Tuesday, Sep 22, 2020 | Last Update : 07:42 PM IST

182nd Day Of Lockdown

Maharashtra122438091634833015 Andhra Pradesh6317495518215410 Tamil Nadu5473374919718871 Karnataka5268764233778145 Uttar Pradesh3588932895945135 Delhi2492592133045014 West Bengal2283021989834421 Odisha184122149379763 Telangana1726081419301042 Bihar169856155824870 Assam159320129130578 Kerala13863398720554 Gujarat1247671051913337 Rajasthan116881972841352 Haryana113075908841177 Madhya Pradesh108167836182007 Punjab99930754092860 Chhatisgarh8618347653680 Jharkhand7267358543626 Jammu and Kashmir65026421151024 Uttarakhand4177729000501 Goa2875322726360 Puducherry2319118065467 Tripura2227215441245 Himachal Pradesh124387836125 Chandigarh102987411123 Manipur9010683859 Arunachal Pradesh7385540813 Nagaland5544445110 Meghalaya4733252838 Sikkim2447190529 Mizoram158510120
  Business   Market  30 Aug 2019  Oil set for biggest weekly gain since July on trade dispute hopes

Oil set for biggest weekly gain since July on trade dispute hopes

REUTERS
Published : Aug 30, 2019, 11:09 am IST
Updated : Aug 30, 2019, 11:09 am IST

WTI futures, slumped last week by nearly 2 million barrels to their lowest since December.

Brent crude was up 8 cents, or 0.1 per cent, at USD 61.16 a barrel, by 0420 GMT after adding 1 per cent on Thursday.
 Brent crude was up 8 cents, or 0.1 per cent, at USD 61.16 a barrel, by 0420 GMT after adding 1 per cent on Thursday.

Tokyo: Oil prices on Friday were set for their biggest weekly gains since early July, boosted by a decline in US inventories and a looming hurricane in Florida, while new signs of trade talks between the United States and China emerged.

Brent crude was up 8 cents, or 0.1 per cent, at USD 61.16 a barrel, by 0420 GMT after adding 1 per cent on Thursday. Brent is heading for a gain of 3 per cent this week.

 

US West Texas Intermediate (WTI) crude futures fell 7 cents, or 0.1 per cent, to USD 56.64 a barrel. The contract is set for a gain of more than 4 per cent this week.

“The frothy price action emphasises the store that energy markets place on trade progress to support further gains in prices going forward,” said Jeffrey Halley, senior market analyst at OANDA.

“What is given, can be taken away though, and the rally looks more like it’s running on vapours than petrol,” he said.

Worries about a slowdown in economic growth due to the trade war between the United States and China and the impact on oil demand, the countries are world’s two biggest oil consumers, kept a lid on price gains, even as falling inventories indicate a balancing market.

 

However, on Thursday, the United States and China gave signs that they will resume trade talks, discussing the next round of in-person negotiations in September ahead of a looming deadline for additional US tariffs.

The approach of Hurricane Dorian toward Florida raised fears that offshore US crude producers may shutter output if the storm passes into the Gulf of Mexico over the weekend.

Dorian is heading toward landfall on the Atlantic coast of Florida over the weekend and may enter into the eastern Gulf of Mexico next week. It is forecast to strengthen and become a highly dangerous Category 4 hurricane on Sunday, the National Hurricane Center said.

 

Chevron Corp’s 356,440 barrel-per-day Pascagoula, Mississippi, oil refinery is closely monitoring the progress of Hurricane Dorian, a company spokesman said on Thursday.

Last month, Hurricane Barry prompted offshore oil companies to shut as much as 74 per cent of production, lifting US crude prices, before it weakened to a tropical storm.

Government data on Wednesday showed US crude stocks dropped last week by 10 million barrels to their lowest since October as imports slowed, while gasoline and distillate stocks each fell by over 2 million barrels.

Inventories at the nation’s main delivery hub in Cushing, Oklahoma, the delivery point for WTI futures, slumped last week by nearly 2 million barrels to their lowest since December, the data showed.

 

Cushing stocks have dropped by over 300,000 barrels since the government report, traders said, citing market intelligence firm Genscape’s midweek report.

But the EIA data also showed that US production rebounded to a weekly record of 12.5 million barrels per day, suggesting there is still plenty of supply available.

Tags: oil price, crude oil, opec, oil production
Location: Japan, Tokyo-to, Tokyo