Oil Prices Rise Over 2% as US Inventories Decline aogdigital.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aogdigital.com Daily Mail and Mail on Sunday newspapers.
U.S. 2021 crude output to decline less than previously forecast, EIA says
U.S. crude oil production is expected to fall by 210,000 barrels per day (bpd) in 2021 to 11.10 million bpd, the U.S. Energy Information Administration (EIA) said on Wednesday, a smaller decline than its previous forecast for a drop of 230,000 bpd.
Source: Reuters
Oil prices have rebounded to their highest levels in about three years, helped by output curbs by the Organization of the Petroleum Exporting Countries and allies.
The rise has prompted some U.S. producers to increase drilling activity, with total rig counts rising for an 11th consecutive month in June. However, that was the smallest monthly increase since September 2020.
2021-07-07 22:06:04 GMT2021-07-08 06:06:04(Beijing Time) Xinhua English
NEW YORK, July 7 (Xinhua) Oil prices fell on Wednesday as major oil-producing countries failure to reach a deal on production policy stoked concerns over uncertainty.
The West Texas Intermediate for August delivery lost 1.17 U.S. dollars to settle at 72.20 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased 1.1 dollars to close at 73.43 dollars a barrel on the London ICE Futures Exchange.
Oil prices were quite volatile as investors awaited more clues after talks by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, collapsed on Monday.
Oil Futures Tumble For 2nd Straight Day, Settle Sharply Lower Crude oil prices tumbled on Wednesday after moving higher early on in the session, amid concerns that several leading oil producers will likely increase output following disagreement over output policy.
The Organization of the Petroleum Exporting Countries and their major allies failed to reach an agreement on output levels. The meeting, which was originally scheduled to happen last Thursday, first got postponed and then was abandoned altogether this Monday with no decision on production levels, after the United Arab Emirates and Saudi Arabia fell out with the former refusing to agree to a proposal backed by the latter.
U.S. 2021 crude output to fall less than previous forecast-EIA
Coming up: Weekly EIA inventory data at 1500 GMT
SINGAPORE, July 8 (Reuters) - Oil prices fell for a third day on Thursday amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned.
Brent crude oil futures slipped by 23 cents, or 0.3%, to $73.20 a barrel by 0644GMT, while U.S. West Texas Intermediate futures were down 33 cents, or 0.5%, at $71.87 a barrel.
Brent prices have fallen about 5% since Monday s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, fell apart when de facto leader Saudi Arabia refused demands from the United Arab Emirates to raise its output under the group s supply cut agreement.