Singapore: oil prices Crude oil reserves fell more than 1% on Friday on concerns of rising global supply surpluses in the first quarter, following a coordinated release of crude reserves among major consumers led by the United States.
Brent crude futures extended the decline for the third session, falling 96 cents, or 1.2%, to $81.26 a barrel by 0130 GMT. US West Texas Intermediate (WTI) crude was down $1.35, or 1.7%, at $77.04 a barrel. There was no settlement for WTI on Thursday due to the Thanksgiving holiday.
us President Joe BidenThe U.S. administration on Tuesday announced plans to release millions of barrels of oil from strategic reserves in coordination with other big consuming countries, including China, India and Japan, to try to cool prices.
Such releases are likely to increase supply in the coming months OPEC The source said, as per the findings of a panel of experts that advises ministers of the Organization of the Petroleum Exporting Countries (OPEC).
NS economic commission board The OPEC (ECB) expects a 400,000 barrel-per-day (bpd) surplus in December, rising to 2.3 million bpd in January and 3.7 million bpd in February, the OPEC source said.
Forecasts of rising surplus oil clouded the outlook for a meeting between OPEC and allies, known as OPEC+, on December 2 to decide on immediate output. The group is yet to decide whether it will continue to increase production by 400,000 bpd in January.
Still, the benchmark contracts are set to post their first weekly gains in nearly a month as the total volume of crude reserve releases was lower than market participants estimated at 70 million to 80 million barrels.
“Since the volume is low, I think the aim is to reduce the consolidation in supply rather than have a big impact on the oil markets,” Petroleum Association of Japan (PAJ) president Tsutomu Sugimori told reporters late Thursday.
Brent crude futures extended the decline for the third session, falling 96 cents, or 1.2%, to $81.26 a barrel by 0130 GMT. US West Texas Intermediate (WTI) crude was down $1.35, or 1.7%, at $77.04 a barrel. There was no settlement for WTI on Thursday due to the Thanksgiving holiday.
us President Joe BidenThe U.S. administration on Tuesday announced plans to release millions of barrels of oil from strategic reserves in coordination with other big consuming countries, including China, India and Japan, to try to cool prices.
Such releases are likely to increase supply in the coming months OPEC The source said, as per the findings of a panel of experts that advises ministers of the Organization of the Petroleum Exporting Countries (OPEC).
NS economic commission board The OPEC (ECB) expects a 400,000 barrel-per-day (bpd) surplus in December, rising to 2.3 million bpd in January and 3.7 million bpd in February, the OPEC source said.
Forecasts of rising surplus oil clouded the outlook for a meeting between OPEC and allies, known as OPEC+, on December 2 to decide on immediate output. The group is yet to decide whether it will continue to increase production by 400,000 bpd in January.
Still, the benchmark contracts are set to post their first weekly gains in nearly a month as the total volume of crude reserve releases was lower than market participants estimated at 70 million to 80 million barrels.
“Since the volume is low, I think the aim is to reduce the consolidation in supply rather than have a big impact on the oil markets,” Petroleum Association of Japan (PAJ) president Tsutomu Sugimori told reporters late Thursday.
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