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Brent oil price down 0.18% for week ending Jan. 22

- US higher stimulus package boosts rises limited by negative vaccination results of elderly and China's virus resurgence

home > Oil, World, Europe, Eurasia, Asia, Americas, Middle East-Africa 22.01.2021 16:49 Sibel Morrow

Brent oil price down 0.18% for week ending Jan. 22

Oil prices continued to lose gains having reached 11-month highs, as investor fears over weak demand are fueled by negative vaccine results, while a higher US relief package hopes limit price declines.

International benchmark Brent crude traded at $54.74 at 1300 GMT on Friday, posting a 0.18% decrease from Monday when it traded at 0646 GMT registered at $54.84 per barrel.

American benchmark West Texas Intermediate (WTI) traded at $51.75 at the same time on Friday, relative to $52.23 a barrel on Monday.

While the number of cases worldwide has now reached over 97.6 million, according to the latest data from Johns Hopkins University, investors have been keeping tabs on a large rollout of Covid-19 vaccines to the global population, with expectations of a recovery in oil consumption to pre-pandemic levels.

However, the vaccination of the elderly resulted in unexpected deaths in some countries, including Germany, the US and Norway, and cast doubt over the safety of the vaccines and of prompt economic recovery to negatively affect oil demand.

A rise in locally transmitted coronavirus infections in the world’s second-largest oil consumer, China, added to oil demand fears, as the country tightened lockdowns and imposed restrictions to battle the spread of the virus.

The country, which handled the first outbreak of the pandemic to eradicate any cases for many months, saw refineries in the country hit record production in 2020 despite worldwide weak oil demand caused by the coronavirus pandemic.

According to data from the National Bureau of Statistics of China, the country processed 3% more crude oil than in 2019.

Investors are also closely monitoring the inauguration of US President Joe Biden, as he is expected to announce a $1.9 trillion aid package.

Soon after his inauguration on Wednesday, Biden announced his strategy to combat the COVID-19 outbreak and promised that he would do his best to approve the support package as soon as possible.

While the International Energy Agency (IEA) forecast that the global oil demand would increase by 6% in 2021, the agency also said an acceleration in economic activity and stronger demand is only expected in the second half of the year and not until the widespread vaccination of a certain number of the population is made.

Global oil demand could decline marginally in the first quarter of 2021, as many regions, including many European countries, have re-introduced mobility restrictions.

The global rating agency Fitch Ratings also warned that global oil demand could decline marginally in the first quarter of 2021, “before effective vaccination programs are fully underway.”

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr









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11.02.2021 Oil , World , Americas

Oil prices down over concerns of viability of vaccines

- Easing weak demand fears, US crude oil inventories are forecast to fall by 3.5 million barrels, API figures show
10.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US energy agency revises up oil price forecast

- Brent crude estimated to average $53.20 per barrel in 2021, according to EIA's Short-Term Energy Outlook in February
10.02.2021 Oil , Americas

Total reports $7.2 billion annual loss in 2020

- Company plans to change its name to TotalEnergies, reflecting its energy transition aim of more energy, less emissions
10.02.2021 Oil , News from companies , World

Oil prices up on optimism over oil demand recovery

- Oil prices jump back to pre-pandemic levels at over $61 a barrel
10.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US stocks open with records as metals, oil on rise

- House Democrats to later announce support for families with at least $3,000 per child as part of Biden's relief plan
09.02.2021 Oil , Americas

Brent hits $60 with less oil supply, US relief deal

- Concerns over weak demand still continue to weigh on prices amid new virus variants spreading around world
09.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count rises by 4 for week ending Feb. 5

- This marks drop of 377 in number of US oil rigs compared to one year ago
08.02.2021 Oil , Americas

Brent oil price up 7.4% for week ending Feb. 5

- Decline in US crude oil inventories and first-time claims for unemployment benefits offer support for rising oil prices
06.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices up over output cuts, positive economic data

- Americans filing first-time unemployment claims fell by more than expected, signaling rebound in US labor market
06.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Rosneft, BP to coact for carbon control, sustainability

- Firms vow to deliver more energy with less carbon taking into account profound changes shaping ‎global energy transition
05.02.2021 Oil , News from companies , World

Brent hits 12-month high on OPEC’s full output cut vow

- US crude inventories also reach lowest level since March of last year, signaling rebound in oil demand
05.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices up buoyed by decline in US crude inventories

- Commercial crude oil stocks decrease by 1 million barrels against market expectation of 367,000-barrel fall
04.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US crude oil inventories fall for week ending Jan. 29

- Commercial crude oil stocks decrease by 1 million barrels, against market expectation of 367,000-barrel build
04.02.2021 Oil , Americas

ExxonMobil reports $22.4 billion annual loss in 2020

- Revenue for full year of 2020 was recorded as $181.5 billion, down 31.5% from $265 billion in previous year
04.02.2021 Oil , Finance , Americas

Brent oil up boosted by Saudi’s output cut from Feb.

- Easing weak demand fears, US crude oil inventories are forecast to fall by 4.27 million barrels, API figures show
04.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

ConocoPhillips posts $2.7 billion loss in 2020

- Company also posts fourth-quarter 2020 loss of $0.8 billion compared with fourth-quarter 2019 earnings of $0.7 billion
03.02.2021 Oil , News from companies

BP posts $20.3 billion loss in 2020

- Despite huge loss in 2020, firm recorded $1.4 bln. profit in 4th quarter of 2020 compared to $0.5 bln. loss in 3rd quarter
03.02.2021 Oil , News from companies , World

Oil prices up over easing of supply glut fears

- Saudi Arabia’s voluntary output cut of 1 mbpd in Feb. & March is what market needs amid coronavirus-induced, weak demand
03.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Nigerian LNG vessel arrives in Turkey on Feb. 1

- LNG Adamawa vessel reaches its destination in Turkey on Monday
02.02.2021 Natural Gas , Oil , Lng/Lpg , Turkey , Middle East-Africa

BP to sell 20% stake in Oman’s Block 61

- BP says agreement marks significant step in its divestment plan
02.02.2021 Oil , News from companies , World

Oil prices up over Saudi output cut, vaccine hopes

- Rising number of US oil rigs limits further price increase, raising supply glut concerns
02.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count rises by 6 for week ending Jan. 29

- This marks drop of 380 in number of US oil rigs compared to one year ago
01.02.2021 Oil , Americas

Chevron posts $5.5B loss, $95B revenue in 2020

- US' second-largest oil company reports its third straight quarter of losses with $665 million in fourth quarter of last year
30.01.2021 Oil , Finance

Brent oil price up 0.59% for week ending Jan. 29

- Upward price trend is capped by spread of virus variant, resulting in limited mobility and raising weak demand fears
29.01.2021 Oil , International Organization , World

Oil prices steady over supply cuts, US inventory draw

- Saudi Arabia's impending oil output cut and decline in US oil inventories is relieving supply glut to balance market
30.01.2021 Oil , World , Americas

US crude oil inventories fall for week ending Jan. 22

- Commercial crude oil stocks decrease by 9.9 million barrels, against market expectation of 603,000-barrel build
29.01.2021 Oil , World , Americas

Global oil demand to grow by 7% in 2021: WoodMac

- Vaccine distribution and expected growth in global GDP will boost demand in 2021
30.01.2021 Oil , International Organization , World

Oil prices will be $50.30 a barrel in 2021: IMF

- Reflecting projected global recovery, oil prices will rise in 2021, but will still remain well below their average in 2019
30.01.2021 Oil , International Organization , World

Oil prices down over rising value of US dollar

- More-than-expected US oil inventories limits further declines
29.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Biden to order halt of new oil, gas leasing

- President does not ban controversial fracking practice but take steps to undo much of Trump's energy policies
28.01.2021 Natural Gas , Oil , Americas

S&P warns 13 oil and gas firms of lower credit ratings

- Rating agency says oil and gas companies are under threat of energy transition, price volatility, and weaker profitability
28.01.2021 Natural Gas , Oil , International Organization , World

Oil price up on estimated large fall in US crude stocks

- Although demand is depressed over rise in global coronavirus cases, fall in cases in China raises hopes of demand rebound
28.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down amid demand concerns, delay in US relief

- Investors concerned if Biden administration will convince Republican lawmakers on need for higher stimulus package
27.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Turkey's oil imports down 3.8% in November 2020

- Output of oil refinery products decreases by 7.2% to 2.85 million tonnes in November 2020
27.01.2021 Oil , Turkey

Indonesia detains Iranian and Panamanian oil tankers

- Iran, OPEC's second-largest oil producer, tries to bypass US sanctions to transfer oil
25.01.2021 Oil , Energy Security , Asia , Middle East-Africa

Norway's petroleum sales decrease in December

- Country's total petroleum product sales volume in December down 14.8% to 501 million liters compared to same month of 2019
25.01.2021 Oil , Europe , General

Clean energy shares outperform fossil fuel stocks

- Clean energy companies become new energy giants, as stocks reach their highest levels since 2008 financial crisis
26.01.2021 Natural Gas , Oil , Renewable

Oil prices down over rising COVID-19 cases, lockdowns

- Brent is still under pressure of protracted lockdowns due to second wave of coronavirus
26.01.2021 Oil , World

Pay dispute halts oil exports at Libya’s Hariga port

- Al-Hariga port has a crude oil export capacity of 120,000 barrels per day
25.01.2021 Oil , Energy Security , Middle East-Africa

US oil rig count rises by 2 for week ending Jan. 22

- Oil rigs increase by 12 to 287, from 275 the previous week
24.01.2021 Oil , Downstream , Americas

US crude oil inventories rose for week ending Jan. 15

- Commercial crude oil stocks decrease by 4.4 million barrels, against market expectation of 300,000 barrel draw
24.01.2021 Oil , World , Americas

Schlumberger posts net loss in 2020

- Despite seasonality, revenue sees growth sequentially in all four divisions for first time since 3rd quarter 2019, says CEO
22.01.2021 Oil , Finance

Baker Hughes posts revenue fall in 2020

- Revenue and profit in 4th quarter, although higher compared with third, are still below numbers posted one year earlier
22.01.2021 Oil , Finance

Brent oil price down 0.18% for week ending Jan. 22

- US higher stimulus package boosts rises limited by negative vaccination results of elderly and China's virus resurgence
23.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Keystone XL pipeline in political gridlock again

- Canada-US pipeline extension is in limbo as it once again becomes political tool in fight against climate change
23.01.2021 Oil , Energy Projects , Americas

Fitch warns of oil demand decline in 1st quarter 2021

- OPEC+ production policies and pandemic's path will continue to drive global oil prices in 2021, agency says
22.01.2021 Oil , International Organization , World

Oil prices down as China tightens virus restrictions

- Hopes for $1.9 trillion aid package in US limits further declines in oil price
22.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa
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