Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:18 pm
All countries
520,730,887
Recovered
Updated on June 26, 2022 8:18 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:18 pm
Sunday, December 4, 2022

Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:18 pm
All countries
520,730,887
Recovered
Updated on June 26, 2022 8:18 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:18 pm
Molderizer and Safe Shield

Oil falls as supply-disruption fears ease amid Russian price cap talks

China’s Xi unwilling to accept vaccines despite threat from protests-U.S. intel

WASHINGTON, Dec 3 (Reuters) - Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19,...

Scientist who worked at Wuhan lab says COVID man-made virus

A scientist who worked at a controversial research lab in China has claimed that COVID was a man-made virus that leaked from the...

China unwilling to accept western vaccines

Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19, and while recent protests there...

Updated COVID boosters give significant protection, data show

With coronavirus cases and hospitalizations rising in Los Angeles County, officials are voicing new confidence in the effectiveness of the updated COVID-19 booster...

Flu impact on blood supply

OHIO — Increased flu activity across the United States is posing another problem that could put a lot of people at risk. What You Need...


  • G7 price cap on Russian oil could be above current trading
  • level
  • EIA U.S. gasoline stocks data shows higher-than-expected build
  • U.S. may soon authorize Chevron to boost Venezuelan output

TOKYO, Nov 24 (Reuters) – Oil prices fell on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a high price cap on Russian oil.

A greater-than-expected build-up in U.S. gasoline inventories added to downward pressure.

Brent crude futures had slid 43 cents, or 0.5%, to $84.98 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $77.59 a barrel.

Both benchmark contracts plunged more than 3% on Wednesday on news that the planned price cap could be above the current market level.

The G7 is looking at a cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official, though European Union governments have not yet agreed with each other on the matter. read more

The range of $65‑70/bbl would be higher than markets had expected, Commonwealth Bank commodities analyst Vivek Dhar said in a report. It would reduce the risk of global supply being disrupted, Dhar said.

“If the EU agree to an oil price cap of $65‑70/bbl this week, we see downside risks to our oil price forecast of $95/bbl this quarter,” Dhar said, adding that the forecast assumed EU sanctions accompanied by a price cap on Russian oil would disrupt enough supply to offset ongoing global growth concerns.

EU governments will resume talks on Thursday evening or on Friday, according to EU diplomats. read more

Oil prices also came under downward pressure after the Energy Information Administration (EIA) said on Wednesday that U.S. gasoline and distillate inventories had both risen substantially last week. The increase alleviated some concern about market tightness. read more

But crude inventories (USOILC=ECI) fell by 3.7 million barrels in the week to Nov. 18 to 431.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel drop.

Meanwhile, Chevron Corp could soon win U.S. approval to expand operations in Venezuela and resume trading its oil once the Venezuelan government and its opposition resume political talks, four people familiar with the matter said on Wednesday. read more

Both Venezuelan parties and U.S. officials are pushing to hold talks in Mexico City this weekend, the people said. They would be the first such talks since October 2021 and could pave the way for easing U.S. oil sanctions on the OPEC nation.

Also pressuring oil prices lower, Chinese cities imposed more curbs on Wednesday to rein in rising coronavirus cases, adding to investor worries about the economy and fuel demand. read more

Reporting by Yuka Obayashi; Editing by Bradley Perrett

Our Standards: The Thomson Reuters Trust Principles.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular

China’s Xi unwilling to accept vaccines despite threat from protests-U.S. intel

WASHINGTON, Dec 3 (Reuters) - Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19,...

Scientist who worked at Wuhan lab says COVID man-made virus

A scientist who worked at a controversial research lab in China has claimed that COVID was a man-made virus that leaked from the...

China unwilling to accept western vaccines

Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19, and while recent protests there...

Related Articles

China’s Xi unwilling to accept vaccines despite threat from protests-U.S. intel

WASHINGTON, Dec 3 (Reuters) - Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19,...

Scientist who worked at Wuhan lab says COVID man-made virus

A scientist who worked at a controversial research lab in China has claimed that COVID was a man-made virus that leaked from the...

China unwilling to accept western vaccines

Chinese leader Xi Jinping is unwilling to accept Western vaccines despite the challenges China is facing with COVID-19, and while recent protests there...