Commodities and Futures News

Oil prices edge lower in early trading

2022.04.11 01:52

Oil prices edge lower in early trading
FILE PHOTO: An oil & gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. REUTERS/Todd Korol/File Photo

(Reuters) – Oil prices slipped in early Asian trading, following the second straight weekly decline after world consumers announced plans to release crude from strategic stocks and as Chinese lockdowns continued.

As of 2202 GMT, Brent crude fell 38 cents to $102.40 a barrel while U.S. crude lost 16 cents to $98.18. Last week, Brent dropped 1.5% while U.S. West Texas Intermediate slid 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.

The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under its “zero tolerance” for COVID-19. China is the world’s biggest oil importer.

Member nations of the International Energy Agency (IEA) will release 60 million barrels over the next six months, with the United States matching that amount as part of its 180 million barrel release announced in March.

The release could also deter producers, including the Organization of the Petroleum Exporting Countries (OPEC) and U.S. shale producers, from accelerating output increases even with prices around $100 a barrel, ANZ Research analysts said in a note.

However, the OPEC+ group of oil exporting nations has not shown any inclination to increase its output targets more than the 400,000 barrels per day it has been adding monthly as part of a restoration of supply cuts.

The IEA release would amount to roughly 2 million barrels of daily supply for the next two months – plus another 1 million bpd from the United States for four months after that. It is unclear whether that will offset the shortfall in Russian crude after that nation was hit with heavy sanctions following its invasion of Ukraine.

Russia’s production of oil and gas condensate fell to 10.52 million barrels per day (bpd) for April 1-6 from a March average of 11.01 million bpd.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 102,942.58 0.01%
ethereum
Ethereum (ETH) $ 2,343.16 7.34%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.34 1.66%
bnb
BNB (BNB) $ 660.14 5.54%
solana
Solana (SOL) $ 173.21 6.46%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.204841 4.87%
cardano
Cardano (ADA) $ 0.778098 2.25%
tron
TRON (TRX) $ 0.260225 1.38%
staked-ether
Lido Staked Ether (STETH) $ 2,340.02 7.61%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 102,888.57 0.13%
sui
Sui (SUI) $ 3.93 1.68%
chainlink
Chainlink (LINK) $ 16.00 1.34%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,811.15 7.53%
avalanche-2
Avalanche (AVAX) $ 23.18 5.44%
stellar
Stellar (XLM) $ 0.295205 2.05%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 5.46%
hedera-hashgraph
Hedera (HBAR) $ 0.202484 4.06%
hyperliquid
Hyperliquid (HYPE) $ 24.91 7.72%
the-open-network
Toncoin (TON) $ 3.27 2.01%
bitcoin-cash
Bitcoin Cash (BCH) $ 408.95 3.11%
leo-token
LEO Token (LEO) $ 8.75 0.88%
usds
USDS (USDS) $ 1.00 0.00%
litecoin
Litecoin (LTC) $ 100.42 6.51%
polkadot
Polkadot (DOT) $ 4.79 8.28%
weth
WETH (WETH) $ 2,342.10 7.23%
monero
Monero (XMR) $ 315.10 4.96%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,496.09 7.44%
pi-network
Pi Network (PI) $ 0.740513 15.81%
bitget-token
Bitget Token (BGB) $ 4.42 1.34%
pepe
Pepe (PEPE) $ 0.000012 10.52%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.03%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 102,943.58 0.09%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
whitebit
WhiteBIT Coin (WBT) $ 30.28 0.32%
uniswap
Uniswap (UNI) $ 6.36 5.20%
bittensor
Bittensor (TAO) $ 429.83 2.51%
near
NEAR Protocol (NEAR) $ 2.89 7.02%
dai
Dai (DAI) $ 1.00 0.04%
aptos
Aptos (APT) $ 5.54 1.44%
okb
OKB (OKB) $ 54.27 3.14%
ondo-finance
Ondo (ONDO) $ 1.01 4.05%
aave
Aave (AAVE) $ 211.11 3.24%
susds
sUSDS (SUSDS) $ 1.05 0.02%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
ethereum-classic
Ethereum Classic (ETC) $ 19.20 3.28%
internet-computer
Internet Computer (ICP) $ 5.44 4.62%
crypto-com-chain
Cronos (CRO) $ 0.101081 3.08%
official-trump
Official Trump (TRUMP) $ 14.22 14.18%