Oil edges up in weekly rebound on forecasts for tight supplies | Reuters
Oil prices edged higher on Friday and for the week after a strong recovery from Monday's steep slide, underpinned by expectations that supply will remain tight through the year.
The price of oil and other riskier assets tumbled at the start of the week on concern over the impact on the economy and crude demand from surging cases of the COVID-19 Delta variant in the United States, Britain, Japan and elsewhere. read more
Brent crude ended the session up 31 cents, or 0.4%, at $74.10 a barrel after jumping 2.2% on Thursday. U.S. West Texas Intermediate (WTI) crude settled up 16 cents, or 0.2%, at $72.07, after gaining 2.3% on Thursday.
For the week, Brent gained 0.7% after declining for three consecutive weeks, while WTI rose 0.4% after falling for two weeks.
Friday 23 July 2021
Oil slips but set to end week steady on tight supply | Reuters
Oil slips but set to end week steady on tight supply | Reuters
Oil slipped further below $74 a barrel on Friday but was on track to end the week little changed after a surprising recovery from Monday's slide, underpinned by expectations that supply will remain tight as demand recovers.
The price of oil and other riskier assets tumbled at the start of the week on concern over the impact on the economy and crude demand from surging cases of the COVID-19 Delta variant in the United States, Britain, Japan and elsewhere.
Brent crude was down 29 cents, or 0.4%, at $73.50 a barrel by 1335 GMT after jumping 2.2% on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 13 cents, or 0.2%, to $71.78, having gained 2.3% on Thursday.
"Clearly, oil bulls are back in town," said Stephen Brennock at oil broker PVM. "But that is not to say that virus concerns have completely vanished."
Oil slipped further below $74 a barrel on Friday but was on track to end the week little changed after a surprising recovery from Monday's slide, underpinned by expectations that supply will remain tight as demand recovers.
The price of oil and other riskier assets tumbled at the start of the week on concern over the impact on the economy and crude demand from surging cases of the COVID-19 Delta variant in the United States, Britain, Japan and elsewhere.
Brent crude was down 29 cents, or 0.4%, at $73.50 a barrel by 1335 GMT after jumping 2.2% on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 13 cents, or 0.2%, to $71.78, having gained 2.3% on Thursday.
"Clearly, oil bulls are back in town," said Stephen Brennock at oil broker PVM. "But that is not to say that virus concerns have completely vanished."
#Israel to Review Fuel Shipping Deal With #UAE, Haaretz Says - Bloomberg
Israel to Review Fuel Shipping Deal With UAE, Haaretz Says - Bloomberg
Israel’s new government will reexamine a deal to ship oil from the United Arab Emirates via Israel, with the energy minister contending it offers no benefits to the Israeli economy, the Haaretz newspaper reported.
The agreement was signed in October 2020 by the previous government led by Benjamin Netanyahu. Environmental Affairs Minister Tamar Zandberg also opposes the deal, saying it could lead to severe ecological damage, the newspaper said on Friday.
Environmental groups have already mounted a court challenge against the agreement, saying it was approved without the previous cabinet’s authorization.
The deal was seen as a significant dividend of the countries’ year-old normalization pact, the first between Israel and a Gulf state. Israel’s state-run Europe-Asia Pipeline Co. and the Israeli-UAE Med-Red Land Bridge signed a memorandum of understanding to ship oil from the Gulf nation to Europe and Asia through a pipeline linking two Israeli port cities, one on the Red Sea and the other on the Mediterranean.
Access to the pipeline would allow the Gulf nation to reduce its use of the more costly and time-consuming Suez Canal route.
Israel’s new government will reexamine a deal to ship oil from the United Arab Emirates via Israel, with the energy minister contending it offers no benefits to the Israeli economy, the Haaretz newspaper reported.
The agreement was signed in October 2020 by the previous government led by Benjamin Netanyahu. Environmental Affairs Minister Tamar Zandberg also opposes the deal, saying it could lead to severe ecological damage, the newspaper said on Friday.
Environmental groups have already mounted a court challenge against the agreement, saying it was approved without the previous cabinet’s authorization.
The deal was seen as a significant dividend of the countries’ year-old normalization pact, the first between Israel and a Gulf state. Israel’s state-run Europe-Asia Pipeline Co. and the Israeli-UAE Med-Red Land Bridge signed a memorandum of understanding to ship oil from the Gulf nation to Europe and Asia through a pipeline linking two Israeli port cities, one on the Red Sea and the other on the Mediterranean.
Access to the pipeline would allow the Gulf nation to reduce its use of the more costly and time-consuming Suez Canal route.
Oil slips but seen ending week little changed on supply tightness | Reuters
Oil slips but seen ending week little changed on supply tightness | Reuters
Oil prices eased on Friday but were poised to end the week largely steady after rebounding from a sharp drop earlier in the week, underpinned by expectations that supply will remain tight as demand recovers.
Brent crude futures fell 23 cents, or 0.3%, to $73.56 a barrel by 0542 GMT, after jumping 2.2% on Thursday. For the week, Brent was set to end the week flat.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.3%, to $71.68 a barrel, following a 2.3% gain on Thursday. WTI was headed for a 0.2% weekly loss.
Prices of oil and other riskier assets tumbled earlier in the week on concerns about the economic impact of surging COVID-19 cases of the Delta variant in the United States, Britain, Japan and elsewhere.
Benchmark contracts fell as much as $6 on Monday but have recouped all of those losses as investors expect overall crude demand to stay strong, driven by a continued fall in oil stockpiles and rising rates of vaccinations.
However,"the threat of the Delta variant slowing down global economic recovery is far from gone," said Vandana Hari, energy analyst at Vanda Insights.
Oil prices eased on Friday but were poised to end the week largely steady after rebounding from a sharp drop earlier in the week, underpinned by expectations that supply will remain tight as demand recovers.
Brent crude futures fell 23 cents, or 0.3%, to $73.56 a barrel by 0542 GMT, after jumping 2.2% on Thursday. For the week, Brent was set to end the week flat.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.3%, to $71.68 a barrel, following a 2.3% gain on Thursday. WTI was headed for a 0.2% weekly loss.
Prices of oil and other riskier assets tumbled earlier in the week on concerns about the economic impact of surging COVID-19 cases of the Delta variant in the United States, Britain, Japan and elsewhere.
Benchmark contracts fell as much as $6 on Monday but have recouped all of those losses as investors expect overall crude demand to stay strong, driven by a continued fall in oil stockpiles and rising rates of vaccinations.
However,"the threat of the Delta variant slowing down global economic recovery is far from gone," said Vandana Hari, energy analyst at Vanda Insights.
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