Oil skids on concerns of rising surplus in Q1

26/11/2021 5:20:00 AM
Oil skids on concerns of rising surplus in Q1

Oil skids on concerns of rising surplus in Q1

Oil skids on concerns of rising surplus in Q1

SINGAPORE : Oil prices slid more than 1per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.Brent crude futures extended declines for a third session, falling 96 cents,

SINGAPORE : Oil prices slid more than 1per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.Brent crude futures extended declines for a third session, falling 96 cents, or 1.2per cent, to US$81.26 a barrel by 0130 GMT. U.S. West Texas Intermediate (WTI) crude was down US$1.35, or 1.7per cent, at US$77.04 a barrel. There was no settlement for WTI on Thursday because of Thanksgiving holiday.

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China 'has the upper hand' as US asks Beijing to release oil reserves - Global TimesSHANGHAI : The United States is 'turning to China for help' to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday, adding that the move will benefit everyone but China 'has the upper hand.' Washington has asked some of the world's largest

Japan PM confirms oil reserve release in response to US requestTOKYO : Japan's Prime Minister Fumio Kishida said on Wednesday his government would release some oil reserves in response to a U.S. request in a way that does not breach a Japanese law that only allows stock releases if there is a risk of supply disruption.'We have been working with the United States to s

China 'has the upper hand' as US asks Beijing to release oil reserves: Global TimesSHANGHAI: The United States is \u0022turning to China for help\u0022 to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday (Nov 24), adding that the move will benefit everyone but China \u0022has the upper hand\u0022. Washington has asked some of the world\u0027s l

Japan to release a few hundred thousand kilolitres of oil from reserve

Japan to release a few hundred thousand kilolitres of oil from reserveTOKYO : Japan will release a few hundred thousand kilolitres of oil from its national reserve, but the timing of the sale has not been made, the country's industry minister, Koichi Hagiuda, told reporters on Wednesday. Japan's Prime Minister Fumio Kishida said earlier that his government would release so Wow

China says it will release oil reserves according to its needsBEIJING : China will release crude oil from its reserves according to its needs, a foreign ministry spokesman said on Wednesday, adding that the country was in close communication with oil-producing and oil-consuming countries.The United States said on Tuesday that it will release millions of barrels of o

LinkedIn SINGAPORE : Oil prices slid more than 1per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.LinkedIn SHANGHAI : The United States is"turning to China for help" to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday, adding that the move will benefit everyone but China"has the upper hand.LinkedIn TOKYO : Japan's Prime Minister Fumio Kishida said on Wednesday his government would release some oil reserves in response to a U.LinkedIn SHANGHAI: The United States is"turning to China for help" to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday (Nov 24), adding that the move will benefit everyone but China"has the upper hand".

Brent crude futures extended declines for a third session, falling 96 cents, or 1.2per cent, to US$81. China's state reserve bureau later said it is working on a release of crude oil reserves but declined to comment on the U.26 a barrel by 0130 GMT. "We have been working with the United States to stabilise the international oil market and we have decided to join the United States in selling part of our national oil reserves in a way that does not contravene existing (Japanese) oil reserve law," Kishida told reporters. U. request.S. This is a direction that benefits everyone, but China clearly has the upper hand.

West Texas Intermediate (WTI) crude was down US$1. "As a result, the Biden administration will have to turn to China again. The Nikkei newspaper reported earlier that Japan will hold auctions for about 4.35, or 1.7per cent, at US$77." The Global Times is published by the People's Daily, the official newspaper of China's ruling Communist Party.04 a barrel. Kishida's confirmation came after the administration of U. There was no settlement for WTI on Thursday because of Thanksgiving holiday. But Biden and Chinese leader Xi Jinping held lengthy virtual talks last week, which were widely seen as a joint effort to improve icy relations.

U.S. Under the coordinated plan, the United States will release 50 million barrels, the equivalent of about two and a half days of U. President Joe Biden's administration announced plans on Tuesday to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, India and Japan, to try to cool prices. Such a release is likely to swell supplies in coming months, an OPEC source said, according to the findings of a panel of experts that advises ministers of the Organization of the Petroleum Exporting Countries (OPEC). The Economic Commission Board (ECB) expects a 400,000 barrels-per-day (bpd) surplus in December, expanding to 2. India, meanwhile, said it would release 5 million barrels, while Britain said it would allow the voluntary release of 1.

3 million bpd in January and 3.7 million bpd in February if consumer nations go ahead with the release, the OPEC source said. Forecasts of rising surplus oil clouds the outlook of the meeting between OPEC and allies, a group known as OPEC+, on Dec. Seoul said it would decide after discussions with the United States and other allies. 2 to decide on immediate production. The group is to decide whether it will continue raising output by 400,000 bpd in January.

Still, the benchmark contracts are set to post their first weekly gain in nearly a month as the overall volume of the crude reserve release estimated at 70 million to 80 million barrels was smaller than market participants expected. "Since the volume is small, I think it is aimed at easing tightness in supply, rather than having a big impact on oil markets," Tsutomu Sugimori, president of the Petroleum Association of Japan (PAJ), told reporters late on Thursday. (Reporting by Florence Tan; Editing by Christopher Cushing) Source: Reuters .