Daily Times
July 13, 2021
Oil prices decreased on Monday, as concerns over the slowing global economic recovery offset tightening supply after OPEC+ countries failed to agree on their production quotas from August onward.
At 1135 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 1.20 percent to reach $74.64 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $73.61, down 1.27 percent. The price for Opec Basket was recorded at $71.79 a barrel with 2.19 percent decrease, Arab Light was available at $75.41 a barrel with 1.52 percent increase, while the price of Russian Sokol reached $74.35 after gaining 1.40 percent.
Finance ministers of the world’s 20 largest economies warned on Saturday that an upsurge in new coronavirus variants and poor access to vaccines in developing countries are threatening the global economic recovery. A final communique said the global economic outlook had improved since G20 talks in April, thanks to the roll
Crude prices dip on Biden’s intervention after WTI hits 7-year high
July 7, 2021
Global crude benchmarks Brent and West Texas Intermediate (WTI) have narrowed their spread and rallied to three and seven-year highs, respectively, before falling on Tuesday after US President Joe Biden stepped into the fray.
At 14:00 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 1.66 percent to reach $75.88 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $74.74, down 0.56 percent.
The price for Opec Basket was recorded at $75.18 a barrel with 0.45 percent increase, Arab Light was available at $76.55 a barrel with 1.38 percent increase, while the price of Russian Sokol reached $76.40 after gaining 1.49 percent.
Daily Times
July 6, 2021
Global prices for crude oil edged up on Monday before an Opec+ meeting and a pending decision over future production increases.
At 13:10 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 0.12 percent to reach $76.26 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $75.30, up 0.19 percent.
The price for Opec Basket was recorded at $74.84 a barrel with 1.68 percent increase, Arab Light was available at $75.51 a barrel with 0.91 percent increase, while the price of Russian Sokol reached $75.28 after gaining 0.71 percent. Opec and its allies, led by Saudi Arabia and Russia, failed to reach consensus on Thursday and Friday during a ministerial gathering that followed a joint ministerial monitoring committee meeting. Some members of the alliance have called for a revision of the group’s current baseline for calculating production quotas.
Daily Times
July 2, 2021
Global prices for crude oil surged for the third straight day on Thursday as as reports started to emerge that OPEC and its non-OPEC partners led by Russia are discussing another gradual increase in oil supply of two million barrels per day (bpd) between August and December. At 14:05 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 2.48 percent to reach $76.47 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $75.89, up 3.29 percent. The price for Opec Basket was recorded at $73.34 a barrel with 0.68 percent decrease, Arab Light was available at $73.85 a barrel with 1.07 percent decrease, while the price of Russian Sokol reached $73.94 after shedding 0.88 percent. The first OPEC meeting ended with no discussion of an output increase, but all eyes are now on the JMMC (Joint Ministerial Monitoring Committee of OPEC) meeting. The alliance is preparing to move toward easing the production cuts by 2 million bpd
Daily Times
July 1, 2021
Global prices for crude oil surged for the second straight day on Wednesday ahead of the OPEC+ meeting scheduled for Thursday (today).
At 13:10 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 0.83 percent to reach $75.38 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $73.73, up 1.03 percent.
The price for Opec Basket was recorded at $73.84 a barrel with 0.47 percent decrease, Arab Light was available at $74.65 a barrel with 0.82 percent increase, while the price of Russian Sokol reached $74.60 after gaining 0.76 percent. According to analysts, crude prices climbed to their highest since October 2018 on expectations that demand growth will outstrip supply and OPEC+ will be cautious in returning more crude to the market from August. They said the global economy is picking up as key countries overcome the worst of the pandemic.