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Oil falls over 1%; extends losses as investors brace for more supplies

By Florence Tan SINGAPORE (Reuters) - Oil prices fell more than 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world s largest consumer. Brent crude futures for September dropped 91 cents, or 1.2%, to $73.85 a barrel by 0158 GMT while U.S. West Texas Intermediate (WTI) crude for August was at $72.21 a barrel, down 92 cents, or 1.3%. Both benchmarks slid more than 2% on Wednesday after Reuters reported that Saudi Arabia and the UAE reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool soaring prices.

Saudi arabiaUnited statesFlorence tanRichard pullinEdward moyaAvtar sanduEnergy information administrationOrganization of the petroleum exporting countriesTexas intermediatePhillips futuresPetroleum exporting countriesAna nicolaciசவுதி அரேபியாஒன்றுபட்டது மாநிலங்களில்புளோரன்ஸ் பழுப்புஎட்வர்ட் மொயா

Oil prices extend losses as investors brace for more supplies

U.S. crude stockpiles fall for eighth week in a row - EIA U.S. fuel stocks rose despite reduced refinery output - EIA SINGAPORE, July 15 (Reuters) - Oil prices extended losses on Thursday as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose last week, raising concerns about demand at the world’s largest consumer. Brent crude futures for September dropped 44 cents, or 0.6%, to $74.32 a barrel by 0053 GMT while U.S. West Texas Intermediate (WTI) crude for August was at $72.61 a barrel, down 52 cents, or 0.7%. Both benchmarks slid 2% on Wednesday after Reuters reported that Saudi Arabia and the UAE reached a compromise that should pave the way to a deal to supply more crude to a tight oil market and cool soaring prices.

Saudi arabiaUnited statesFlorence tanEdward moyaThomson reuters trust principlesEnergy information administrationOrganization of the petroleum exporting countriesTexas intermediatePetroleum exporting countriesAna nicolaciThomson reuters trustசவுதி அரேபியாஒன்றுபட்டது மாநிலங்களில்புளோரன்ஸ் பழுப்புஎட்வர்ட் மொயாதாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை ப்ரிந்ஸிபல்ஸ்

Saudi Arabia, UAE in talks on OPEC+ crisis

Saudi Arabia, UAE in talks on OPEC+ crisis The Punch Published 15 July 2021 Saudi Arabia, the de facto leader of the Organisation of the Petroleum Exporting Countries, was deep in talks with the United Arab Emirates on Wednesday to resolve a dispute over UAE’s output target. Last week, OPEC and its allies, a group called OPEC+, cancelled a meeting due to clashes over plan to increase supply to meet rising global demand. The discussions between Saudi Arabia and UAE centered around a preliminary understanding to grant the UAE a new production baseline of 3.65 million barrels per day from May 2022, according to a source involved in the meeting, S&P Global Platts reported on Wednesday.

Saudi arabiaUnited arab emiratesOrganisation of the petroleum exporting countriesPetroleum exporting countriesசவுதி அரேபியாஒன்றுபட்டது அரபு அமீரகங்கள்ஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள்பெட்ரோலியம் ஏற்றுமதி நாடுகள்

Oil falls 1% as market eyes increased supplies

Oil falls 1% as market eyes increased supplies
thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.

Saudi arabiaUnited statesAvtar sanduEnergy information administrationOrganization of the petroleum exporting countriesGoldman sachsTexas intermediatePhillips futuresPetroleum exporting countriesசவுதி அரேபியாஒன்றுபட்டது மாநிலங்களில்அவதார் சந்துஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள்கோல்ட்மேன் சாக்ஸ்டெக்சாஸ் இடைநிலைபிலிப்ஸ் எதிர்காலங்கள்

Crude oil falls 1% on prospect of more supplies - The Hindu BusinessLine

Crude oil falls 1% on prospect of more supplies - The Hindu BusinessLine
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

Saudi arabiaUnited statesEdward moyaAvtar sanduEnergy information administrationOrganization of the petroleum exporting countriesTexas intermediatePhillips futuresPetroleum exporting countriesசவுதி அரேபியாஒன்றுபட்டது மாநிலங்களில்எட்வர்ட் மொயாஅவதார் சந்துஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள்டெக்சாஸ் இடைநிலைபிலிப்ஸ் எதிர்காலங்கள்