The estimate of the fall in oil demand in 2020 is slightly improved compared to the previous month – earlier it was assumed that the demand for oil would decrease by 9.77 million bpd, then the new forecast of the fall – by 9.75 million bpd, to 90, 01 million bpd, according to the monthly OPEC report. The forecast for the growth rate of oil demand in 2021 has not changed and is 5.9…
The benchmark crude oil prices moved lower during trading on Thursday. Investors are reacting to data that indicated a slowdown in Chinese oil imports in December and a continued rise in coronavirus infections, Dow Jones writes. The cost of March futures for Brent oil on…
Benchmark oil prices are declining on Friday, despite expectations of new measures to support the US economy after Joe Biden came to power. US President-elect Joe Biden on Thursday unveiled a new $ 1.9 trillion economic support plan, which, among other things, includes…
Benchmark oil prices continue to climb on expectations of the US Department of Energy’s weekly report on energy reserves in the country. The cost of March futures for Brent oil on the London stock exchange ICE Futures by 14:41 Moscow time was $ 56.59 per barrel, which is $ 0.01 (0.02%) higher than the price at the close of the previous session. The price of futures for WTI crude oil for…
Oil prices plummeted on Wednesday after the speech by OPEC Secretary General Mohamed Barkindo. At the beginning of the day, Brent quotes renewed 11-month highs, for the first time since February 2020 exceeding $ 57 per barrel. Brent futures dropped 2% in half an hour amid…
Venezuela plans to increase oil production to 1.5 million bpd in 2021, state oil company PDVSA said in a statement, citing President Nicolas Maduro. “We have a goal to reach 1.5 million bpd, which will be sold worldwide, with new mechanisms for extraction, financing and…
Black gold is falling in price on maintaining low demand in the United States
January 14, 2021
Benchmark crude prices are declining amid signs of continued weak demand for refined products in the United States. Oil prices fell on Wednesday, despite data from the US Department of Energy, which showed a 3.25 million barrels drop in oil reserves in the country last week. As noted by S&P Global Platts, market participants are concerned about weak demand for petroleum products. According…
Benchmark oil prices hit their highs since February 2020 on Tuesday amid hopes for further support for the US economy. The cost of March futures for Brent oil on the London stock exchange ICE Futures by 14:11 Moscow time was $ 56.43 per barrel, which is $ 0.77 (1.38%)…
US Department of Energy raised its forecast for the price of Brent in 2021
January 13, 2021
The US Department of Energy has raised the forecast for the price of Brent oil for 2021 from $ 49 per barrel to $ 53 per barrel, follows from the monthly report of the Energy Information Administration of the US Department of Energy (EIA). In 2022, the price of Brent is…
Oil prices, which closed Tuesday trading at their highest levels since February 21, 2020, continue to rise on Wednesday on data from the American Petroleum Institute (API), which showed a more significant-than-expected decline in US inventories. The market is also supported by the weakening US dollar and the rapid response by the Chinese authorities to the coronavirus outbreak in the northern…