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[size=35][size=35]Oil prices exceed $85 per barrel[/size]
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2022-11-25 | 01:15
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Alsumaria News - Economy
Brent crude futures rose 13 cents, or 0.2 percent, to $85.47 a barrel at 0121 GMT.
West Texas Intermediate crude futures jumped 35 cents, or 0.5 percent, from Wednesday's close, to $78.32 a barrel. No settlement was reached for WTI on Thursday due to the Thanksgiving holiday in the United States.
Diplomats from the Group of Seven and the European Union have discussed a ceiling for Russian oil prices between $65 and $70 a barrel, aimed at limiting revenues that fund Moscow's military offensive in Ukraine without disrupting global oil markets.
"The market considers (the price ceiling) very high, which reduces the risk of Moscow taking retaliatory measures," ANZ Research analysts said in a note to clients.
Russian President Vladimir Putin warned, during a call he made yesterday with Iraqi Prime Minister Mohammed Shia al-Sudani, of "dangerous repercussions" for setting a ceiling on Russian oil prices.
Putin said that setting a ceiling on Russian oil prices will have "serious consequences for global energy markets," noting that Moscow will not supply oil and gas to any country that joins the imposition of a price ceiling, which was confirmed by the Kremlin on Thursday.
ANZ Research analysts also said there are indications that an increase in COVID-19 cases in China, the world's largest oil importer, is beginning to affect fuel demand.
They added, "These are headwinds for oil demand, and in addition to the weakness of the dollar, there is a negative background for crude prices."
Trading is expected to remain cautious ahead of an agreement on the price ceiling, which is scheduled to enter into force on December 5 when the European Union embargo on Russian crude begins, and before the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as the OPEC + grouping, on the fourth. From December.
The OPEC+ alliance had agreed in October to cut target production by two million barrels per day until the end of 2023.
Saudi Energy Minister Abdulaziz bin Salman was quoted as saying this week that the OPEC+ grouping was ready for further production cuts if necessary.
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Economie
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2022-11-25 | 01:15
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412 views
Alsumaria News - Economy
Oil prices rose in early trading on Friday, trimming some of the week's losses that were driven by concerns about Chinese demand and expectations that the high price ceiling proposed by the Group of Seven countries for Russian oil will keep supplies flowing.
Brent crude futures rose 13 cents, or 0.2 percent, to $85.47 a barrel at 0121 GMT.
West Texas Intermediate crude futures jumped 35 cents, or 0.5 percent, from Wednesday's close, to $78.32 a barrel. No settlement was reached for WTI on Thursday due to the Thanksgiving holiday in the United States.
Diplomats from the Group of Seven and the European Union have discussed a ceiling for Russian oil prices between $65 and $70 a barrel, aimed at limiting revenues that fund Moscow's military offensive in Ukraine without disrupting global oil markets.
"The market considers (the price ceiling) very high, which reduces the risk of Moscow taking retaliatory measures," ANZ Research analysts said in a note to clients.
Russian President Vladimir Putin warned, during a call he made yesterday with Iraqi Prime Minister Mohammed Shia al-Sudani, of "dangerous repercussions" for setting a ceiling on Russian oil prices.
Putin said that setting a ceiling on Russian oil prices will have "serious consequences for global energy markets," noting that Moscow will not supply oil and gas to any country that joins the imposition of a price ceiling, which was confirmed by the Kremlin on Thursday.
ANZ Research analysts also said there are indications that an increase in COVID-19 cases in China, the world's largest oil importer, is beginning to affect fuel demand.
They added, "These are headwinds for oil demand, and in addition to the weakness of the dollar, there is a negative background for crude prices."
Trading is expected to remain cautious ahead of an agreement on the price ceiling, which is scheduled to enter into force on December 5 when the European Union embargo on Russian crude begins, and before the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as the OPEC + grouping, on the fourth. From December.
The OPEC+ alliance had agreed in October to cut target production by two million barrels per day until the end of 2023.
Saudi Energy Minister Abdulaziz bin Salman was quoted as saying this week that the OPEC+ grouping was ready for further production cuts if necessary.
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