Oil rises 4% in week as energy crunch shows no signs of easing | Reuters
Oil rose on Friday, gaining about 4% on the week as a global energy crunch boostedU.S. prices to their highest in almost seven years as big power users struggle to meet demand.
Even with worldwide demand growing as economic activity rebounds from pandemic lows, the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) this week said they would remain on the path of gradually bringing back production.
Meanwhile the U.S. government said it was monitoring energy markets, but it did not announce immediate action to lower prices, such as a release from strategic petroleum reserves, which further supported the oil market. read more
Brent crude futures rose 44 cents, or 0.5%, to settle at $82.39 a barrel. Earlier in the week, the global benchmark hit a three-year high of $83.47.
West Texas Intermediate (WTI) crude rose $1.05, or 1.3%, to end at $79.35. That was the highest close for the U.S. benchmark since Oct. 31, 2014.
U.S. gasoline futures also closed at their highest since October 2014 on Friday.
Friday 8 October 2021
Oil prices surge; U.S. crude touches high above $80 a barrel | Reuters
Oil prices surge; U.S. crude touches high above $80 a barrel | Reuters
Oil prices rose on Friday, upmore than 4% on the week as a global energy crunch has boosted prices to their highest since 2014 and prompted China to demand increased coal production.
With global energy demand growing, OPEC and allied producers have said they would stay the course of gradually bringing back production cuts, and while the U.S. government said it was monitoring energy markets, it did not announce immediate plans for actions to lower prices. read more
U.S. benchmark West Texas Intermediate crude touched a high above $80 a barrel briefly.
"Oil prices are surging as the U.S. Department of Energy has backed off from plans that could curb prices by releasing SPR crude oil and banning U.S. crude exports," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "There's not a lot of risk to being long" with bullish bets on oil futures, he said.
Energy markets have tightened in the face of improved fuel demand as economic activity rebounds from pandemic lows, and many fear that a cold winter could further strain natural gas supplies. China ordered miners in Inner Mongolia to ramp up coal production to alleviate its energy crunch. read more
"As other energy prices like natural gas and coal keep pushing higher, upside risks to the oil market have started to build," said Bank of America's Christopher Kuplent.
Brent crude futures rose 62 cents, or 0.6%, to $82.56 a barrel by 12:20 p.m. Eastern (1620 GMT) while U.S. West Texas Intermediate (WTI) crude futures rose $1.02 or 1.3% to $79.31 after briefly touching a session high of $80.11 a barrel, surpassing a nearly seven-year high of $79.78 touched earlier this week.
Oil prices rose on Friday, upmore than 4% on the week as a global energy crunch has boosted prices to their highest since 2014 and prompted China to demand increased coal production.
With global energy demand growing, OPEC and allied producers have said they would stay the course of gradually bringing back production cuts, and while the U.S. government said it was monitoring energy markets, it did not announce immediate plans for actions to lower prices. read more
U.S. benchmark West Texas Intermediate crude touched a high above $80 a barrel briefly.
"Oil prices are surging as the U.S. Department of Energy has backed off from plans that could curb prices by releasing SPR crude oil and banning U.S. crude exports," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "There's not a lot of risk to being long" with bullish bets on oil futures, he said.
Energy markets have tightened in the face of improved fuel demand as economic activity rebounds from pandemic lows, and many fear that a cold winter could further strain natural gas supplies. China ordered miners in Inner Mongolia to ramp up coal production to alleviate its energy crunch. read more
"As other energy prices like natural gas and coal keep pushing higher, upside risks to the oil market have started to build," said Bank of America's Christopher Kuplent.
Brent crude futures rose 62 cents, or 0.6%, to $82.56 a barrel by 12:20 p.m. Eastern (1620 GMT) while U.S. West Texas Intermediate (WTI) crude futures rose $1.02 or 1.3% to $79.31 after briefly touching a session high of $80.11 a barrel, surpassing a nearly seven-year high of $79.78 touched earlier this week.
Oil rises as global energy crunch takes hold | Reuters
Oil rises as global energy crunch takes hold | Reuters
Oil prices rose on Friday to trade 4% up on the week, buoyed by a global energy crunch that has helped gas prices to record highs and prompted China to demand increased coal production.
Energy markets have tightened in the face of improved fuel demand as economic activity rebounds and coronavirus restrictions ease, with further pressure from fears that a cold winter could add to the strain on gas supplies.
China ordered miners in Inner Mongolia to ramp up coal production on Friday to help alleviate the country's energy crunch. read more
"As other energy prices like natural gas and coal keep pushing higher, upside risks to the oil market have started to build," said Bank of America's Christopher Kuplent.
Brent crude futures rose 58 cents, or 0.7%, to $82.53 a barrel by 1130 GMT while U.S. West Texas Intermediate (WTI) crude futures rose $0.60, or 0.8%, to $78.90.
Earlier in the week, WTI touched its highest in nearly seven years at $79.78 while Brent hit a three-year high of $83.47.
Oil prices rose on Friday to trade 4% up on the week, buoyed by a global energy crunch that has helped gas prices to record highs and prompted China to demand increased coal production.
Energy markets have tightened in the face of improved fuel demand as economic activity rebounds and coronavirus restrictions ease, with further pressure from fears that a cold winter could add to the strain on gas supplies.
China ordered miners in Inner Mongolia to ramp up coal production on Friday to help alleviate the country's energy crunch. read more
"As other energy prices like natural gas and coal keep pushing higher, upside risks to the oil market have started to build," said Bank of America's Christopher Kuplent.
Brent crude futures rose 58 cents, or 0.7%, to $82.53 a barrel by 1130 GMT while U.S. West Texas Intermediate (WTI) crude futures rose $0.60, or 0.8%, to $78.90.
Earlier in the week, WTI touched its highest in nearly seven years at $79.78 while Brent hit a three-year high of $83.47.
U.K. Starts Trade Deal Process With #SaudiArabia, Gulf - Bloomberg
U.K. Starts Trade Deal Process With Saudi Arabia, Gulf - Bloomberg
The U.K. kicked off the process to sign a trade deal with Saudi Arabia and a group of other Gulf states, its latest post-Brexit target as it seeks deeper economic ties beyond the European Union.
Negotiations for a pact between Britain and the Gulf Cooperation Council, whose members also include Qatar, Bahrain and Oman, aim to start in 2022 following a 14-week consultation with the public and businesses, the U.K.’s Department for International Trade said in a statement. British trade with the GCC was worth about 45 billion pounds ($61 billion) in 2019, 7% of the size of Britain’s commerce with the EU in the same year.
The move comes at a time when Saudi Arabia’s sovereign wealth fund is taking over Newcastle United FC from billionaire Mike Ashley after it received approval from the U.K.’s Premier League following a year and a half wait.
The deal is being welcomed by the club’s long-suffering fans, while alarming human rights activists who have been pressing the international community to isolate Saudi Arabia over its treatment of government critics, women’s rights campaigners and other groups.
Britain is also closing in on post-Brexit free-trade pacts with Australia and New Zealand, and as it seeks accession to the CPTPP trans-Pacific trading bloc. But negotiations with the U.S. on a trade agreement -- one of Prime Minister Boris Johnson’s top priorities -- have hit a standstill as President Joe Biden’s administration focuses on domestic priorities.
Johnson’s government is under pressure to prove the value of an independent trade policy after splitting from the EU, which created costly trade barriers with the U.K.’s largest market and caused some exports to slump. Beginning the GCC process is also the first major move by new International Trade Secretary Anne-Marie Trevelyan, who took over from Liz Truss last month.
A deal with the GCC “is a huge opportunity to liberalize trade with a growing market for British business and deepen ties with a region that is vital to our strategic interests,” Trevelyan said in the statement. The U.K. wants to break down trade barriers in areas including food, digital and renewable energy.
The U.K. kicked off the process to sign a trade deal with Saudi Arabia and a group of other Gulf states, its latest post-Brexit target as it seeks deeper economic ties beyond the European Union.
Negotiations for a pact between Britain and the Gulf Cooperation Council, whose members also include Qatar, Bahrain and Oman, aim to start in 2022 following a 14-week consultation with the public and businesses, the U.K.’s Department for International Trade said in a statement. British trade with the GCC was worth about 45 billion pounds ($61 billion) in 2019, 7% of the size of Britain’s commerce with the EU in the same year.
The move comes at a time when Saudi Arabia’s sovereign wealth fund is taking over Newcastle United FC from billionaire Mike Ashley after it received approval from the U.K.’s Premier League following a year and a half wait.
The deal is being welcomed by the club’s long-suffering fans, while alarming human rights activists who have been pressing the international community to isolate Saudi Arabia over its treatment of government critics, women’s rights campaigners and other groups.
Britain is also closing in on post-Brexit free-trade pacts with Australia and New Zealand, and as it seeks accession to the CPTPP trans-Pacific trading bloc. But negotiations with the U.S. on a trade agreement -- one of Prime Minister Boris Johnson’s top priorities -- have hit a standstill as President Joe Biden’s administration focuses on domestic priorities.
Johnson’s government is under pressure to prove the value of an independent trade policy after splitting from the EU, which created costly trade barriers with the U.K.’s largest market and caused some exports to slump. Beginning the GCC process is also the first major move by new International Trade Secretary Anne-Marie Trevelyan, who took over from Liz Truss last month.
A deal with the GCC “is a huge opportunity to liberalize trade with a growing market for British business and deepen ties with a region that is vital to our strategic interests,” Trevelyan said in the statement. The U.K. wants to break down trade barriers in areas including food, digital and renewable energy.
Oil up as industries switch from gas, little sign supply crunch easing | Reuters
Oil up as industries switch from gas, little sign supply crunch easing | Reuters
Oil prices rose on Friday, and were on track for gains of nearly 5% this week, on signs some industries have begun switching fuel from high-priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now.
"A lot of catalysts are out there to keep the oil market tight," said Edward Moya, a senior market analyst at brokerage OANDA. Moya pointed to signs of improved fuel demand as economic activity rebounds and coronavirus restrictions ease, as well as fears that a cold winter will further strain gas supplies.
Expectations are high "that nothing in the immediate future will change the significant supply/demand deficit that is in place", said Moya.
Brent crude futures jumped $1.07, or 1.3%, to $83.02 a barrel by 0643 GMT while U.S. West Texas Intermediate (WTI) crude futures rose $1.11, or 1.4%, to $79.41 a barrel.
Oil prices rose on Friday, and were on track for gains of nearly 5% this week, on signs some industries have begun switching fuel from high-priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now.
"A lot of catalysts are out there to keep the oil market tight," said Edward Moya, a senior market analyst at brokerage OANDA. Moya pointed to signs of improved fuel demand as economic activity rebounds and coronavirus restrictions ease, as well as fears that a cold winter will further strain gas supplies.
Expectations are high "that nothing in the immediate future will change the significant supply/demand deficit that is in place", said Moya.
Brent crude futures jumped $1.07, or 1.3%, to $83.02 a barrel by 0643 GMT while U.S. West Texas Intermediate (WTI) crude futures rose $1.11, or 1.4%, to $79.41 a barrel.
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