Supply concerns push oil prices to near eight-year highs
The attack on the United Arab Emirates and Russia’s circling of Ukraine have stoked worries
Naveen Thukral and Roslan KhasawnehA crude oil tanker is seen at Qingdao Port, Shandong province, China on April 21 2019. Picture: REUTERS/Jason LeeSingapore — Oil steadied on Thursday, clawing back losses earlier in the session, as strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.
Brent crude futures fell 17 US cents, or 0.2%, to $88.27 a barrel, as of 4.18am GMT, having dropped more than $1 earlier in the session. The global benchmark touched $89.17 a barrel on Wednesday, its highest since October 2014.US West Texas Intermediate (WTI) crude futures were up 7 US cents, or 0.1%, to stand at $87.03 a barrel, having also shed nearly $1 earlier. WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014.
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Oil climbs to seven-year highAn outage on a pipeline from Iraq to Turkey has increased concern about an already tight supply outlook
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Picture: REUTERS/Jason Lee Singapore — Oil steadied on Thursday, clawing back losses earlier in the session, as strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014. Brent crude futures fell 17 US cents, or 0. Brent crude futures rose $1.2%, to $88. So it can take more than a year from a market correction until buyers and sellers align.27 a barrel, as of 4.2%, to $87.18am GMT, having dropped more than $1 earlier in the session. Naspers jumped more than 6%, while Sasol (+5%), and Anglo (+4%) also saw strong gains.
The global benchmark touched $89.16am GMT, after earlier hitting a peak of $87..17 a barrel on Wednesday, its highest since October 2014. US West Texas Intermediate (WTI) crude futures were up 7 US cents, or 0. US West Texas Intermediate (WTI) crude futures jumped $1.1%, to stand at $87. Already subscribed? Simply sign in below.03 a barrel, having also shed nearly $1 earlier.6%, from Friday’s settlement to a three-month high of $85. He said the economy was on a strong footing, and with inflation rising and employment recovering,"the economy no longer needs or wants the very highly accommodative policy".
WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014. Trade on Monday was subdued as it was a US public holiday. “The International Energy Agency said global oil demand is on track to hit pre-pandemic levels,” analysts at ANZ bank said in a note. “Shorter-term supply disruptions are also helping tighten markets. UAE oil firm ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot. Brent crude rallied sharply after reports a key oil pipeline running from Iraq to Turkey was knocked out by an explosion..
” However, the flow of crude oil through the Kirkuk-Ceyhan pipeline has resumed, after it was halted on Tuesday due to a blast near the pipeline in the southeastern Turkish province of Kahramanmaras, officials said on Wednesday. The tight supply-demand balance is unlikely to ease, analysts said, as some producers within oil cartel Opec countries are struggling to pump at their allowed capacities, due to underinvestment and outages, under an agreement with Russia and allies to add 400,000 barrels a day each month. Supply concerns have mounted this week after Yemen’s Houthi group attacked the United Arab Emirates, the third-largest producer in oil cartel Opec. Meanwhile, Russia, the world’s second-largest oil producer, has built up a large troop presence near Ukraine’s border, stoking fears of invasion and subsequent supply uncertainties. Reuters. Underpinning oil prices is the broad post-coronavirus pandemic recovery in demand for fuel. Opec officials and analysts say an oil rally may continue in the next few months, and prices could top $100 a barrel as demand shrugs off the spread of the Omicron Covid-19 variant.8 percent, thanks to a boost in tech firms, and Tokyo up a little shy of two percent.
Opec+, which groups the cartel with Russia and other producers, is struggling to hit a monthly output increase target of 400,000 barrels per day (bpd). US crude and petrol stocks rose while distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday. Crude stocks rose by 1.4-million barrels for the week ended January 14. Petrol inventories rose by 3. The rand was trading a percent stronger at R15.
5-million barrels while distillate stocks fell by 1.2-million barrels, according to the sources, who spoke on condition of anonymity. Reuters .