oil prices

US sanctions against Russia have gone stale

Since 2014, Russian and American diplomacy has been defined by economic sanctions. This has become the default, expected option for U.S. policymakers—but Russia has refused to concede, repent and ask for forgiveness, Modern Diplomacy, Belgian platform for assessing and evaluating complex international issues that are often outside the boundaries of mainstream Western media and academia, writes. The U.S. had hoped Russia would experience just enough economic hardship that they would revert their course, retract their reunification with Crimea, and end any involvement in Eastern Ukraine. Almost seven years later, there is no evidence to suggest that Russia has any intention of buckling under the pressure and denying its national interests

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Oil prices slip on surprise build in U.S. crude stocks

Oil prices were lower on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude stockpiles rose by 1 …

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Brent crude surpasses $65 per barrel

The price of futures contracts of Brent crude oil for April 2021 on London’s ICE went up by 1.2%, reaching $65.12 per barrel, according to the trading data as of 04:01 Moscow time. This is the first time the price of Brent has …

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Oil prices extend rally on Texas supply disruptions

Oil prices advanced further on Wednesday, underpinned by major supply disruption in the south of the United States this week, caused by a historic winter storm in Texas. U.S. West Texas Intermediate (WTI) crude futures rose 41 cents, or …

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Oil hits 13-months highs on fears of Middle East tensions

Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support. As …

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IEA report: oil market recovery still fragile

The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said, Rigzone reports. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment

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Brent crude price exceeds $61

Oil prices rose on Tuesday to their highest level in 13 months supported by supply cuts by major producers and hopes of demand recovery. International benchmark Brent crude was trading up 0.9 percent at $61.08 per barrel, at 7 am Riyadh …

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Brent oil price breaches $60

Oil advanced above $60 a barrel for this first time in more than a year as global supplies tighten and the demand outlook improves with the rollout of Covid-19 vaccines. Futures in London gained as much as 1.2% before easing slightly on …

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Brent oil trades above $59 for barrel

The price of Brent crude futures rose above $59 per barrel for the first time since February 21, 2020, trading data shows on Thursday. As of 10:58 Moscow time (07:58 GMT), April futures for Brent crude were trading up by 0.31% at …

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OPEC+ countries expect deficit on oil market

The balance on the crude oil market will be shifted towards the supply shortage even if OPEC+ countries restore oil production in April - June, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) says in its conclusion after the February 3 …

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White Could Be The New Black For Big Oil

A metal once dubbed “white petroleum” might soon draw the world’s oil companies back to a sector they abandoned decades ago, mining. It was during the 1970s that major oil producers such as ExxonMobil and BP operated a wide …

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Oil prices extend rise ahead of storage data

Both benchmark oil contracts were close to their highest in about a year on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. …

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Oil prices up over easing of supply glut fears

Oil prices ticked up supported by Saudi Arabia’s pledged production output cut, which came into force as of Feb. 1, soothing investor fears of a supply glut. International benchmark Brent crude was trading at $56.92 per …

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Compensatory cuts boost confidence in OPEC+ agreement

Oil in New York inched higher with investors assessing the impact of supply curbs from Iraq and Libya on the near-term outlook. Iraq pledged to cut output in January and February after pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute

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Ann-Louise Hittle on how the oil market to play out in 2021

Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro Oils, was among those who saw light at the end of the tunnel, anticipating that it wouldn’t last and that oil prices would stage a strong recovery inside 12 months

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Brent crude exceeds $57 first time since Feb 24

The price of futures contracts of Brent crude oil for March 2021 on London’s ICE went up by 0.42% compared to the previous closing, reaching $57.07 per barrel, according to the trading data. This is the first time the price of …

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EIA revises crude price forecast higher

The U.S. Energy Information Administration (EIA) revised its crude price forecast higher in its in its monthly Short-Term Energy Outlook amid tightened supply outlooks and upward-trending demand projections. The EIA now expects Brent …

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