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Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya, and sanctions against Russia outweighed fears of a demand-sapping global recession. Eurozone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. Brent crude rose $2.26, or 2%, to $113.89 a barrel by 12:47 p.m. ET (1648 GMT) after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63, in thin volume during the U.S. Independence Day holiday.
Crude oil production by OPEC and its partners fell to a six month low of 41.58 million b/d in April as Russian production took a battering from Western sanctions
London, May 5 (AP) OPEC and allied oil-producing countries have decided to stick to a modest increase in production, even as Europe's proposed phaseout of Russia oil threatens to yank millions of barrels off a global market already thirsty for crude.
"The Organisation of Petroleum Exporting Countries (OPEC) yesterday said with all current market dynamics at play, the global oil supply market could have as much as 240 million barrels of emergency crude oil in the next six months."
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.
It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier.
U.S. shale producers and OPEC, who not long ago were waging a price war, this week found themselves on similar sides as oil prices have surged well above $100 a barrel: in no rush to rapidly boost production.
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
The OPEC+ cooperation is facing a possible breakdown following Russia’s military invasion of Ukraine. Russia’s aggressive military moves towards Ukraine will have a negative impact on the oil market cooperation between OPEC and Russian-led non-OPEC members.
Tight oil supply has also given impetus to booming energy markets, and the report from the Organization of the Petroleum Exporting Countries also showed the group undershot a pledged oil-output rise in January under its pact with allies.
OPEC+ may decide on Wednesday to announce a larger production increase for March than the usual 400,000 barrels per day, considering the oil price rally to $90 and the potential for renewed discontent from major oil importers at these high price levels, Goldman Sachs said in a Tuesday note. “We view growing potential for a faster ramp-up at this meeting,
Brent crude touched $90 per barrel briefly this week for the first time in years. This latest jump was attributed to tensions around Ukraine, but this is the most transitory reason for oil price rises. The bigger reasons all have to do with fundamentals. And $90 per barrel of Brent may be only the beginning.
MELBOURNE, Jan 11 (Reuters) - Oil prices rose on Tuesday after two days of losses, with some risk appetite returning as the market awaited clues from the U.S. Federal Reserve chairman on potential rate rises and as some oil producers continued to struggle to beef up output. Brent crude futures gained 26 cents, or 0.3%, to $81.13 a barrel at 0156 GMT, after dropping 1% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $78.53 a barrel, after falling 0.8% on Monday.
Crude oil futures were trading lower and the natural gas futures were trading higher on the Multi Commodity Exchange (MCX) on Thursday morning. January crude oil futures were trading at ₹5,726 in the initial hour of Thursday morning trade as against the previous close of ₹5,828, down by 1.75 per cent. March Brent oil futures were at $79.69, down by 1.37 per cent and February crude oil futures on WTI were trading at $76.80, down by 1.35 per cent.
LAGOS – Global benchmark Brent earlier on Tuesday surpassed $80, its highest since November. This is as Nigeria’s crude oil output is expected to increase to 1.701 million barrels per day next month from the 1.649 million barrels per day it has recorded since last November. The increase was sequel to Tuesday’s OPEC and non- OPEC ministerial meeting which reaffirmed a 400,000-barrel per day increase in the monthly overall crude oil production and export for member countries.
Oil prices advanced on Monday as investors are awaiting a key meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, Trend reports citing Xinhua. The West Texas Intermediate (WTI) for February delivery added 87 cents, or 1.2 percent, to settle at 76.08 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased 1.2 dollars, or 1.5 percent, to close at 78.98 dollars a barrel on the London ICE Futures Exchange. OPEC+ is set to meet on Tuesday via videoconference, where the oil alliance is expected to decide whether to continue increasing output in February.