Oklahoma, U.S, United States, Iran, WTI, New York, OPEC, Russia
Oil eases after hitting two-year highs; Iran talks in focus
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil eased after hitting a two-year peak on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. In another hopeful step for demand, India is easing its lockdown and OPEC and its allies are sticking to agreed supply restraints through July. read moreBrent crude fell 35 cents, or 0.5%, to $71.54 a barrel by 0810 GMT, after earlier hitting $72.27, the highest since May 2019. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
Persons: Richard Carson, Brent, Jeffrey Halley, WTI, Avtar Sandu Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore, Iran, Vienna, Washington
Oil eases on Iran concern after hitting two-year high above $72
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil eased after hitting a two-year high above $72 a barrel on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. Brent crude fell 62 cents, or 0.9%, to $71.27 by 0920 GMT, after earlier hitting $72.27, the highest since May 2019. The chance of more Iranian supply, and a drop in China's crude imports, also weighed. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
Persons: Richard Carson, Brent, Jeffrey Halley, Eugen Weinberg, Commerzbank, WTI, Avtar Sandu Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore, Iran, Vienna, Washington
Oil hits two-year high above $72 on demand hopes, OPEC+ curbs
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.94   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil jumped to a two-year high above $72 a barrel on Monday, extending this year's rally supported by recovering demand and OPEC+ supply curbs, before giving up the gains as investors took profits. Demand is rising in the United States and Europe as COVID-19 restrictions are loosened and, in another hopeful step for fuel use, India eases its lockdown. "Oil demand has been rising this year and many traders have bet on the expected summer uptick, buying oil at cheaper prices before and now reaping the profits," said analyst Louise Dickson of Rystad Energy. read moreNonetheless, there is still solid price support from both the demand and supply sides, Commerzbank said.
Persons: Richard Carson, Brent, Louise Dickson, Jeffrey Halley, WTI, Avtar, Commerzbank, Eugen Weinberg Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Rystad Energy, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore
Oil pulls back after hitting 2-year high on OPEC+ curbs
  + stars: | 2021-06-07 | by ( Laila Kearney | ) www.reuters.com sentiment -1.00   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil prices dipped on Monday, pulling back from two-year highs reached on expectations of improved demand and OPEC producers keeping supply curbs in place. Global demand has risen as the United States and Europe have loosened COVID-19 restrictions, while India has begun to ease its latest lockdown. read moreThe Organization of the Petroleum Exporting Countries and its allies have boosted oil prices by sticking to supply restraints through July. On Monday, OPEC Secretary General Mohammad Barkindo said the producer group expects inventories to fall further in coming months.
Persons: Richard Carson, Brent, Jeffrey Halley, Mohammad Barkindo, John Kilduff, WTI, Avtar Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, of, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, India, China, Europe, United States, New York, Singapore
OPEC chief, in upbeat oil outlook, sees oil stocks falling further
  + stars: | 2021-06-07 | by ( ) www.reuters.com sentiment -0.83   time to read: +2 min
Oil stocks in developed world nations fell by 6.9 million barrels in April, Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit, 160 million barrels lower than the same time one year ago, making the figure public for the first time. The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day (bpd) to the market from May through July. The producers stuck to that decision at a meeting last week, sparking a rise in oil prices. While he noted that vaccine rollouts and the "massive fiscal stimulus" aided an upbeat outlook, he said uneven global vaccine availability, high inflation and continued COVID-19 outbreaks were continued risks to oil demand. During a later panel discussion at the conference, he added that while OPEC did not deny climate change, the global economy still needs oil.
Persons: Mohammad Barkindo, Barkindo Organizations: Nigeria International Petroleum Summit, of, Petroleum, OPEC, Thomson Locations: Nigeria, OPEC
US oil hits $70 for the first time in nearly three years
  + stars: | 2021-06-06 | by ( Matt Egan | Cnn Business | ) edition.cnn.com sentiment -0.76   time to read: +1 min
New York (CNN Business) US oil prices hit $70 a barrel on Sunday for the first time in nearly three years. The $70 mark is a staggering $110 a barrel above that record low. The last time the US benchmark oil contract traded above $70 was October 2018. OPEC and Russia continue to restrain supply as well, though they plan to pump more in the coming months. "OPEC+ is content to postpone tinkering with their production targets for now."
Persons: Jeffrey Halley Organizations: CNN Business, Texas Intermediate, Asia Pacific Locations: York, Russia, India, Europe, Oanda, OPEC
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
Officials say there's been progress, but it remains unclear when negotiations could conclude and oil prices have been seesawing as a result. Brent crude was lower by 0.13% at $71.22 on Friday in Asia, while U.S. crude futures were down 0.1% at $68.75. "We suspect accelerating demand and OPEC+'s disciplined supply response will support oil prices," Pickle wrote in a note, referring to OPEC and its allies. PVM Oil Associates expects Brent prices to reach $80 per barrel by the fourth quarter of 2021, Varga said. Supply may lag demandGoldman Sachs sees Brent crude prices rising at a faster pace, and predicts the international benchmark could hit $80 by the third quarter of this year.
Persons: Askin Kiyagan, Goldman Sachs, Damien Courvalin, Germany —, repricing, Goldman Sachs Courvalin, CNBC's, Courvalin, Morgan Stanley, Brent, Tamas Varga, Austin Pickle, Pickle, Varga, Nareeka Ahir Organizations: Wien, Anadolu Agency, Getty, U.S, PVM Oil Associates, CNBC, Wells, Wells Fargo Investment Institute, PVM Oil, P, Analytics, P Global Locations: Iran, Vienna, Austria, China, Russia, France, Germany, Tehran, Washington, Asia, Wells Fargo, OPEC, U.S, Europe
After sharp weekly gains, oil prices slip as coronavirus gloom persists
  + stars: | 2021-06-04 | by ( ) www.cnbc.com + 0.00   time to read: +3 min
Oil prices eased on Friday as concerns about the patchy roll-out of COVID-19 vaccinations around the globe tempered optimism over recovering fuel demand. U.S. oil fell 10 cents, or 0.2%, to $68.71, having dropped 2 cents in the previous session, while heading for a gain of nearly 4% this week. But I expect the pullback to be modest, as the broader narrative of a strong U.S. economic and oil demand rebound is well-entrenched," said Vandana Hari, energy analyst at Vanda Insights. "We continue to view oil demand recovery as largely a function of vaccinations," JPMorgan Chase commodities analysts said in a note. Prices rose earlier this week as the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the grouping known as OPEC+ predicted demand will exceed supply in the second half of 2021.
Persons: Brent, Vandana Hari, Hari Organizations: Vanda Insights, JPMorgan, of, Petroleum, OPEC Locations: Almetyevsk, Russia, COVID, U.S, America, Europe, OPEC, Iran, Brazil, India
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