By Aaron Sheldrick TOKYO (Reuters) - Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic. Brent crude was down 20 cents, or 0.3%, at $73.27 a barrel by 0018 GMT and is heading for a 3% decline this week after two days of heavy declines. U.S. crude fell 12 cents, 0.2%, to $71.53 a barrel, and is on track for a decline of about 4% this week. Discussions on supply policy within the Organization of the Petroleum Exporting Countries, Russia and other producers, a group called OPEC+, ended without agreement this month after the United Arab Emirates (UAE) objected to extending the output policy beyond April 2022.
Roller Coaster Crude Market Dips Again On Demand, Glut Fears
by Ship & Bunker News Team
Thursday July 15, 2021 But major banks maintain that a strong market recovery is still on track: File Image/Pixabay The roller coaster crude trading market dipped on Thursday less than a day after it reported gains of almost
2 percent, as traders resumed their worries over a glut of supply and the notion that demand isn t as robust as hoped. Brent settled
$71.65 per barrel, down
Saudi Arabia and the
United Arab Emirates have reached an accord that should gradually ease
Organization of the Petroleum Exporting Countries (OPEC) output restrictions, the deal has yet to be finalized.
India has been facing a sharp rise in petrol prices over the past few months. (Representational)
New Delhi:
Petroleum Minister Hardeep Singh Puri on Thursday called Organization of the Petroleum Exporting Countries kingpin Saudi Arabia to convey India s concerns about high oil prices which have pushed fuel rates to a record high.
A day after he spoke to his UAE counterpart, Mr Puri spoke to Prince Abdul Aziz bin Salman Al Saud, Minister of Energy of Saudi Arabia. He had on Saturday spoken to his Qatari counterpart. Saudi Arabia is a central player in the international energy market, he tweeted. I conveyed my desire to work with His Royal Highness Prince Abdulaziz to bring greater predictability and calm in the global oil markets, and also to see hydrocarbons become more affordable.
Provided by Dow Jones
U.S. oil prices end near 1-month low on OPEC compromise expectations, COVID concerns Oil futures fall Thursday, extending a slump that began in the previous session after data showed a rise in U.S. fuel supplies and reports said the United Arab Emirates and the Organization of the Petroleum Exporting Countries reached a compromise that would allow a further relaxation of output curbs beginning next month.
Natural Gas Prices Drop on Rising Storage Natural gas prices fell 1.3%, marking a third straight session of declines due to temperatures around the country not being quite as high as many bullish forecasts.
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Oil falls a third day as supply worries mount Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic.
FILE PHOTO: A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia, March 11, 2019. REUTERS/Vasily Fedosenko
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TOKYO: Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic.