Oil climbs on solid demand outlook as market awaits fresh cues
Published 1 hour ago
By Shu Zhang and Sonali Paul
SINGAPORE (Reuters) -Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage.
U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57 a barrel at 0646 GMT, adding to a 36 cent rise on Tuesday.
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Brent crude futures climbed 31 cents, or 0.45% to $68.86 a barrel, adding to a 23 cent gain on Tuesday. Oil markets maintained their wait-and-see approach to the noise and tail-chasing seen elsewhere overnight, Jeffrey Halley, OANDA senior market analyst, wrote in a Wednesday note.
Major oil exporting countries increase pumping
Major oil exporting countries increase pumping
12 de mayo de 2021, 0:15
Vienna, May 12 (Prensa Latina) The Organization of the Petroleum Exporting Countries (OPEC) reported that their joint production increased to 25.08 million barrels a day (mbd) in April.
The data corresponds to 13 partners and accounts for 26,000 barrels a day (bd) more than in March, mainly due to the work of Iran, Saudi Arabia and Nigeria.
The report indicated that the country with the highest increase in its extractions was Nigeria, totaling 1,548,000 bd last month, which represents a rise of 75,000 bd compared to March.
Iran and Saudi Arabia are next, with additional 73,000 and 34,000 bd to the market, respectively, increasing their extractions to 3.92 and 8.13 million bd.
Archyde
May 12, 2021 by archyde
Oil prices rose, on Wednesday, after a decrease in US crude stocks strengthened OPEC’s expectations for an increase in demand, while the market awaited new developments regarding the suspension of the Colonial Pipeline system of pipelines in the United States.
During the day, US West Texas Intermediate crude futures rose 29 cents, equivalent to 0.44%, to $ 65.57 a barrel after gaining 36 cents on Tuesday.
Brent crude futures rose 31 cents, or 0.45%, to $ 68.86 a barrel, after rising 23 cents on Tuesday.
“Oil markets have continued their wait-and-see approach towards the hustle and bustle and pointless moves elsewhere in the night,” Geoffrey Haley, chief market analyst at Oanda, wrote in a note Wednesday.
Oil falls on fading pipeline outage fears, Indian Covid-19 crisis
May 12, 2021
LONDON: Oil prices fell on fading fears of a prolonged outage at the largest US fuel pipeline system while India’s coronavirus crisis and a tech-led sell-off in global stock markets also weighed.
Brent crude futures dropped $0.83, or 1.21%, to $67.49 a barrel by 1232 GMT. US West Texas Intermediate (WTI) crude futures fell $0.84, or 1.29%, to $64.08. Global stock markets suffered a second day of sharp losses on Tuesday as a combination of inflation worries, lofty valuations and an anti-monopoly drive in China sent the world’s mightiest tech giants tumbling.
Colonial Pipeline, which transports more than 2.5 million barrels per day (bpd) of gasoline, diesel and jet fuel, on Monday said that it was working to restore much of its operations by the end of the week. Traders booked at least four tankers to store refined oil products off the US Gulf Coast refining hub after a cyberattack that knocked out t