WTI NEWS

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.

Brent futures fell 37 cents, or 0.3 per cent, to $110.53 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3 per cent, to $107.93 a barrel.

Brent crude futures rose 21 cents, or 0.2%, to $113.37 a barrel at 0020 GMT, while U.S. West Texes Intermediate (WTI) crude futures slipped 2 cents to $109.19 a barrel.

Investing.com – Oil was down on Friday morning in Asia and was set for a weekly loss of 3% after consuming countries agreed to release a total of 240 million barrels of oil from emergency stocks.

Brent crude futures fell $1.82, or 1.6%, to $110.85 a barrel by 6:47 p.m. ET (2247 GMT). WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel.

TOKYO (REUTERS) - Crude oil jumped while the rouble plunged nearly 30 per cent to a record low on Monday (Feb 28) after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the Swift global payments system.

US West Texas Intermediate crude rose 44 cents at 0017GMT at $92.51 a barrel, after the contract ended Tuesday's trading down 3.6 per cent

USD/INR leaps to 74.41, up 0.20% intraday during the fourth consecutive day of an upside momentum amid early Tuesday. The Indian rupee (INR) pair tracks the US Treasury yields and firmer oil prices to extend the north-run towards the monthly peak. That said, the US 10-year and 5-year Treasury yields refresh two-year highs while the 2-year bond coupon jumps to the February 2020 levels at the latest. Also portraying the risk-off mood is the S&P 500 Futures drop 0.45% by the press time. “The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.62%-6.66% band today, a trader with a private bank said. The note ended at 96.27 rupees, yielding 6.64%, the highest since Jan. 20, 2020, yesterday. The Indian rupee was at 74.24 per dollar yesterday,” said Reuters.

WTI crude oil follows broad based risk-on sentiment and closed higher overnight. Rise from 62.90 resumed by breaking through 80.63 temporary top and hits as high as 81.79 so far. Current rally is expected to target 161.8% projection of 62.90 to 73.66 from 66.46 at 83.86, which is close to 85.92 high. Rise from 62.90 is seen as the second leg of the consolidation pattern from 85.92 only. Hence, we’re not expecting a firm break of 85.92 yet. Instead, another fall should be seen before the consolidation completes. Break of 77.97 support will indicate rejection by 85.92 and target 73.66 resistance turned support first.

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.

SINGAPORE :Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections. Brent crude gained 16 cents, or 0.2per cent, at US$81.91 a barrel at 0406 GMT, while U.S. West Texas Intermediate (WTI) crude was up 15 cents, or 0.2per cent, at US$79.05 a barrel. Oil prices gained 5per cent last week after protests in Kazakhstan disrupted train lines and hit production at the country's top oilfield Tengiz, while a pipeline maintenance in Libya pushed production down to 729,000 barrels per day from a high of 1.3 million bpd last year.

SINGAPORE :Oil prices lost ground on Thursday, falling more than US$1 a barrel from their highest levels in more than a month after U.S. fuel stockpiles surged amid declining demand. The global benchmark Brent crude futures fell US$1.12, or 1.40per cent, to US$79.68 a barrel, as of 0423 GMT. U.S. West Texas Intermediate (WTI) crude futures lost US$1.04, or 1.3per cent, to US$76.81 a barrel. U.S. crude oil stockpiles fell last week while gasoline inventories surged more than 10 million barrels, the biggest weekly build since April 2020, as supplies backed up at refineries due to reduced fuel demand. [EIA/S] "Implied product demand – particularly for gasoline – slumped, suggesting that the public were cautious about travel in the wake of surging cases of the Omicron variant," Caroline Bain, chief commodities economist at Capital Economics said in a note.

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.

MELBOURNE, Dec 31 (Reuters) - Oil prices slid on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world.

U.S. West Texas Intermediate crude oil futures are inching higher early Thursday, following yesterday’s surge. Prices rose on Wednesday after a larger-than-expected drawdown in U.S. inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant. U.S. inventories fell more than expected, with crude oil stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels.

Investing.com – Oil prices slipped on Monday morning in Asia as the Omicron coronavirus variant in Europe and the United States kept investors on their toes with worries that fuel demand will slow if new restrictions on businesses are rolled out. Brent oil futures fell 1.69% to $71.75 by 10:56 PM ET (3:56 AM GMT) and WTI futures fell 2.78% to $68.89. "Today's Asia ... weak sentiment in oil prices seems to go in line with a weakness seen in the S&P 500 and Nasdaq 100 e-mini futures," said Kelvin Wong, market analyst at CMC Markets.

(Bloomberg) -- Oil held a decline as an increase in OPEC’s demand forecast for next quarter was offset by uncertainty over the omicron virus variant. West Texas Intermediate was little changed near $71 a barrel in Asia after slipping 0.5% on Monday. The Organization of Petroleum Exporting Countries boosted estimates for oil consumption by 1.1 million barrels a day, according to a monthly report from the group’s research department. The cartel still sees a surplus in the first quarter, albeit not as large as previously expected. “OPEC’s anticipation of a surplus in the global oil market suggests an imminent correction in prices, with WTI possibly retesting the $60 level,” Bloomberg Intelligence analyst Henik Fung said in a note. “The outlook for demand may be affected by a one-two punch of omicron’s spread across Europe and the Fed’s hawkish stance on inflation.”

"Almaty. December 14. KazTAG - Oil prices increased on Monday with concerns eased over the impact of the new COVID-19 omicron variant on the global economic recovery and fuel demand, reports Anadolu Agency. International benchmark Brent crude was trading at $75.97 per barrel at 0723 GMT for a 1.09% increase after closing the previous session at $75.15 a barrel. American benchmark West Texas Intermediate (WTI) was at $72.39 per barrel at the same time for a 1% gain after trade ended at $71.67 a barrel in the previous session."