LONDON: Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by a disruption to Libyan exports and expectations of a drop in U.S. crude inventories, although rising coronavirus cases in Asia limited gains.
Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities.
U.S. crude stockpiles are expected to drop by 2.9 million barrels in weekly reports.
Brent crude was up 86 cents, or 1.3%, to $67.91 a barrel by 0822 GMT after hitting $68, the highest since March 18, earlier. U.S. West Texas Intermediate (WTI) crude gained 85 cents, or 1.3%, to $64.23.
Oil Futures Settle Sharply Lower On Demand Worries
WASHINGTON (dpa-AFX) - Crude oil prices drifted lower on Tuesday amid rising concerns about outlook for energy demand due to surging coronavirus infections in India.
News about possible antitrust lawsuits against the Organization of the Petroleum Exporting Countries (OPEC) over production cuts weighed as well on the commodity s price.
West Texas Intermediate Crude oil futures May ended down $0.94 or about 1.5% at $62.44 a barrel, on the expiration day. WTI Contracts for June closed lower by $0.76 or 1.2% at $62.67 a barrel.
Brent crude futures were down $0.55 or 0.82% at $66.50 a barrel a little while ago.
Oil prices rose early on in the session after Libya s National Oil Corp (NOC) declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country s central bank.
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NEW YORK (Reuters) - Crude futures settled lower on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths surge to record highs.
FILE PHOTO: A general view of a refinery in Hobbs, New Mexico, U.S. September 18, 2019. REUTERS/Adria Malcolm/File Photo
Oil prices have risen steadily this year on anticipation that demand would recover, but while the United States and China are rebounding, numerous other countries are not.
“Unless major progress is seen beyond the key industrialized nations such as the U.S., the pandemic factor could require some downward adjustments in global oil demand expectations for this year,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Marathon Oil Provides Preliminary First Quarter 2021 Update
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HOUSTON, April 20, 2021 /PRNewswire/ Marathon Oil Corporation (NYSE: MRO) today provided preliminary information regarding certain first quarter 2021 financial and operational estimates in light of uncertainty from Winter Storm Uri. The Company will report final first quarter results on Wednesday, May 5, after the close of U.S. financial markets. The Company will conduct a conference call on Thursday, May 6, at 9 a.m. ET.
Preliminary 1Q21 Results
Cash flow from operations of $610 million to $630 million, including $10 million to $20 million of negative changes in working capital
Cash additions to property, plant, and equipment of approximately $200 million
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